Eye Care - ASEAN | Statista Market Forecast

Eye Care - ASEAN

ASEAN

Highlights

Revenue in the Eye Care market amounts to US$263.50m in 2024. The market is expected to grow annually by 4.26% (CAGR 2024-2029).
In global comparison, most revenue is generated United States (US$1bn in 2024).
In relation to total population figures, per person revenues of US$0.38 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Eye Care market in ASEAN is experiencing significant growth and development due to several key factors. Customer preferences for eye care products and services are evolving, leading to increased demand for innovative and high-quality solutions.

Additionally, local special circumstances and underlying macroeconomic factors are contributing to the expansion of the market. Customer preferences in the ASEAN Eye Care market are shifting towards products and services that offer convenience and effectiveness. Consumers are increasingly seeking out contact lenses and eyeglasses that provide comfortable wear and clear vision.

The rising prevalence of digital devices and screen time has also led to a growing demand for products that address eye strain and dryness. Furthermore, there is a growing interest in cosmetic contact lenses, driven by the desire to enhance one's appearance. Trends in the market reflect these changing preferences.

The adoption of advanced technologies, such as smart contact lenses and digital eye exams, is gaining momentum. These innovations offer improved accuracy, convenience, and personalized solutions for customers. Additionally, online retail platforms are becoming increasingly popular, providing a convenient way for consumers to purchase eye care products and access professional services.

Local special circumstances in ASEAN countries contribute to the development of the Eye Care market. The region has a large population, with a significant portion of the population requiring vision correction. Furthermore, the increasing urbanization and higher disposable income levels in many ASEAN countries are driving the demand for eye care products and services.

Accessibility to eye care professionals and clinics is also improving, making it easier for individuals to seek regular check-ups and treatments. Underlying macroeconomic factors are also playing a role in the growth of the Eye Care market in ASEAN. The region's economic development and rising middle-class population have resulted in increased affordability and willingness to spend on eye care.

Furthermore, the growing awareness of the importance of eye health and the availability of health insurance coverage for eye care services are contributing to the market expansion. In conclusion, the Eye Care market in ASEAN is experiencing significant growth and development driven by evolving customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The demand for innovative and high-quality eye care products and services is on the rise, and advancements in technology are shaping the industry.

With the increasing accessibility and affordability of eye care solutions, the market is expected to continue its growth trajectory in the coming years.

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.