Eye Care - G20 | Statista Market Forecast

Eye Care - G20

G20

Highlights

Revenue in the Eye Care market amounts to US$4.70bn in 2024. The market is expected to grow annually by 2.66% (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$0.94 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Eye Care market in G20 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 play a role in shaping the current landscape of the Eye Care market.

Customer preferences: Customers in G20 countries are increasingly prioritizing their eye health and seeking out products and services that can help them maintain good vision. This is driven by a growing awareness of the importance of eye care and the potential consequences of neglecting it. As a result, there is a rising demand for eyeglasses, contact lenses, and other vision correction products. Additionally, customers are also showing a preference for natural and organic eye care products, as they become more conscious of the potential side effects of synthetic ingredients.

Trends in the market: One of the major trends in the Eye Care market is the increasing popularity of online retail channels. Customers are now more inclined to purchase eyewear and eye care products online, as it offers convenience, a wide range of options, and competitive pricing. This trend is further fueled by the COVID-19 pandemic, which has led to an acceleration in the adoption of e-commerce across industries. As a result, traditional brick-and-mortar stores are facing challenges and are having to adapt to the changing market dynamics.

Local special circumstances: Each G20 country has its own unique set of circumstances that influence the Eye Care market. For example, in countries with aging populations, there is a higher demand for eye care services and products catering to age-related vision problems such as presbyopia and cataracts. In emerging economies, there is a growing middle class with increasing disposable income, leading to a greater affordability of eye care products and services. Additionally, cultural factors also play a role, with some countries having a higher prevalence of certain eye conditions due to genetic factors or environmental factors such as high levels of air pollution.

Underlying macroeconomic factors: The Eye Care market in G20 countries is also influenced by macroeconomic factors such as GDP growth, disposable income levels, and healthcare expenditure. Higher GDP growth and disposable income levels generally lead to increased spending on healthcare, including eye care. Additionally, government policies and healthcare regulations also impact the Eye Care market. For example, in countries with universal healthcare systems, eye care services may be more accessible and affordable, leading to higher demand. On the other hand, countries with limited healthcare coverage may see a higher reliance on private eye care providers and products. In conclusion, the Eye Care market in G20 countries is experiencing growth and development driven by customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. As customers prioritize their eye health, there is a rising demand for eye care products and services. Online retail channels are gaining popularity, and each country has its own unique set of circumstances that shape the market. Macroeconomic factors such as GDP growth and healthcare expenditure also play a role in driving the market forward.

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.