Market Insights Consumer OTC Pharmaceuticals

Eye Care - Jamaica

Jamaica

Revenue in the Eye Care market amounts to US$1.28m in 2024. The market is expected to grow annually by 2.24% (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$0.45 are generated in 2024.

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

Market

Region

Region comparison

Currency

Analyst Opinion

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

Customer preferences: Customers in Jamaica are increasingly prioritizing their eye health and are seeking out products and services that can help them maintain good vision. They are becoming more aware of the importance of regular eye exams and are willing to invest in quality eyewear and contact lenses. Additionally, there is a growing demand for specialized eye care treatments such as laser eye surgery and cosmetic procedures.

Trends in the market: One of the key trends in the Eye Care market in Jamaica is the increasing popularity of online eyewear retailers. Customers are now able to conveniently browse and purchase a wide range of eyewear products from the comfort of their own homes. This trend is driven by the growing penetration of internet and smartphone usage in Jamaica, making online shopping more accessible to a larger population. Another trend in the market is the rise of boutique eyewear stores. These stores offer a curated selection of high-end and designer eyewear brands, catering to customers who value exclusivity and unique styles. The demand for premium eyewear products is driven by the desire to make a fashion statement and express individuality.

Local special circumstances: Jamaica's tourism industry plays a significant role in driving the growth of the Eye Care market. The country attracts a large number of tourists, many of whom are interested in purchasing eyewear products as souvenirs or for personal use. This creates opportunities for local eyewear retailers to cater to the needs of both domestic and international customers.

Underlying macroeconomic factors: The growing middle class in Jamaica is contributing to the development of the Eye Care market. As disposable incomes rise, more individuals are able to afford eye care products and services. Additionally, the government of Jamaica has been actively promoting healthcare initiatives, including eye care, which has further increased awareness and accessibility to eye care services. In conclusion, the Eye Care market in Jamaica is experiencing growth and development due to increasing customer preferences for quality eyewear, the rise of online eyewear retailers, the popularity of boutique eyewear stores, the influence of the tourism industry, the growing middle class, and government initiatives promoting eye care.

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.