Eye Care - LATAM | Statista Market Forecast

Eye Care - LATAM

LATAM

Highlights

Revenue in the Eye Care market amounts to US$297.40m in 2024. The market is expected to grow annually by 2.92% (CAGR 2024-2028).
In global comparison, most revenue is generated United States (US$1bn in 2024).
In relation to total population figures, per person revenues of US$0.47 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Eye Care market in LATAM is experiencing significant growth and development. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors all contribute to this growth.

Customer preferences in the Eye Care market are shifting towards a greater emphasis on preventative and corrective measures. With increasing awareness of the importance of eye health, consumers are seeking out products and services that can help maintain and improve their vision. This includes a growing demand for eyeglasses, contact lenses, and eye care supplements.

Additionally, there is a rising interest in cosmetic eye care, such as colored contact lenses and eyelash extensions. Trends in the market indicate a shift towards online sales channels. E-commerce platforms have become popular among consumers for purchasing eye care products, as they offer convenience and a wide range of options.

Online retailers are also able to provide competitive pricing, which appeals to price-conscious consumers. This trend is expected to continue as internet penetration rates increase and more consumers gain access to online shopping platforms. Local special circumstances in LATAM contribute to the growth of the Eye Care market.

One factor is the region's large population, which provides a significant customer base for eye care products and services. Additionally, the prevalence of certain eye conditions, such as myopia and presbyopia, is relatively high in LATAM. This creates a need for vision correction solutions, driving the demand for eyeglasses and contact lenses.

Underlying macroeconomic factors also play a role in the development of the Eye Care market in LATAM. Economic growth and rising disposable incomes have resulted in increased consumer spending on healthcare, including eye care. As individuals have more money to allocate towards their well-being, they are willing to invest in products and services that can help maintain and improve their vision.

Furthermore, advancements in technology and healthcare infrastructure have made eye care more accessible and affordable, contributing to the growth of the market. In conclusion, the Eye Care market in LATAM is experiencing significant growth and development due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. As consumers prioritize their eye health and seek out preventative and corrective measures, the market is responding with a wide range of products and services.

The shift towards online sales channels, driven by convenience and competitive pricing, is also contributing to the market's growth. With a large population and a relatively high prevalence of certain eye conditions, LATAM presents a strong market for eye care products and services. Economic growth, rising disposable incomes, and advancements in technology and healthcare infrastructure further support the development 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.