Market Insights Health OTC Pharmaceuticals

Eye Care - Nordics

Nordics

In the year 2024, the Eye Care market market in the Nordics is projected to generate a revenue of US$77.67m.
This market is expected to experience an annual growth rate of 1.90% (CAGR 2024-2029).
When compared to other countries around Worldwide, the in the United States leads the pack with a revenue of US$1,256.00m in 2024.
In terms of per capita figures, the Eye Care market market in the Nordics is estimated to generate a revenue of US$2.77 per person in 2024.
The Nordics have seen a surge in demand for natural and organic eye care products, driven by a growing focus on sustainability and health-consciousness.

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

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Analyst Opinion

The Eye Care market in the Nordics is experiencing steady growth due to increasing customer preferences for preventive eye care, rising awareness about eye health, and advancements in eye care technology.

Customer preferences: Customers in the Nordics are becoming increasingly conscious about their eye health and are prioritizing preventive measures to maintain good vision. They are seeking regular eye check-ups and investing in products and services that promote eye health. With the growing use of digital devices, customers are also showing a preference for products that protect their eyes from harmful blue light emitted by screens.

Trends in the market: One of the major trends in the Eye Care market in the Nordics is the increasing demand for contact lenses and eyeglasses. As the population ages, the prevalence of refractive errors such as myopia, hyperopia, and presbyopia is rising, leading to a higher demand for vision correction products. Moreover, the adoption of contact lenses is also increasing among the younger population, driven by factors such as convenience and fashion.Another significant trend in the market is the growing popularity of eye care supplements and vitamins. Customers are increasingly aware of the role of nutrition in maintaining good eye health and are seeking products that provide essential nutrients for their eyes. This trend is supported by the rising prevalence of age-related macular degeneration (AMD) and other eye conditions, which has led to a greater focus on preventive measures.

Local special circumstances: The Nordics have a well-developed healthcare system with high healthcare standards and a strong emphasis on preventive care. This has created a favorable environment for the growth of the Eye Care market, as customers have easy access to eye care professionals and services. Additionally, the high disposable income levels in the region allow customers to invest in premium eye care products and services.

Underlying macroeconomic factors: The Nordics have a stable and prosperous economy, which contributes to the growth of the Eye Care market. The region has a high GDP per capita and a strong welfare system, which ensures that customers have the financial means to prioritize their eye health. Furthermore, the Nordics have a high level of digitalization, with a significant portion of the population using digital devices regularly. This drives the demand for products that protect the eyes from digital eye strain and blue light.In conclusion, the Eye Care market in the Nordics is growing due to increasing customer preferences for preventive eye care, rising awareness about eye health, and advancements in eye care technology. The demand for contact lenses, eyeglasses, eye care supplements, and vitamins is on the rise, driven by factors such as the aging population, the adoption of digital devices, and the emphasis on preventive care. The region's well-developed healthcare system, high disposable income levels, and stable economy further support the growth of the 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.