Market Insights Health Pharmacies OTC Products

Eye Care (Pharmacies) - Puerto Rico

Puerto Rico

Revenue in the Eye Care market is projected to reach US$12.26m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.64%, resulting in a market volume of US$13.30m 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$3.75 are generated in 2024.

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

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Analyst Opinion

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

Customer preferences: Customers in Puerto Rico have shown a growing interest in eye care products and services. This can be attributed to increasing awareness about the importance of eye health and the availability of a wide range of eye care products in pharmacies. Additionally, the convenience of purchasing eye care products from pharmacies, which are easily accessible and often open extended hours, is also a key factor driving customer preferences in Puerto Rico.

Trends in the market: One notable trend in the Eye Care (Pharmacies) market in Puerto Rico is the increasing demand for contact lenses. This can be attributed to factors such as changing fashion trends, increased usage of digital devices, and the desire for a more convenient and comfortable alternative to traditional eyeglasses. Pharmacies in Puerto Rico have responded to this trend by expanding their range of contact lens brands and offering services such as eye examinations and fittings. Another trend in the market is the growing popularity of natural and organic eye care products. Customers in Puerto Rico are increasingly seeking products that are free from harsh chemicals and artificial ingredients, and pharmacies have responded by stocking a variety of natural and organic eye care products. This trend is in line with the global shift towards more sustainable and environmentally-friendly products.

Local special circumstances: Puerto Rico's geographical location and tropical climate present unique challenges for eye care. The high levels of sunlight and exposure to UV rays increase the risk of eye damage and make eye care products such as sunglasses and UV protection creams essential. Pharmacies in Puerto Rico have recognized this need and have expanded their offerings of these products to cater to the local population.

Underlying macroeconomic factors: The Eye Care (Pharmacies) market in Puerto Rico is also influenced by underlying macroeconomic factors. The steady growth of the pharmaceutical industry in Puerto Rico, coupled with an aging population, has contributed to the increasing demand for eye care products and services. Additionally, the availability of health insurance coverage for eye care services has made these services more affordable and accessible to a larger portion of the population. In conclusion, the Eye Care (Pharmacies) market in Puerto Rico is developing in response to customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. The increasing demand for contact lenses, natural and organic eye care products, and UV protection products, coupled with the growth of the pharmaceutical industry and the availability of health insurance coverage, are driving the growth of the market. Pharmacies in Puerto Rico are adapting to these trends and special circumstances by expanding their product offerings and services to meet the needs of the local population.

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.