Market Insights Health Pharmacies OTC Products

Eye Care (Pharmacies) - Portugal

Portugal

Revenue in the Eye Care market is projected to reach US$14.28m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.34%, resulting in a market volume of US$15.26m 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$1.40 are generated in 2024.

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

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Analyst Opinion

The Eye Care (Pharmacies) market in Portugal has been experiencing significant growth in recent years, driven by changing customer preferences and trends in the market.

Customer preferences: Customers in Portugal have shown a growing interest in eye care products, including contact lenses, eye drops, and solutions. This can be attributed to a number of factors, such as the increasing awareness of the importance of eye health and the growing prevalence of eye-related conditions. Additionally, the convenience of purchasing eye care products from pharmacies has also contributed to the rising demand.

Trends in the market: One of the key trends in the Eye Care (Pharmacies) market in Portugal is the increasing popularity of contact lenses. Many consumers are opting for contact lenses as a convenient and comfortable alternative to traditional eyeglasses. This trend is driven by advancements in technology, which have resulted in the development of more comfortable and breathable contact lenses. Another trend in the market is the growing demand for natural and organic eye care products. Consumers are becoming more conscious of the ingredients used in their personal care products, including eye care products. As a result, there is a rising demand for natural and organic eye drops and solutions that are free from harmful chemicals.

Local special circumstances: Portugal has a high prevalence of eye-related conditions, such as dry eye syndrome and allergies, which has contributed to the growth of the Eye Care (Pharmacies) market. The country's aging population is also a significant factor, as older individuals are more likely to require eye care products and services.

Underlying macroeconomic factors: The overall economic growth in Portugal has had a positive impact on the Eye Care (Pharmacies) market. As the economy continues to improve, consumers have more disposable income to spend on healthcare products, including eye care. Additionally, the increasing availability of eye care products in pharmacies, coupled with promotional activities and discounts, has made these products more accessible to a wider range of consumers. In conclusion, the Eye Care (Pharmacies) market in Portugal is experiencing growth due to changing customer preferences, such as the increasing demand for contact lenses and natural eye care products. The high prevalence of eye-related conditions and the country's aging population also contribute to the market's development. The overall economic growth in Portugal has further supported the expansion 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.