Market Insights Consumer OTC Pharmaceuticals

Eye Care - Latvia

Latvia

Revenue in the Eye Care market amounts to €2.96m in 2024. The market is expected to grow annually by 4.39% (CAGR 2024-2029).
In global comparison, most revenue is generated in the United States (€1,152m in 2024).
In relation to total population figures, per person revenues of €1.64 are generated in 2024.

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

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Analyst Opinion

The Eye Care market in Latvia is experiencing significant growth and development due to changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Eye Care market in Latvia are shifting towards a greater emphasis on preventive measures and overall eye health.

Consumers are becoming more aware of the importance of regular eye examinations and are seeking products and services that can help maintain good eye health. This includes a growing demand for eyeglasses, contact lenses, and other vision correction devices. Trends in the market are also contributing to the growth of the Eye Care market in Latvia.

One notable trend is the increasing popularity of online retail channels for purchasing eye care products. Consumers are increasingly turning to online platforms to find a wide range of eyewear options at competitive prices. This trend is driven by convenience, affordability, and the ability to compare different products and prices easily.

Another trend in the Eye Care market in Latvia is the rising demand for specialized eye care services. As the population ages, there is a growing need for services such as cataract surgeries, laser eye surgeries, and other advanced treatments. This trend is driven by advancements in medical technology and an increasing awareness of the benefits of these procedures.

Local special circumstances also play a role in the development of the Eye Care market in Latvia. The country has a relatively high prevalence of myopia, or nearsightedness, among its population. This has led to a higher demand for vision correction products such as eyeglasses and contact lenses.

Additionally, Latvia has a well-developed healthcare system that provides accessible and affordable eye care services to its citizens. Underlying macroeconomic factors also contribute to the growth of the Eye Care market in Latvia. The country has experienced steady economic growth in recent years, leading to an increase in disposable income levels.

This has allowed consumers to spend more on healthcare, including eye care products and services. Furthermore, the government has implemented policies to promote the development of the healthcare sector, including the Eye Care market, which has created a favorable business environment for industry players. In conclusion, the Eye Care market in Latvia is developing and growing due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors.

With an increasing emphasis on preventive eye care, the rise of online retail channels, and a growing demand for specialized eye care services, the market is expected to continue its positive trajectory in the coming years.

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.