Market Insights Health Pharmacies OTC Products

Eye Care (Pharmacies) - Northern Europe

Northern Europe

Revenue in the Eye Care market is projected to reach US$71.08m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.66%, resulting in a market volume of US$77.19m 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$2.10 are generated in 2024.

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

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Analyst Opinion

The Eye Care (Pharmacies) market in Northern Europe is experiencing steady growth due to increasing customer preferences for preventive healthcare and the rising prevalence of eye-related disorders.

Customer preferences: Customers in Northern Europe are increasingly prioritizing their eye health and seeking preventive measures to maintain good vision. They are becoming more conscious of the importance of regular eye check-ups and are willing to invest in high-quality eye care products. Additionally, there is a growing demand for specialized eye care services, such as contact lens fitting and personalized consultations, which pharmacies in the region are catering to.

Trends in the market: One notable trend in the Eye Care (Pharmacies) market in Northern Europe is the increasing popularity of natural and organic eye care products. Customers are becoming more conscious of the ingredients used in eye care products and are opting for those that are free from harmful chemicals. This trend is driving pharmacies to expand their product offerings to include a wider range of natural and organic eye care options. Another trend in the market is the growing adoption of digital technology in eye care. Northern European customers are embracing digital solutions such as online eye tests, virtual consultations, and mobile applications for tracking eye health. Pharmacies are incorporating these digital tools into their services to provide convenient and accessible eye care solutions to their customers.

Local special circumstances: Northern Europe has a high prevalence of eye-related disorders, such as myopia, cataracts, and age-related macular degeneration. This has created a significant demand for eye care products and services in the region. Pharmacies in Northern Europe are well-positioned to cater to this demand, as they are easily accessible to the general population and often offer a wide range of eye care products and services under one roof.

Underlying macroeconomic factors: The Eye Care (Pharmacies) market in Northern Europe is also influenced by macroeconomic factors such as increasing disposable income and a growing aging population. As disposable income levels rise, customers are more willing to spend on premium eye care products and services. The aging population in Northern Europe is also driving the demand for eye care, as age-related eye disorders become more prevalent. These factors contribute to the overall growth of the Eye Care (Pharmacies) market in Northern Europe. In conclusion, the Eye Care (Pharmacies) market in Northern Europe is experiencing growth due to increasing customer preferences for preventive healthcare, the rising prevalence of eye-related disorders, and the adoption of digital technology in eye care. Pharmacies in the region are catering to these trends by offering a wide range of natural and organic eye care products, incorporating digital solutions into their services, and providing convenient access to eye care products and services. The underlying macroeconomic factors of increasing disposable income and a growing aging population further contribute to the growth 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.