Market Insights Health OTC Pharmaceuticals

Eye Care - Iceland

Iceland

In Iceland, the revenue in the Eye Care market market reached US$1.32m in 2024.
It is projected to experience an annual growth rate of 3.40% (CAGR 2024-2029).
When comparing globally, the in the United States generates the highest revenue with US$1,256.00m in 2024.
In terms of per person revenues, in Iceland generates US$3.49 in 2024.
Iceland's Eye Care market is experiencing a surge in demand for natural and organic products.

Key regions: Australia, Japan, Brazil, United States, Europe

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Analyst Opinion

The Eye Care market in Iceland has been experiencing significant growth in recent years.

Customer preferences: Customers in Iceland have become increasingly conscious about the importance of maintaining good eye health. With the rise in digital devices usage and longer working hours, people are more aware of the potential risks of eye strain and other eye-related problems. As a result, there has been a growing demand for products and services that cater to eye care, such as prescription glasses, contact lenses, and regular eye check-ups.

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 now more comfortable buying prescription glasses and contact lenses online, thanks to the convenience and competitive prices offered by e-commerce platforms. This trend has also been driven by the wide variety of options available online, allowing customers to choose from a broader range of styles and brands.Another trend in the market is the growing demand for specialized eye care services. Iceland has seen an increase in the number of optometrists and ophthalmologists, offering specialized services such as vision therapy, orthokeratology, and low vision aids. This trend is driven by the need for personalized and comprehensive eye care solutions, particularly for individuals with specific eye conditions or those seeking alternative treatment options.

Local special circumstances: The Eye Care market in Iceland is also influenced by the country's unique geographical location and climate. Iceland experiences long winter months with limited daylight, which can have an impact on eye health. This has led to an increased demand for products such as blue light blocking glasses, which help reduce eye strain caused by prolonged exposure to digital screens and artificial lighting.

Underlying macroeconomic factors: The growing Eye Care market in Iceland can be attributed to several underlying macroeconomic factors. The country has seen steady economic growth in recent years, resulting in higher disposable incomes and increased consumer spending. This has allowed individuals to prioritize their eye health and invest in quality eye care products and services.Furthermore, the government in Iceland has been proactive in promoting eye health awareness and providing subsidies for eye care services. This has made eye care more accessible and affordable for the general population, leading to an increase in demand for eye care products and services.In conclusion, the Eye Care market in Iceland is experiencing growth due to customer preferences for maintaining good eye health, the increasing popularity of online shopping for eyewear, the demand for specialized eye care services, the unique local circumstances of limited daylight, and the underlying macroeconomic factors of economic growth and government support.

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.