Eye Care - APAC | Statista Market Forecast

Eye Care - APAC

APAC

Highlights

Revenue in the Eye Care market amounts to US$2.21bn in 2024. The market is expected to grow annually by 3.27% (CAGR 2024-2028).
In global comparison, most revenue is generated United States (US$1bn in 2024).
In relation to total population figures, per person revenues of US$0.52 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Eye Care market in APAC is experiencing significant growth and development due to various factors.

Customer preferences: Customers in the APAC region are increasingly becoming more conscious about their eye health and are seeking out products and services that can help them maintain good vision. With the rise in digital device usage and longer working hours, there is a growing demand for eye care solutions that can alleviate eye strain and prevent vision problems. Additionally, as disposable incomes increase in many APAC countries, consumers are willing to spend more on high-quality eye care products and services.

Trends in the market: One major trend in the APAC Eye Care market is the increasing popularity of contact lenses. Contact lenses offer convenience and freedom from wearing glasses, making them a preferred choice for many consumers. Additionally, advancements in technology have led to the development of contact lenses that can address specific eye conditions, such as astigmatism or presbyopia. As a result, contact lenses are witnessing a surge in demand in the APAC region. Another trend in the market is the growing preference for natural and organic eye care products. Consumers are becoming more conscious about the ingredients used in eye care products and are seeking out products that are free from harmful chemicals. This trend is particularly prominent in countries like Japan and South Korea, where natural and organic beauty products have gained significant popularity.

Local special circumstances: In countries like China and India, the Eye Care market is driven by a large population with a high prevalence of vision problems. The growing middle-class population in these countries has increased access to eye care services and products. Additionally, the government in these countries has taken initiatives to raise awareness about eye health and provide affordable eye care services to the population.

Underlying macroeconomic factors: The APAC region is witnessing rapid economic growth, which has resulted in an increase in disposable incomes. As a result, consumers are willing to spend more on eye care products and services. Furthermore, the region has a large population, providing a vast market for eye care companies. The rising middle-class population, coupled with increasing awareness about eye health, is driving the growth of the Eye Care market in APAC. In conclusion, the Eye Care market in APAC is experiencing growth and development due to customer preferences for convenient and high-quality eye care solutions, as well as the increasing popularity of contact lenses and natural products. The large population and rising disposable incomes in the region, along with government initiatives, are also contributing to the growth of the market.

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.