Eye Care - Taiwan | Statista Market Forecast

Eye Care - Taiwan

Taiwan

Highlights

Revenue in the Eye Care market amounts to US$11.40m in 2024. The market is expected to grow annually by 2.63% (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$0.48 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

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

This is reflected in the increasing demand for products such as eye drops, vitamins and supplements, and protective eyewear. Consumers are becoming more proactive in taking care of their eyes and are willing to invest in products that can help maintain good vision and prevent eye-related issues. Additionally, there is a growing awareness of the importance of regular eye examinations, leading to an increase in visits to optometrists and ophthalmologists.

In terms of trends in the market, there has been a rise in the popularity of natural and organic eye care products in Taiwan. Consumers are becoming more conscious of the ingredients used in their eye care products and are seeking out natural alternatives. This trend is driven by a desire for safer and more sustainable options, as well as a growing preference for products that are free from harsh chemicals and artificial additives.

Companies in the Eye Care market are responding to this demand by introducing new product lines that cater to the natural and organic segment. Another trend in the Eye Care market in Taiwan is the increasing adoption of digital technology in eye care products. This includes the development of smart contact lenses, which can monitor and track various aspects of eye health, such as intraocular pressure and tear film stability.

These technological advancements are aimed at providing consumers with more personalized and accurate eye care solutions. Additionally, there has been a rise in the use of digital devices such as smartphones and tablets, which has led to an increase in cases of digital eye strain. As a result, there is a growing demand for products that can alleviate the symptoms of digital eye strain, such as blue light-blocking glasses and eye drops specifically designed for screen use.

Local special circumstances in Taiwan, such as a high prevalence of myopia (nearsightedness) among the population, have also contributed to the growth of the Eye Care market. Myopia is a common vision problem in Taiwan, with a significant portion of the population requiring corrective lenses. This has led to a steady demand for eyeglasses and contact lenses in the market.

Additionally, the government has implemented various initiatives to promote eye health and prevent myopia, such as the provision of free eye exams for schoolchildren and the promotion of outdoor activities to reduce screen time. These initiatives have further fueled the demand for eye care products in Taiwan. Underlying macroeconomic factors, such as a growing middle class and increasing disposable income, have also played a role in the development of the Eye Care market in Taiwan.

As the economy continues to grow, more individuals are able to afford eye care products and services, leading to an expansion of the market. Furthermore, the aging population in Taiwan is driving the demand for eye care products specifically targeted at age-related vision problems, such as presbyopia and cataracts. Overall, the Eye Care market in Taiwan is witnessing significant growth due to changing customer preferences, local special circumstances, and underlying macroeconomic factors.

The market is expected to continue expanding as consumers become more proactive in taking care of their eye health and as technological advancements in the industry continue to emerge.

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.