Eye Care - ASEAN | Statista Market Forecast

Eye Care - ASEAN

ASEAN

Highlights

In ASEAN, the Eye Care market market recorded a revenue of US$263.50m in 2024.
It is projected to experience an annual growth rate of 4.26% (CAGR 2024-2029).
When compared to other countries worldwide, the United States leads the market with a revenue of US$1.26bn in 2024.
This translates to per person revenues of US$0.38 in 2024, taking into account the total population figures.
In Malaysia, there is a growing trend of consumers seeking natural and herbal eye care products in the OTC Pharmaceuticals market.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Eye Care market in ASEAN has been experiencing significant growth in recent years, driven by changing customer preferences, emerging trends, and local special circumstances. Customer preferences in the Eye Care market have shifted towards a greater emphasis on preventive care and a desire for convenience. Customers are increasingly seeking out products and services that can help them maintain good eye health and prevent vision problems. This has led to a growing demand for eye care products such as contact lenses, eye drops, and vitamins. Additionally, customers are looking for convenient solutions that fit into their busy lifestyles, such as online shopping for eye care products and services.Trends in the Eye Care market in ASEAN are also contributing to its development. One notable trend is the increasing adoption of digital technology in eye care. Digital devices, such as smartphones and tablets, have become an integral part of people's lives, leading to an increase in screen time and potential eye strain. As a result, there is a growing demand for products and services that address digital eye strain, such as blue light-blocking glasses and specialized eye exams.Another trend in the market is the rising popularity of cosmetic contact lenses. These lenses, which can change the appearance of the eye, are becoming increasingly popular among young consumers who want to enhance their natural eye color or achieve a specific look. This trend is driving the growth of the contact lens segment in the Eye Care market.Local special circumstances also play a role in the development of the Eye Care market in ASEAN. For example, the region has a high prevalence of myopia, or nearsightedness, among its population. This has led to a greater demand for corrective eyewear, such as glasses and contact lenses. Additionally, the aging population in ASEAN countries is driving the demand for eye care products and services, as older individuals are more likely to experience age-related vision problems.Underlying macroeconomic factors, such as economic growth and increasing disposable incomes, are also contributing to the development of the Eye Care market in ASEAN. As economies in the region continue to grow, more people have the financial means to invest in their eye health and purchase eye care products and services. This, in turn, is driving the growth of the market.In conclusion, the Eye Care market in ASEAN is developing due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The focus on preventive care, the adoption of digital technology, and the rising popularity of cosmetic contact lenses are all contributing to the growth of the market. Additionally, the high prevalence of myopia and the aging population in the region are driving the demand for eye care products and services. With continued economic growth and increasing disposable incomes, the Eye Care market in ASEAN is expected to continue its upward trajectory.

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.