Market Insights Health OTC Pharmaceuticals

Eye Care - Spain

Spain

In 2024, the revenue in the Eye Care market market in Spain amounts to US$97.71m.
It is projected to grow annually by 2.79% (CAGR 2024-2029).
When compared globally, the in the United States generates the highest revenue in this market, reaching US$1,256.00m in 2024.
In terms of per person revenues, in Spain generates US$2.06 per capita in 2024.
In Spain, there is a growing demand for OTC eye care products, driven by an aging population and increasing awareness about the importance of eye health.

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

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Analyst Opinion

The Eye Care market in Spain has witnessed significant growth in recent years, driven by several factors such as changing customer preferences, market trends, local special circumstances, and underlying macroeconomic factors.

Customer preferences: In Spain, there has been a growing awareness among customers about the importance of eye health and the need for regular eye care. Customers are increasingly seeking products and services that can help them maintain good eye health and address common eye problems. This has led to a rise in demand for products such as contact lenses, eyeglasses, and eye drops. Additionally, customers are also showing a preference for innovative and technologically advanced eye care solutions that offer convenience and improved outcomes.

Trends in the market: One of the key trends in the Eye Care market in Spain is the increasing adoption of online channels for purchasing eye care products. Customers are increasingly turning to online platforms to explore a wide range of options, compare prices, and make convenient purchases. This trend has been further accelerated by the COVID-19 pandemic, which has led to a surge in online shopping across various sectors. As a result, many eye care retailers and manufacturers are now focusing on expanding their online presence and improving their e-commerce capabilities to cater to the growing demand.Another trend in the market is the rising popularity of preventive eye care. Customers are becoming more proactive in taking care of their eye health and are seeking preventive measures to avoid potential eye problems. This has led to an increased demand for products such as blue light blocking glasses, which help protect the eyes from the harmful effects of digital screens. Additionally, there is a growing interest in natural and organic eye care products, as customers are becoming more conscious about the ingredients used in the products they use.

Local special circumstances: Spain has a large aging population, which is a significant factor driving the growth of the Eye Care market. As people age, they are more prone to develop age-related eye conditions such as cataracts, macular degeneration, and glaucoma. This has created a higher demand for eye care products and services in the country. Moreover, the Spanish government has been actively promoting regular eye check-ups and providing subsidies for eye care treatments, which has further contributed to the growth of the market.

Underlying macroeconomic factors: The overall economic stability and increasing disposable income of the Spanish population have played a crucial role in the growth of the Eye Care market. As people have more purchasing power, they are willing to spend on high-quality eye care products and services. Additionally, the Spanish healthcare system provides comprehensive coverage for eye care treatments, making it more accessible to a larger segment of the population. This has also contributed to the growth of the market.In conclusion, the Eye Care market in Spain is experiencing significant growth due to changing customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. The increasing awareness about eye health, the adoption of online channels, the focus on preventive eye care, the aging population, and the economic stability of the country have all contributed to the expansion of the market. As the market continues to evolve, it is expected to witness further growth and innovation 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.