Market Insights Health Pharmacies OTC Products

Eye Care (Pharmacies) - Norway

Norway

Revenue in the Eye Care market is projected to reach US$17.43m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.90%, resulting in a market volume of US$18.23m 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$3.16 are generated in 2024.

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

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Analyst Opinion

The Eye Care (Pharmacies) market in Norway has been experiencing steady growth in recent years.

Customer preferences: Norwegian consumers are becoming increasingly aware of the importance of eye health and are seeking out products and services that can help them maintain good vision. This has led to a growing demand for eye care products and services in the country.

Trends in the market: One of the key trends in the Eye Care (Pharmacies) market in Norway is the increasing popularity of online shopping for eye care products. Norwegian consumers are increasingly turning to online platforms to purchase contact lenses, eye drops, and other eye care products. This trend can be attributed to the convenience and ease of online shopping, as well as the wide range of products available online. Another trend in the market is the growing demand for natural and organic eye care products. Norwegian consumers are becoming more conscious of the ingredients in the products they use and are seeking out natural and organic alternatives. This trend is in line with the broader global trend towards natural and organic products, driven by concerns about the environment and personal health.

Local special circumstances: One of the factors contributing to the growth of the Eye Care (Pharmacies) market in Norway is the country's aging population. As the population ages, the prevalence of age-related eye conditions such as cataracts and macular degeneration is increasing. This has led to a greater demand for eye care products and services, including prescription eyewear and eye surgeries. Another special circumstance in Norway is the high level of disposable income among its population. Norwegians have a high standard of living and are willing to spend more on quality eye care products and services. This has created a favorable market environment for eye care retailers and pharmacies in the country.

Underlying macroeconomic factors: The strong economy in Norway has been a key driver of the growth in the Eye Care (Pharmacies) market. The country has a high GDP per capita and low unemployment rate, which has resulted in increased consumer spending power. This has allowed Norwegian consumers to allocate more of their income towards eye care products and services. In conclusion, the Eye Care (Pharmacies) market in Norway is experiencing growth due to the increasing awareness of eye health among consumers, the popularity of online shopping for eye care products, the demand for natural and organic eye care products, the aging population, the high level of disposable income, and the strong economy. These factors are expected to continue driving the growth of the market in the coming years.

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.