Eye Care - Mexico | Statista Market Forecast

Eye Care - Mexico

Mexico

Highlights

In Mexico, the revenue in the Eye Care market market is projected to reach US$73.17m in 2024.
It is anticipated to experience an annual growth rate of 2.04% (CAGR 2024-2029).
When comparing globally, the United States generates the highest revenue in this market, amounting to US$1.26bn in 2024.
In terms of per capita revenues, in Mexico generates US$0.57 per person in 2024.
The demand for over-the-counter eye care products in Mexico is surging due to the increasing prevalence of digital eye strain.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Eye Care market in Mexico has been experiencing significant growth in recent years. Customer preferences in the Eye Care market in Mexico have been shifting towards more advanced and innovative products. Consumers are increasingly looking for eyewear that not only provides clear vision but also offers additional features such as UV protection, anti-glare coating, and blue light filtering. This change in preferences can be attributed to the growing awareness about the harmful effects of UV rays and blue light on eye health. Additionally, the rising disposable income of consumers has enabled them to invest in higher quality eyewear products.One of the key trends in the Eye Care market in Mexico is the increasing demand for contact lenses. Contact lenses offer convenience and freedom from wearing glasses, which appeals to a wide range of consumers. Furthermore, technological advancements in contact lens materials and designs have made them more comfortable and suitable for extended wear. This trend is expected to continue as more consumers opt for contact lenses as a fashionable and practical alternative to traditional eyeglasses.Another trend in the Eye Care market in Mexico is the growing popularity of online retail channels. E-commerce platforms have made it easier for consumers to browse and purchase eyewear products from the comfort of their homes. This trend has been accelerated by the COVID-19 pandemic, which has limited physical interactions and increased the reliance on online shopping. Online retail channels offer a wide range of eyewear options, competitive pricing, and convenient delivery services, making them an attractive choice for consumers.Local special circumstances in Mexico play a significant role in the development of the Eye Care market. Mexico has a large population with a high prevalence of vision problems, including myopia and presbyopia. This creates a substantial demand for eyewear products, driving the growth of the market. Additionally, Mexico has a strong cultural emphasis on personal appearance and fashion, which contributes to the popularity of eyewear as a fashion accessory.Underlying macroeconomic factors also contribute to the growth of the Eye Care market in Mexico. The country has been experiencing steady economic growth, which has led to an increase in disposable income and consumer spending. This enables consumers to allocate a higher budget for eye care products and services. Furthermore, the government of Mexico has been focusing on improving access to healthcare services, including eye care, which has further fueled the demand for eyewear products.In conclusion, the Eye Care market in Mexico is experiencing growth due to shifting customer preferences towards advanced eyewear products, increasing demand for contact lenses, the popularity of online retail channels, local special circumstances such as a high prevalence of vision problems and a cultural emphasis on personal appearance, and underlying macroeconomic factors such as economic growth and government initiatives to improve access to healthcare services.

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.