Market Insights Health Pharmacies OTC Products

Eye Care (Pharmacies) - Iceland

Iceland

Revenue in the Eye Care market is projected to reach US$0.98m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 3.07%, resulting in a market volume of US$1.14m 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$2.58 are generated in 2024.

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

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Analyst Opinion

The Eye Care (Pharmacies) market in Iceland has been experiencing steady growth in recent years, driven by customer preferences for convenient and accessible eye care products and services.

Customer preferences: Icelandic consumers have shown a growing interest in taking care of their eye health, leading to increased demand for eye care products and services. This can be attributed to several factors, including a greater awareness of the importance of eye health and an aging population that is more prone to eye-related issues. Customers in Iceland also value convenience and accessibility, preferring to purchase eye care products from pharmacies, which are widely available throughout the country.

Trends in the market: One of the key trends in the Eye Care (Pharmacies) market in Iceland is the growing demand for contact lenses. Contact lenses offer a convenient and comfortable alternative to traditional eyeglasses, and they are becoming increasingly popular among consumers. This trend is driven by advancements in contact lens technology, such as the development of silicone hydrogel lenses that provide better oxygen permeability and increased comfort. Additionally, the growing popularity of cosmetic contact lenses for aesthetic purposes has also contributed to the increased demand. Another trend in the market is the rising demand for over-the-counter (OTC) eye care products. Customers in Iceland are increasingly seeking self-care solutions for minor eye conditions, such as dryness, redness, and allergies. OTC eye drops and ointments are convenient and affordable options for addressing these issues, and they are readily available in pharmacies. This trend is also influenced by the growing trend of self-medication and the preference for non-prescription remedies.

Local special circumstances: Iceland's small population and geographic isolation present unique challenges and opportunities for the Eye Care (Pharmacies) market. With a population of around 360,000 people, the market size is relatively small compared to other countries. However, this also means that pharmacies in Iceland can cater to a niche market and provide personalized services to their customers. Additionally, the high literacy rate and widespread access to healthcare information contribute to the demand for eye care products and services.

Underlying macroeconomic factors: The Eye Care (Pharmacies) market in Iceland is influenced by several macroeconomic factors. The country's stable economy and high disposable income levels enable consumers to afford eye care products and services. Additionally, the government's focus on healthcare and well-being contributes to the overall growth of the market. The presence of a universal healthcare system also ensures that individuals have access to eye care services, which further drives demand. In conclusion, the Eye Care (Pharmacies) market in Iceland is experiencing steady growth due to customer preferences for convenient and accessible eye care products and services. The growing demand for contact lenses and OTC eye care products, along with Iceland's unique market circumstances and favorable macroeconomic factors, contribute to the development of the 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.