Eye Care (Pharmacies) - Serbia

Serbia

Highlights

Revenue in the Eye Care market is projected to reach US$7.44m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 4.82%, resulting in a market volume of US$9.41m 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$1.05 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Eye Care (Pharmacies) market in Serbia is experiencing steady growth due to increasing customer preferences for quality eye care products and services.

Customer preferences: Customers in Serbia have shown a growing preference for eye care products and services that offer high quality and effective solutions. With the increasing awareness about the importance of eye health, there is a rising demand for products such as contact lenses, prescription glasses, and eye drops. Customers are also seeking convenient and accessible eye care services, leading to a growing demand for eye examinations and consultations at pharmacies.

Trends in the market: One of the key trends in the Eye Care (Pharmacies) market in Serbia is the growing popularity of online purchasing. Customers are increasingly turning to online platforms to purchase eye care products due to the convenience and wider product selection offered. This trend is driven by the increasing penetration of internet and smartphone usage in the country. Online platforms also provide customers with the opportunity to compare prices and read reviews before making a purchase, further influencing their buying decisions. Another trend in the market is the focus on innovative and technologically advanced eye care products. Customers are seeking products that not only address their vision needs but also provide additional benefits such as UV protection, blue light filtering, and moisture retention. This trend is driven by the growing awareness about the harmful effects of digital devices on eye health and the need for preventive measures.

Local special circumstances: Serbia has a well-established network of pharmacies that play a crucial role in providing accessible healthcare services to the population. Pharmacies in Serbia are often the first point of contact for individuals seeking eye care products and services. The presence of knowledgeable pharmacists who can provide guidance and recommendations to customers contributes to the growing demand for eye care products in pharmacies.

Underlying macroeconomic factors: The growing Eye Care (Pharmacies) market in Serbia can be attributed to several underlying macroeconomic factors. The country has been experiencing steady economic growth, leading to an increase in disposable income levels. As a result, customers have more purchasing power to invest in eye care products and services. Additionally, the aging population in Serbia is also contributing to the growth of the market. With age, the risk of eye problems and vision impairments increases, leading to a higher demand for eye care products and services. In conclusion, the Eye Care (Pharmacies) market in Serbia is witnessing growth due to increasing customer preferences for quality eye care products and services. The growing popularity of online purchasing and the focus on innovative eye care products are key trends in the market. The well-established network of pharmacies and the presence of knowledgeable pharmacists contribute to the growing demand. The underlying macroeconomic factors, such as steady economic growth and an aging population, further drive the market growth.

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.