Eye Care - India | Statista Market Forecast

Eye Care - India

India

Highlights

Revenue in the Eye Care market amounts to US$67.53m in 2024. The market is expected to grow annually by 5.18% (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$0.05 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

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

Customer preferences: In India, there is a growing awareness and concern about eye health among consumers. People are becoming more conscious about the importance of regular eye check-ups and are actively seeking out eye care products and services. With the increasing prevalence of digital devices and longer screen time, there is also a rising demand for products that address issues such as eye strain and dryness.

Trends in the market: One of the key trends in the Indian Eye Care market is the increasing adoption of contact lenses. Contact lenses offer convenience and freedom from wearing traditional eyeglasses, and they are becoming a popular choice among consumers, especially the younger generation. Additionally, there is a growing trend of using cosmetic contact lenses for aesthetic purposes, further driving the demand in the market. Another trend in the market is the rise of online retail channels for purchasing eye care products. E-commerce platforms have made it easier for consumers to access a wide range of eye care products and compare prices. This has led to increased competition among brands and a greater emphasis on marketing and promotions to attract customers.

Local special circumstances: India has a large population, and the majority of the population is young. This demographic factor contributes to the growth of the Eye Care market as the younger generation is more likely to be proactive in taking care of their eye health. Additionally, the increasing disposable income and changing lifestyles of Indian consumers have also contributed to the growth of the market.

Underlying macroeconomic factors: The Indian economy has been growing steadily in recent years, which has led to an increase in consumer spending power. This has allowed more people to afford eye care products and services, leading to a higher demand in the market. Furthermore, the government's focus on healthcare and initiatives to improve access to quality healthcare services have also played a role in the development of the Eye Care market in India. In conclusion, the Eye Care market in India is experiencing growth and development due to increasing customer awareness and preferences, as well as favorable macroeconomic factors. The adoption of contact lenses and the rise of online retail channels are key trends in the market. The large population, changing demographics, and improving economy of India are contributing to the growth 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.