Market Insights Health Pharmacies OTC Products

Eye Care (Pharmacies) - Hungary

Hungary

Revenue in the Eye Care market is projected to reach US$10.93m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.88%, resulting in a market volume of US$11.42m by 2029.
In global comparison, most revenue will be generated in Japan (US$904.40m in 2024).
In relation to total population figures, per person revenues of US$1.09 are generated in 2024.

Key regions: Canada, Europe, India, Australia, South Korea

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Analyst Opinion

The Eye Care (Pharmacies) market in Hungary has been experiencing steady growth in recent years.

Customer preferences: Customers in Hungary have shown a growing interest in eye care products and services. This can be attributed to several factors, including an aging population and increased awareness about the importance of eye health. As people age, they are more likely to experience vision problems and require eye care products such as contact lenses, glasses, and eye drops. Additionally, there has been a growing trend towards preventive healthcare, with individuals seeking regular eye exams to detect and address any potential issues early on.

Trends in the market: One of the key trends in the Eye Care (Pharmacies) market in Hungary is the increasing demand for contact lenses. Contact lenses offer convenience and flexibility compared to traditional glasses, and they are becoming increasingly popular among younger consumers. Additionally, advancements in technology have led to the development of more comfortable and breathable contact lenses, further driving their adoption. As a result, pharmacies in Hungary are expanding their range of contact lens options to cater to this growing demand. Another trend in the market is the rising popularity of natural and organic eye care products. Consumers are becoming more conscious of the ingredients used in their personal care products, including those for eye care. As a result, there is a growing demand for natural and organic eye drops, eye creams, and other eye care products. Pharmacies in Hungary are responding to this trend by stocking a wider range of natural and organic eye care products to meet customer preferences.

Local special circumstances: Hungary has a well-developed healthcare system, which includes a strong network of pharmacies. Pharmacies in Hungary play a crucial role in providing access to healthcare products and services, including eye care. They are easily accessible to the general population and often serve as the first point of contact for individuals seeking eye care products or advice. This accessibility and convenience contribute to the growth of the Eye Care (Pharmacies) market in Hungary.

Underlying macroeconomic factors: The growth of the Eye Care (Pharmacies) market in Hungary can also be attributed to favorable macroeconomic factors. Hungary has experienced steady economic growth in recent years, which has contributed to increased disposable income among the population. As a result, individuals have more purchasing power to spend on healthcare products and services, including eye care. Additionally, the government in Hungary has implemented policies to promote and support the healthcare sector, further driving growth in the Eye Care (Pharmacies) market.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on offline and online spending by consumers, including VAT. Not included are B2B and B2G sales, or other pharmaceutical sales through hospitals or retail stores such as supermarkets.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market market. As a basis for evaluating markets, we use industry associations, third-party studies and reports and survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per country, consumer healthcare spending, GDP and internet penetration. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. For forecasting digital trends such as the online-pharmacy sales share we use exponential trend smoothing and the s-curve method. The main drivers are healthcare expenditure per country and consumer healthcare spending.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. GCS data is reweighted for representativeness.