Eye Care - Philippines

Philippines

Highlights

In the Philippines, the revenue generated in the Eye Care market market in 2024 amounts to US$52.10m.
It is projected to grow annually by 5.33% (CAGR 2024-2029).
When compared globally, the United States generates the highest revenue in the Eye Care market market, with US$1.26bn in 2024.
In terms of per capita figures, the revenue generated per person in the Philippines amounted to US$0.44 in 2024.
The eye care market in the Philippines is witnessing a surge in demand for over-the-counter (OTC) pharmaceuticals, driven by increasing awareness and accessibility.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Eye Care market in Philippines is experiencing steady growth due to increasing customer preferences for preventive eye care and the rising incidence of eye-related disorders.

Customer preferences: Customers in Philippines are increasingly prioritizing eye health and are seeking preventive measures to maintain good vision. This is reflected in the growing demand for regular eye check-ups and the use of eyewear such as glasses and contact lenses. Additionally, there is a rising interest in natural and holistic approaches to eye care, leading to an increased demand for herbal and alternative eye care products.

Trends in the market: One of the key trends in the Eye Care market in Philippines is the growing popularity of online eyewear retailers. Customers are increasingly turning to online platforms to purchase eyewear due to the convenience, wider product selection, and competitive pricing offered by these retailers. This trend is further fueled by the increasing penetration of smartphones and internet access in the country.Another trend in the market is the rising demand for specialty eyewear. With the increasing awareness about the harmful effects of blue light emitted by digital devices, there has been a surge in the demand for blue light-blocking glasses. Additionally, there is a growing interest in specialized eyewear for sports and outdoor activities, driving the demand for sports sunglasses and goggles.

Local special circumstances: The Eye Care market in Philippines is influenced by several local special circumstances. One of the key factors is the high prevalence of myopia (nearsightedness) among the population, especially among children and young adults. This has led to an increased demand for corrective eyewear, such as glasses and contact lenses.Another special circumstance is the growing elderly population in Philippines. As people age, the risk of developing age-related eye conditions such as cataracts and glaucoma increases. This has created a significant demand for eye care services and treatments among the elderly population.

Underlying macroeconomic factors: The growth of the Eye Care market in Philippines is also supported by favorable macroeconomic factors. The country's strong economic growth and increasing disposable income levels have contributed to higher healthcare spending, including eye care. Additionally, the government's initiatives to improve access to healthcare services and increase awareness about eye health have further fueled the demand for eye care products and services.In conclusion, the Eye Care market in Philippines is witnessing growth driven by increasing customer preferences for preventive eye care, the rising incidence of eye-related disorders, and favorable macroeconomic factors. The market is characterized by trends such as the popularity of online eyewear retailers and the demand for specialty eyewear. Local special circumstances, such as the high prevalence of myopia and the growing elderly population, also contribute to the growth 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.