Eye Care (Pharmacies) - Israel

Israel

Highlights

Revenue in the Eye Care market is projected to reach US$16.46m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 2.33%, resulting in a market volume of US$18.48m by 2029.
In global comparison, most revenue will be generated Japan (US$904.40m in 2024).
In relation to total population figures, per person revenues of US$1.77 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Eye Care (Pharmacies) market in Israel is experiencing significant growth and development.

Customer preferences: Customers in Israel have shown a strong preference for eye care products available in pharmacies. This preference is driven by the convenience and accessibility of pharmacies, as they are widely distributed across the country. Additionally, customers trust the expertise of pharmacists in recommending and providing eye care products.

Trends in the market: One of the key trends in the Eye Care (Pharmacies) market in Israel is the increasing demand for contact lenses. This trend can be attributed to the growing popularity of contact lenses as a convenient alternative to traditional eyeglasses. Contact lenses offer various benefits such as improved vision, ease of use, and enhanced aesthetics. Furthermore, advancements in technology have led to the development of innovative contact lens designs that address specific vision needs and offer superior comfort. Another trend in the market is the rising demand for natural and organic eye care products. This trend is driven by the increasing awareness among consumers about the potential harmful effects of chemicals and synthetic ingredients in traditional eye care products. Customers in Israel are seeking natural and organic alternatives that are gentle on the eyes and provide effective results. This trend is in line with the global shift towards natural and organic products in the beauty and personal care industry.

Local special circumstances: Israel has a high prevalence of eye-related conditions such as dry eyes and allergies. This is partly due to the country's arid climate and high levels of air pollution in urban areas. As a result, there is a greater need for eye care products to address these specific conditions. Pharmacies in Israel cater to this demand by offering a wide range of specialized eye care products such as lubricating eye drops, allergy relief solutions, and eye masks.

Underlying macroeconomic factors: The growing Eye Care (Pharmacies) market in Israel can be attributed to several underlying macroeconomic factors. Firstly, the country has a well-developed healthcare system that emphasizes preventive care and encourages regular eye check-ups. This proactive approach to eye health promotes the use of eye care products and drives market growth. Secondly, Israel has a high level of disposable income, which enables consumers to spend more on healthcare and personal care products. This includes eye care products, as consumers prioritize their eye health and are willing to invest in high-quality products. Lastly, the increasing aging population in Israel is contributing to the growth of the Eye Care (Pharmacies) market. As people age, they are more prone to eye-related conditions and require specialized eye care products. Pharmacies play a crucial role in meeting the needs of this demographic by offering a wide range of products specifically designed for age-related eye conditions. In conclusion, the Eye Care (Pharmacies) market in Israel is witnessing significant growth and development. Customer preferences for pharmacy-based eye care products, along with the trends of increasing demand for contact lenses and natural/organic eye care products, are driving market growth. The local special circumstances of high prevalence of eye-related conditions and the underlying macroeconomic factors of a well-developed healthcare system, high disposable income, and an aging population further contribute to the market's growth.

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.