Eye Care - BRICS | Statista Market Forecast

Eye Care - BRICS

BRICS

Highlights

Revenue in the Eye Care market amounts to US$776.70m in 2024. The market is expected to grow annually by 3.51% (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$0.24 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Eye Care market in BRICS countries is experiencing significant growth and development due to various factors. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors all contribute to the positive trajectory of the Eye Care market in BRICS.

Customer preferences: Customers in BRICS countries are increasingly prioritizing their eye health and seeking out products and services that cater to their specific needs. With the rising prevalence of digital devices and increased screen time, there is a growing demand for products that address eye strain and fatigue. Additionally, there is a rising awareness about the importance of regular eye check-ups and preventive measures, leading to an increased demand for eye care services.

Trends in the market: One of the key trends in the Eye Care market in BRICS countries is the growing popularity of contact lenses. Contact lenses offer convenience and flexibility compared to traditional eyeglasses, making them a preferred choice for many consumers. Additionally, there is a shift towards more advanced and innovative contact lens technologies, such as those that provide UV protection or address specific eye conditions. Another trend in the market is the increasing demand for cosmetic and colored contact lenses. These lenses allow consumers to change their eye color or enhance their natural eye color, catering to the growing interest in cosmetic enhancements. This trend is particularly prominent in countries like Brazil and Russia, where there is a strong emphasis on beauty and aesthetics.

Local special circumstances: Each BRICS country has its own unique set of circumstances that contribute to the development of the Eye Care market. For example, in Brazil, the high prevalence of myopia among the population has led to a greater demand for corrective eyewear and eye care services. In Russia, the increasing disposable income and changing consumer preferences have fueled the growth of the Eye Care market. In India, the government's focus on healthcare and initiatives to promote eye health, such as the National Program for Control of Blindness and Visual Impairment, have contributed to the growth of the Eye Care market. Similarly, in China, the government's efforts to improve access to healthcare and increase awareness about eye health have led to a growing demand for eye care products and services.

Underlying macroeconomic factors: The strong economic growth in BRICS countries has played a significant role in the development of the Eye Care market. As disposable incomes rise, consumers have more purchasing power to invest in their eye health. Additionally, the expanding middle class in these countries has created a larger consumer base for eye care products and services. Furthermore, the increasing urbanization and changing lifestyles in BRICS countries have contributed to the growth of the Eye Care market. Urban dwellers are more likely to be exposed to environmental factors that can affect eye health, such as pollution and digital screens. This has led to a greater demand for eye care solutions. In conclusion, the Eye Care market in BRICS countries is experiencing growth and development due to customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. The increasing focus on eye health, rising demand for contact lenses, and unique circumstances in each country contribute to the positive trajectory 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.