Market Insights Consumer OTC Pharmaceuticals

Eye Care - Malaysia

Malaysia

Revenue in the Eye Care market amounts to US$13.87m in 2024. The market is expected to grow annually by 4.25% (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$0.40 are generated in 2024.

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

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Analyst Opinion

The Eye Care market in Malaysia has been experiencing steady growth in recent years, driven by changing customer preferences, emerging trends in the market, and local special circumstances. Customer preferences in the Eye Care market have shifted towards a greater emphasis on preventive care and overall eye health.

Consumers are becoming more aware of the importance of regular eye examinations and are seeking out products and services that can help maintain good eye health. This has led to an increased demand for products such as contact lenses, eyeglasses, and eye drops that cater to different vision needs and address common eye conditions. Trends in the market also play a significant role in the development of the Eye Care market in Malaysia.

The rise of digital devices and prolonged screen time has resulted in an increase in cases of digital eye strain and dry eyes. As a result, there has been a growing demand for products that alleviate these symptoms, such as blue light-blocking glasses and lubricating eye drops. Additionally, the popularity of cosmetic contact lenses has been on the rise, driven by the desire for aesthetic enhancement and the influence of social media.

Local special circumstances in Malaysia have contributed to the growth of the Eye Care market. Malaysia has a large and growing middle class population with increasing disposable income, which has led to a higher spending power on healthcare and wellness products. In addition, the government has implemented policies and initiatives to promote eye health awareness and provide affordable eye care services to the population.

This has created a supportive environment for the growth of the Eye Care market, with increased accessibility to eye care professionals and services. Underlying macroeconomic factors also play a role in the development of the Eye Care market in Malaysia. The country's strong economic growth and stable political environment have boosted consumer confidence and spending power.

This has resulted in increased consumer expenditure on healthcare and wellness products, including eye care. Furthermore, Malaysia's aging population is driving the demand for eye care products and services, as age-related eye conditions become more prevalent. In conclusion, the Eye Care market in Malaysia is experiencing growth due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors.

As consumers become more conscious of their eye health and seek preventive care, the demand for a wide range of eye care products and services continues to grow. With the support of government initiatives and a favorable economic environment, the Eye Care market in Malaysia is expected to further expand in the coming years.

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.