Eye Care - Hong Kong

Hong Kong

Highlights

Revenue in the Eye Care market amounts to US$4.49m in 2024. The market is expected to grow annually by 2.88% (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$0.60 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Eye Care market in Hong Kong is experiencing significant growth and development.

Customer preferences: Customers in Hong Kong have shown a growing interest in eye care products and services. With the increasing awareness about the importance of maintaining good eye health, consumers are seeking out a wide range of products and services to address their eye care needs. This includes products such as contact lenses, eyeglasses, and eye drops, as well as services like regular eye examinations and vision correction surgeries.

Trends in the market: One of the key trends in the Eye Care market in Hong Kong is the rising demand for contact lenses. Contact lenses offer convenience and freedom from wearing traditional eyeglasses, and they are becoming increasingly popular among consumers. This trend can be attributed to factors such as the growing number of people with vision problems, the increasing popularity of cosmetic contact lenses, and advancements in contact lens technology. Another trend in the market is the increasing demand for vision correction surgeries, such as LASIK. As more people become aware of the benefits of vision correction surgeries, there has been a surge in the number of individuals opting for these procedures. This trend can be attributed to factors such as the desire for improved vision without the need for glasses or contact lenses, advancements in surgical techniques, and the increasing affordability of these procedures.

Local special circumstances: Hong Kong is a highly urbanized and densely populated city, which creates unique challenges and opportunities for the Eye Care market. The fast-paced lifestyle and long working hours of Hong Kong residents can lead to increased eye strain and other eye-related issues. This has resulted in a higher demand for eye care products and services in the city. Additionally, Hong Kong is a major shopping destination, attracting tourists from around the world. This has created a thriving market for luxury eyewear brands and high-end eye care products.

Underlying macroeconomic factors: The strong economy of Hong Kong has played a significant role in the development of the Eye Care market. With a high per capita income and a large middle class, consumers in Hong Kong have the purchasing power to invest in eye care products and services. Furthermore, the government of Hong Kong has implemented policies to promote the development of the healthcare sector, including eye care. This has created a favorable environment for the growth of the market. Additionally, the aging population in Hong Kong has contributed to the increased demand for eye care services, as older individuals are more likely to experience vision problems and require specialized care. Overall, the Eye Care market in Hong Kong is thriving due to customer preferences for a wide range of eye care products and services, key trends such as the demand for contact lenses and vision correction surgeries, local special circumstances such as the urban lifestyle and tourism industry, and underlying macroeconomic factors such as the strong economy and government support.

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.