Eye Care (Pharmacies) - Lithuania

Lithuania

Highlights

Revenue in the Eye Care market is projected to reach US$3.37m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 3.85%, resulting in a market volume of US$4.07m 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$1.25 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Eye Care (Pharmacies) market in Lithuania has been experiencing steady growth in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to this development. Customer preferences in the Eye Care (Pharmacies) market in Lithuania have shifted towards a greater focus on preventive eye care. Customers are becoming more aware of the importance of maintaining good eye health and are seeking products and services that can help them achieve this. This has led to an increased demand for products such as contact lens solutions, eye drops, and vitamins specifically formulated for eye health. Additionally, customers are also looking for convenience and affordability when it comes to purchasing eye care products, which has resulted in a rise in online sales and the availability of affordable generic eye care products. In terms of trends in the market, there has been a growing interest in natural and organic eye care products. Customers are increasingly concerned about the potential side effects of synthetic ingredients and are seeking out products that are made from natural and organic ingredients. This trend is in line with the overall global shift towards natural and organic products in various industries. As a result, pharmacies in Lithuania have started to stock a wider range of natural and organic eye care products to cater to this demand. Local special circumstances in Lithuania have also played a role in the development of the Eye Care (Pharmacies) market. The country has a high prevalence of myopia, especially among younger populations. This has led to an increased demand for corrective eyewear, such as glasses and contact lenses. Additionally, Lithuania has a rapidly aging population, which has resulted in a higher demand for products and services related to age-related eye conditions, such as cataracts and macular degeneration. Pharmacies in Lithuania have responded to these special circumstances by expanding their range of eye care products and services to cater to these specific needs. Underlying macroeconomic factors have also contributed to the growth of the Eye Care (Pharmacies) market in Lithuania. The country has experienced steady economic growth in recent years, which has led to an increase in disposable income among the population. This has allowed more people to afford eye care products and services, leading to higher sales in the market. Additionally, the government has implemented policies to improve access to healthcare services, including eye care. This has resulted in increased awareness and utilization of eye care services, further driving the growth of the market. In conclusion, the Eye Care (Pharmacies) market in Lithuania is developing due to customer preferences for preventive eye care, trends towards natural and organic products, local special circumstances such as a high prevalence of myopia and an aging population, and underlying macroeconomic factors such as economic growth and government policies. These factors have created opportunities for pharmacies to expand their range of eye care products and services and cater to the evolving needs of the population.

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.