Market Insights Consumer OTC Pharmaceuticals

Eye Care - Iceland

Iceland

Revenue in the Eye Care market amounts to €1.22 in 2024. The market is expected to grow annually by 3.66% (CAGR 2024-2029).
In global comparison, most revenue is generated in the United States (€1,165 in 2024).
In relation to total population figures, per person revenues of €3.24 are generated in 2024.

Key regions: Thailand, Philippines, Indonesia, Canada, United Kingdom

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Analyst Opinion

The Eye Care market in Iceland is experiencing significant growth and development in recent years. Customer preferences for eye care products and services have evolved, leading to an increase in demand for various eye care solutions. Additionally, local special circumstances and underlying macroeconomic factors have contributed to the growth of the Eye Care market in Iceland.

Customer preferences: In Iceland, customers have become increasingly conscious about their eye health and are seeking products and services that cater to their specific needs. There is a growing demand for high-quality eyewear, including prescription glasses, contact lenses, and sunglasses. Customers are also looking for innovative and technologically advanced solutions, such as blue light blocking glasses, to protect their eyes from the harmful effects of digital screens. Furthermore, there is a rising interest in natural and organic eye care products, as customers become more aware of the potential risks associated with chemical-based products.

Trends in the market: One of the key trends in the Eye Care market in Iceland is the increasing popularity of online shopping for eyewear. Customers are embracing the convenience and wide selection offered by online retailers, allowing them to compare prices and styles from the comfort of their homes. This trend has led to the emergence of online eyewear retailers and the expansion of existing brick-and-mortar stores into the online space. Additionally, there is a growing focus on personalized eye care solutions, with customers seeking customized lenses and frames that suit their individual preferences and needs.

Local special circumstances: Iceland's unique geographical location and climate have had a significant impact on the Eye Care market. The country experiences long hours of daylight during the summer months, leading to increased exposure to sunlight and UV radiation. As a result, there is a high demand for sunglasses with UV protection to prevent eye damage. Additionally, the prevalence of dry and windy conditions in Iceland has led to an increased need for eye drops and other moisturizing eye care products to alleviate dryness and irritation.

Underlying macroeconomic factors: The strong economy and high disposable income levels in Iceland have contributed to the growth of the Eye Care market. As people have more purchasing power, they are willing to invest in high-quality eye care products and services. Furthermore, the government's focus on healthcare and well-being has led to increased awareness and accessibility to eye care services. This, in turn, has driven the demand for eye care products and services in Iceland. In conclusion, the Eye Care market in Iceland is witnessing growth and development due to evolving customer preferences, including a demand for high-quality eyewear and personalized solutions. The trend of online shopping for eyewear and the focus on eye health and protection from environmental factors are also shaping the market. Additionally, Iceland's unique geographical and climatic conditions, along with a strong economy and government support for healthcare, are contributing to the growth of the Eye Care market.

Methodology

Data coverage:

Data encompasses B2C spend. Figures are based on the OTC Pharmaceuticals market values, representing revenues generated by both product sales which take place exclusively in pharmacies and products which can be purchased elsewhere. Sales by hospitals are not included.

Modeling approach / Market size:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use data from national statistical offices, international institutions, trade associations, and self-medication associations. Next, we use relevant key market indicators and data from country-specific associations, such as consumer healthcare spending, out-of-pocket healthcare expenditure, health system accessibilities, and GDP. 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 particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. Whereas this market covers only OTC drugs, the Statista Pharmaceuticals market covers both OTC and prescription drugs.