Market Insights Health OTC Pharmaceuticals

Eye Care - CIS

In 2024, the revenue in the Eye Care market market in the CIS region amounts to US$148.90m.
It is projected to experience an annual growth rate of 2.65% (CAGR 2024-2029).
When compared globally, the in the United States generates the highest revenue in this market, with an estimated amount of US$1,256.00m in 2024.
In terms of per capita revenues, US$0.61 is generated per person in the CIS region in 2024.
In the CIS region, there is a growing trend towards natural and herbal remedies for eye care, with consumers seeking alternative treatments over traditional pharmaceutical options.

Key regions: Europe, Australia, Brazil, China, United States

Market

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Analyst Opinion

The Eye Care market in CIS is witnessing significant growth and development due to various factors. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors all contribute to the expansion of the Eye Care market in CIS.

Customer preferences: Customers in CIS have shown a growing preference for eye care products and services. With an increasing awareness about eye health and the importance of regular eye check-ups, consumers are seeking out a wide range of eye care solutions. This includes not only prescription eyewear such as glasses and contact lenses, but also non-prescription products like eye drops, vitamins, and supplements. Additionally, there is a growing demand for specialized eye care services, such as laser eye surgery and cosmetic procedures.

Trends in the market: One of the key trends in the Eye Care market in CIS is the rapid adoption of online purchasing channels. Customers are increasingly turning to online platforms to purchase eye care products and services, due to the convenience and wide range of options available. This trend is further fueled by the COVID-19 pandemic, which has led to an increase in online shopping across various industries. As a result, companies in the Eye Care market are investing in their online presence and e-commerce capabilities to cater to this growing customer demand.Another trend in the market is the focus on innovative and technologically advanced eye care products. Customers are seeking out products that offer enhanced comfort, durability, and performance. This includes advancements in lens technology, such as anti-glare coatings, blue light filters, and UV protection. Additionally, there is a growing interest in smart eyewear, which incorporates features like fitness tracking, augmented reality, and virtual reality. Companies in the Eye Care market are investing in research and development to meet these evolving customer needs.

Local special circumstances: The Eye Care market in CIS is also influenced by local special circumstances. For example, the region has a high prevalence of myopia, with a significant proportion of the population requiring corrective eyewear. This drives the demand for prescription glasses and contact lenses. Additionally, the harsh climate in certain parts of CIS, such as extreme cold temperatures and dry air, can contribute to various eye conditions. As a result, there is a need for specialized eye care products that cater to these specific environmental factors.

Underlying macroeconomic factors: The Eye Care market in CIS is supported by favorable macroeconomic factors. The region has been experiencing economic growth, leading to an increase in disposable income levels. This allows customers to allocate a larger portion of their budget towards eye care products and services. Furthermore, the aging population in CIS is driving the demand for eye care, as older individuals are more prone to age-related vision problems. The increasing life expectancy in the region also contributes to the long-term growth prospects of the Eye Care market.In conclusion, the Eye Care market in CIS is developing due to customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. The growing awareness about eye health, the adoption of online purchasing channels, the focus on innovative products, and the prevalence of myopia and harsh climate conditions all contribute to the expansion of the market. Additionally, favorable macroeconomic factors such as economic growth, increasing disposable income, and an aging population support the growth of the Eye Care market in CIS.

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.