Market Insights Consumer OTC Pharmaceuticals

Eye Care - Colombia

Colombia

Revenue in the Eye Care market amounts to US$18.63m in 2024. The market is expected to grow annually by 4.21% (CAGR 2024-2029).
In global comparison, most revenue is generated in the United States (US$1,256m in 2024).
In relation to total population figures, per person revenues of US$0.36 are generated in 2024.

Key regions: Thailand, Philippines, Indonesia, Canada, United Kingdom

Market

Region

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Currency

Analyst Opinion

The Eye Care market in Colombia is witnessing significant growth and development in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to this positive trajectory.

Customer preferences in the Eye Care market in Colombia have shifted towards a greater emphasis on preventive eye care. Consumers are becoming more aware of the importance of regular eye check-ups and early detection of eye-related issues. This change in preference is driven by a growing understanding of the long-term benefits of maintaining good eye health.

Additionally, there is a growing demand for eyewear products that offer both functionality and style, as consumers seek to express their personal style through their choice of eyewear. Trends in the market indicate a rising demand for innovative eye care solutions. Technological advancements have led to the development of new and improved eye care products and services.

For example, the introduction of advanced contact lenses with features such as UV protection and moisture retention has gained popularity among consumers. Furthermore, the increasing prevalence of digital devices has led to a surge in demand for products that address digital eye strain, such as blue light blocking glasses. Local special circumstances in Colombia also contribute to the growth of the Eye Care market.

The country has a large population, and a significant portion of the population is aging. As people age, the risk of developing age-related eye conditions increases, leading to a greater demand for eye care services. Additionally, Colombia has a high prevalence of outdoor activities and sports, which increases the need for eye protection and specialized eyewear.

Underlying macroeconomic factors have also played a role in the development of the Eye Care market in Colombia. The country has experienced steady economic growth in recent years, leading to an increase in disposable income. As a result, consumers have more purchasing power to invest in eye care products and services.

Furthermore, the government has implemented policies to improve access to healthcare services, including eye care, which has further fueled the growth of the market. In conclusion, the Eye Care market in Colombia is experiencing growth and development due to changing customer preferences, emerging market trends, local special circumstances, and favorable macroeconomic factors. The focus on preventive eye care, demand for innovative solutions, aging population, outdoor activities, and increasing disposable income are all contributing to the positive trajectory of the market.

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.