Eye Care - Colombia

Colombia

Highlights

In Colombia, the revenue in the Eye Care market market is projected to reach US$18.63m by 2024.
It is anticipated that the market will experience an annual growth rate of 4.22% (CAGR 2024-2029).
When comparing globally, the United States generates the highest revenue with US$1.26bn in 2024.
In terms of per capita income, each person in Colombia generates US$0.36 in revenue in 2024.
Colombia's eye care market is witnessing a surge in demand for OTC pharmaceuticals as the population becomes more health-conscious.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

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

Customer preferences: Colombian consumers are becoming increasingly aware of the importance of eye health and are seeking out products and services to address their vision needs. As a result, there is a growing demand for a wide range of eye care products, including contact lenses, prescription glasses, and sunglasses. Consumers are also looking for convenience and affordability when it comes to purchasing eye care products, which has led to an increase in online sales and the emergence of new distribution channels.

Trends in the market: One of the key trends in the Eye Care market in Colombia is the rising popularity of contact lenses. Contact lenses offer a convenient and comfortable alternative to traditional glasses, and they are particularly popular among younger consumers who value aesthetics and freedom of movement. Additionally, there is a growing trend towards the use of colored contact lenses as a fashion accessory, further driving the demand for these products.Another trend in the market is the increasing adoption of digital technology in the field of eye care. Digital devices, such as smartphones and tablets, have become an integral part of modern life, and prolonged exposure to screens can cause eye strain and other vision problems. As a result, there is a growing demand for products that address these issues, such as blue light blocking glasses and eye drops specifically formulated for digital eye strain.

Local special circumstances: Colombia has a large population, with a significant proportion of the population living in urban areas. This urbanization trend has led to increased exposure to environmental factors that can negatively impact eye health, such as air pollution and exposure to UV radiation. As a result, there is a higher demand for eye care products that provide protection against these environmental factors, such as sunglasses with UV protection and eye drops that soothe dry and irritated eyes.

Underlying macroeconomic factors: Colombia has experienced steady economic growth in recent years, which has led to an increase in disposable income and consumer spending. This has had a positive impact on the Eye Care market, as consumers are more willing to invest in their eye health and purchase higher-end products. Additionally, the government has implemented policies to improve access to healthcare services, including eye care, which has further contributed to the growth of the market.In conclusion, the Eye Care market in Colombia is growing and developing due to increasing customer awareness and demand, as well as the adoption of new technologies. The market is also influenced by local special circumstances, such as urbanization and exposure to environmental factors. Overall, the market is expected to continue its upward trajectory as consumers prioritize their eye health and seek out innovative solutions to address their vision needs.

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.