Eye Care - Australia & Oceania

Australia & Oceania

Highlights

Revenue in the Eye Care market amounts to US$195.70m in 2024. The market is expected to grow annually by 1.97% (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$4.51 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Eye Care market in Australia & Oceania is experiencing significant growth and development due to several key factors.

Customer preferences: Customers in Australia & Oceania have shown a strong preference for high-quality eye care products and services. They value products that are effective, safe, and convenient to use. Customers also prioritize brands that offer a wide range of options to cater to different eye care needs, including contact lenses, eyeglasses, and eye drops. Additionally, customers in this region are increasingly seeking out eco-friendly and sustainable eye care products.

Trends in the market: One of the prominent trends in the Eye Care market in Australia & Oceania is the increasing demand for contact lenses. Contact lenses offer convenience and flexibility compared to traditional eyeglasses, and they are becoming more popular among customers of all age groups. This trend is driven by advancements in technology, which have resulted in the development of more comfortable and breathable contact lenses. Additionally, the growing awareness of the benefits of contact lenses, such as improved peripheral vision and freedom from wearing eyeglasses, is also contributing to their popularity. Another trend in the Eye Care market in Australia & Oceania is the rising demand for specialized eye care products. Customers are increasingly seeking products that address specific eye conditions, such as dry eyes, allergies, and age-related vision problems. This trend is driven by the aging population in this region, as well as the growing awareness of the importance of proactive eye care. As a result, companies are developing innovative products tailored to these specific needs, such as lubricating eye drops, allergy relief eye drops, and multifocal contact lenses.

Local special circumstances: Australia & Oceania is home to a diverse population with varying eye care needs. The region has a significant indigenous population, and there is a growing focus on providing culturally appropriate eye care services to these communities. Additionally, the geographical characteristics of the region, such as its vast coastline and remote areas, pose unique challenges in terms of access to eye care services. Companies operating in this market need to consider these local special circumstances and tailor their products and services accordingly.

Underlying macroeconomic factors: The Eye Care market in Australia & Oceania is influenced by several macroeconomic factors. The region has a stable economy, which has contributed to the overall growth of the market. Additionally, the increasing disposable income of consumers in this region has led to higher spending on eye care products and services. The region also has a well-developed healthcare system, which ensures accessibility and affordability of eye care services. In conclusion, the Eye Care market in Australia & Oceania is experiencing growth and development driven by customer preferences for high-quality products, the increasing demand for contact lenses, and the rising need for specialized eye care products. Companies operating in this market need to consider the local special circumstances, such as the diverse population and geographical challenges, while also taking into account the underlying macroeconomic factors.

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.