Eye Care - India | Statista Market Forecast

Eye Care - India

India

Highlights

In the year 2024, the revenue generated in the Eye Care market market in India amounts to INR US$67.53m.
It is projected that the market will experience an annual growth rate of 5.18% from 2024 to 2029 (CAGR 2024-2029).
When compared globally, the United States generates the highest revenue in the Eye Care market market, with a total of INR US$1.26bn in 2024.
In terms of per capita income, the revenue per person in India is estimated to be INR US$0.05 in 2024.
India's eye care market is witnessing a growing preference for over-the-counter (OTC) pharmaceuticals, driven by increased awareness and accessibility of these products.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Eye Care market in India is experiencing significant growth and development due to various factors.

Customer preferences: Indian consumers are becoming more conscious about their eye health and are seeking professional eye care services. The increasing prevalence of eye-related issues, such as myopia, cataracts, and glaucoma, has led to a greater demand for eye care products and services. Additionally, the growing awareness about the importance of regular eye check-ups and the availability of advanced diagnostic and treatment options have also contributed to the rise in customer preferences for eye care.

Trends in the market: One of the key trends in the Indian Eye Care market is the increasing adoption of advanced technologies and treatments. With the advancement of medical science, newer and more effective treatments for eye-related problems are being introduced in the market. For example, laser eye surgery, which provides a permanent solution for vision correction, has gained popularity among Indian consumers. Moreover, the availability of innovative contact lenses and spectacle frames with advanced features has also attracted the attention of customers.Another trend in the Indian Eye Care market is the growing popularity of online platforms for purchasing eye care products. E-commerce platforms have made it convenient for consumers to browse and purchase a wide range of eye care products, including contact lenses, spectacles, and eye drops. The ease of online shopping, coupled with attractive discounts and offers, has made online platforms a preferred choice for many customers.

Local special circumstances: India has a large population, and the prevalence of eye-related issues is relatively high. This creates a significant market opportunity for eye care providers. Additionally, the government of India has taken initiatives to promote eye health and provide affordable eye care services to the masses. The National Program for Control of Blindness and Visual Impairment, launched by the government, aims to reduce the burden of blindness and improve access to eye care services in the country. These efforts have further fueled the growth of the Eye Care market in India.

Underlying macroeconomic factors: The Indian economy has been growing steadily over the years, resulting in an increase in disposable income and purchasing power of consumers. This has enabled more people to afford eye care products and services. Furthermore, the rising urbanization and changing lifestyles have also contributed to the growth of the Eye Care market. Urban dwellers, in particular, are more aware of the importance of eye health and are willing to spend on quality eye care solutions.In conclusion, the Eye Care market in India is witnessing significant growth due to increasing customer preferences for professional eye care services, adoption of advanced technologies and treatments, the popularity of online platforms for purchasing eye care products, local special circumstances such as a large population and government initiatives, and underlying macroeconomic factors such as economic growth and changing lifestyles.

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.