Eye Care - Canada | Statista Market Forecast

Eye Care - Canada

Canada

Highlights

In 2024, the Eye Care market market in Canada is projected to generate a revenue of US$153.40m.
It is anticipated that the market will experience an annual growth rate of 2.30% (CAGR 2024-2029).
When compared globally, the United States leads the pack with a revenue of US$1.26bn in 2024.
On a per capita basis, Canadians are expected to generate revenues of US$3.92 in 2024.
In Canada, there is a growing trend towards natural and organic eye care products in the OTC Pharmaceuticals market.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Eye Care market in Canada is experiencing significant growth and development due to several key factors.

Customer preferences: Customers in the Eye Care market in Canada are increasingly seeking out products and services that cater to their specific needs and preferences. This includes a growing demand for personalized eye care solutions, such as custom-made contact lenses and eyeglasses. Customers are also showing a preference for products that are environmentally friendly and sustainable, leading to an increase in the availability of eco-friendly eye care options in the market.

Trends in the market: One of the major trends in the Eye Care market in Canada is the rising popularity of online retail. With the increasing accessibility and convenience of online shopping, more customers are choosing to purchase their eye care products and services online. This trend is driving the growth of online retailers specializing in eye care, as well as traditional brick-and-mortar stores expanding their online presence.Another trend in the market is the growing awareness and importance of preventive eye care. Customers are becoming more proactive in taking care of their eye health, leading to an increased demand for regular eye exams and preventive treatments. This trend is driving the growth of eye care clinics and optometry practices offering comprehensive eye care services.

Local special circumstances: One of the unique aspects of the Eye Care market in Canada is the country's aging population. As the population ages, the incidence of age-related eye conditions, such as cataracts and macular degeneration, is increasing. This has created a growing demand for specialized eye care services and treatments tailored to the needs of older adults. Additionally, the Canadian government provides universal healthcare coverage for eye care services, making eye care more accessible to all Canadians.

Underlying macroeconomic factors: The Eye Care market in Canada is also influenced by several underlying macroeconomic factors. The country's strong economy and high disposable income levels contribute to increased consumer spending on eye care products and services. Additionally, advancements in technology and medical research are driving innovation in the eye care industry, leading to the development of new and improved products and treatments. These factors, combined with the changing demographics and evolving customer preferences, are fueling the growth and development of the Eye Care market in Canada.

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.