Eye Care (Pharmacies) - Malta

Malta

Highlights

Revenue in the Eye Care market is projected to reach US$624.40k in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 2.33%, resulting in a market volume of US$700.50k 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$1.16 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Eye Care (Pharmacies) market in Malta is experiencing steady growth and development due to a combination of customer preferences, market trends, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Customers in Malta are increasingly prioritizing their eye health and seeking convenient and accessible solutions. The demand for eye care products and services has been driven by a growing awareness of the importance of regular eye examinations and the need for corrective eyewear. Customers prefer to visit pharmacies for their eye care needs due to the convenience of having multiple services in one location and the availability of trained professionals who can provide expert advice.

Trends in the market: One of the key trends in the Eye Care (Pharmacies) market in Malta is the increasing availability and variety of eye care products. Pharmacies are expanding their range of eyeglasses, contact lenses, and other vision correction products to cater to the diverse needs and preferences of customers. Additionally, there is a growing trend towards offering specialized eye care services such as digital eye strain assessments and personalized eyewear fittings.

Local special circumstances: Malta's aging population is contributing to the growth of the Eye Care (Pharmacies) market. As people age, the risk of developing eye conditions such as cataracts, glaucoma, and age-related macular degeneration increases. This has led to a higher demand for eye care products and services, particularly among the elderly population. Pharmacies in Malta are adapting to this demographic shift by providing specialized eye care services and products tailored to the needs of older customers.

Underlying macroeconomic factors: The overall economic growth in Malta has positively impacted the Eye Care (Pharmacies) market. As the economy expands, consumers have more disposable income to spend on healthcare and wellness products, including eye care. The government's focus on promoting healthcare accessibility and affordability has also contributed to the growth of the market. Additionally, the tourism industry in Malta has played a role in boosting the demand for eye care products and services, as visitors may require immediate assistance for eye-related issues during their stay. In conclusion, the Eye Care (Pharmacies) market in Malta is experiencing growth and development driven by customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. The increasing awareness of eye health, availability of eye care products, and specialized services in pharmacies, along with the aging population and favorable economic conditions, are key factors contributing to the market's positive trajectory.

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.