Market Insights Health OTC Pharmaceuticals

Eye Care - Peru

Peru

In Peru, the revenue generated in the Eye Care market market in 2024 amounts to US$14.99m.
It is projected that the market will experience an annual growth rate of 2.86% (CAGR 2024-2029).
When compared to other countries around Worldwide, the in the United States leads in terms of revenue, generating US$1,256.00m in 2024.
Looking at the population figures, the per person revenue in 2024 is US$0.43.
Peru's eye care market is experiencing a surge in demand for OTC pharmaceuticals due to the increase in screen time and pollution.

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

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Analyst Opinion

The Eye Care market in Peru has been experiencing significant growth in recent years, driven by several key factors.

Customer preferences: Peruvian consumers have become increasingly aware of the importance of eye health and the need for regular eye care. This has led to a growing demand for eye care products and services, including prescription glasses, contact lenses, and eye exams. In addition, there is a rising trend towards fashion-forward eyewear, with consumers seeking stylish frames that reflect their personal style.

Trends in the market: One of the main trends in the Eye Care market in Peru is the increasing availability of affordable eye care products and services. This has been facilitated by the entry of new market players and the expansion of existing ones. As a result, consumers have more options to choose from and are able to access eye care at a lower cost. Another trend is the growing popularity of online retail channels for purchasing eye care products. This has made it easier for consumers to compare prices and find the best deals, while also providing convenience and a wider selection.

Local special circumstances: Peru is a country with a large rural population, and access to eye care services can be limited in these areas. However, there have been efforts to address this issue, such as mobile eye clinics that travel to remote areas to provide eye exams and distribute eyewear. Additionally, there is a growing focus on raising awareness about eye health and the importance of regular check-ups, particularly among underserved populations.

Underlying macroeconomic factors: The growing Eye Care market in Peru can be attributed to several macroeconomic factors. Firstly, the country has experienced steady economic growth in recent years, resulting in an expanding middle class with increased purchasing power. This has contributed to higher consumer spending on discretionary items such as eye care products. Secondly, the aging population in Peru is also driving demand for eye care services, as older individuals are more likely to experience age-related vision problems. Finally, the government has implemented policies to improve access to healthcare services, including eye care, which has further fueled market growth.In conclusion, the Eye Care market in Peru is experiencing growth due to increasing customer awareness of eye health, the availability of affordable eye care products and services, and the expansion of online retail channels. Efforts to address access issues in rural areas and macroeconomic factors such as economic growth, an aging population, and government policies have also contributed to market development.

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.