Eye Care - G7 | Statista Market Forecast

Eye Care - G7

Highlights

Revenue in the Eye Care market amounts to US$3.02bn in 2024. The market is expected to grow annually by 2.40% (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$3.87 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Eye Care market in G7 countries has been experiencing significant growth in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to this development.

Customer preferences play a crucial role in the growth of the Eye Care market in G7 countries. People are becoming more aware of the importance of maintaining good eye health and are willing to invest in products and services that cater to their needs. With an aging population, there is also a growing demand for eye care products and treatments that address age-related vision problems.

Trends in the market further fuel the growth of the Eye Care market in G7 countries. Technological advancements have led to the development of innovative products and services that offer improved vision correction and eye health management. For example, the introduction of advanced contact lenses and laser eye surgery has revolutionized the way people correct their vision.

Additionally, the increasing popularity of online shopping has made it easier for consumers to access a wide range of eye care products and services. Local special circumstances also contribute to the growth of the Eye Care market in G7 countries. Each country has its own healthcare system and regulations, which can influence the availability and affordability of eye care services.

Countries with a strong healthcare infrastructure and favorable reimbursement policies tend to have a more developed Eye Care market. Additionally, cultural factors and societal norms can also impact the demand for eye care products and services. For example, countries with a high prevalence of myopia may have a higher demand for corrective lenses.

Underlying macroeconomic factors also play a significant role in the growth of the Eye Care market in G7 countries. Economic stability and disposable income levels influence consumer spending on eye care products and services. As the economy improves and people have more discretionary income, they are more likely to invest in their eye health.

Furthermore, government initiatives and public health campaigns that promote eye care awareness can also drive market growth. In conclusion, the Eye Care market in G7 countries is experiencing significant growth due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. As people become more aware of the importance of maintaining good eye health and technological advancements continue to improve the accessibility and effectiveness of eye care products and services, the market is expected to continue its growth trajectory.

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.