Eye Care - Malaysia

Malaysia

Highlights

In Malaysia, the revenue generated in the Eye Care market market in 2024 amounts to US$13.87m.
It is projected to experience an annual growth rate of 4.26% (CAGR 2024-2029).
When compared to other countries worldwide, the United States generates the highest revenue in the Eye Care market market, reaching US$1.26bn in 2024.
Considering the population figures, in Malaysia generates per person revenues of US$0.40 in 2024.
Malaysia's eye care market is experiencing a surge in demand for over-the-counter pharmaceuticals due to an increasing awareness of the importance of eye health among the population.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Eye Care market in Malaysia has experienced significant growth in recent years, driven by a combination of customer preferences, market trends, local special circumstances, and underlying macroeconomic factors.Customer preferences in the Eye Care market have shifted towards a greater emphasis on preventive care and overall eye health. Consumers are becoming more aware of the importance of regular eye exams and are seeking out products and services that promote eye health. This has led to an increase in demand for products such as contact lenses, prescription glasses, and eye drops.Trends in the market reflect this shift towards preventive care and eye health. Optometry clinics and optical shops are expanding their offerings to include comprehensive eye exams and specialized services such as dry eye treatment and myopia control. Additionally, there is a growing trend of online eyewear retailers, offering convenience and a wide range of options to consumers.Local special circumstances in Malaysia also contribute to the development of the Eye Care market. Malaysia has a high prevalence of myopia, especially among young people. This has led to a greater focus on myopia control and the development of innovative products and treatments to address this issue. Additionally, the aging population in Malaysia has increased the demand for eye care services, as older individuals are more likely to experience vision problems and require specialized care.Underlying macroeconomic factors have also played a role in the growth of the Eye Care market in Malaysia. The country has experienced steady economic growth and rising disposable incomes, allowing consumers to allocate more of their budget towards healthcare and eye care. Furthermore, the government has implemented policies to promote healthcare and improve access to eye care services, which has further stimulated market growth.In conclusion, the Eye Care market in Malaysia is developing in response to changing customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. The focus on preventive care and eye health, the expansion of services and products, the high prevalence of myopia, the aging population, economic growth, and government initiatives all contribute to the growth and development of the market.

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.