Eye Care - Southeast Asia

Southeast Asia

Highlights

In Southeast Asia, the revenue in the Eye Care market market is projected to reach US$264.20m in 2024.
It is anticipated that the market will experience an annual growth rate of 4.26% (CAGR 2024-2029).
When compared globally, the United States generates the highest revenue in this market, amounting to US$1.26bn in 2024.
Taking into account the total population figures, per person revenues of US$0.38 are generated in 2024.
In Southeast Asia, there is a growing trend towards natural and herbal eye care remedies, with consumers in countries like Indonesia and Malaysia showing a preference for traditional treatments over conventional pharmaceuticals.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Eye Care market in Southeast Asia has seen significant growth in recent years, driven by changing customer preferences, emerging trends, and local special circumstances. Customer preferences in the Eye Care market have shifted towards a greater emphasis on preventive care and a growing awareness of the importance of maintaining good eye health. Customers are increasingly seeking products and services that can help them prevent or manage common eye conditions such as myopia, cataracts, and dry eyes. This has led to an increased demand for products such as eyeglasses, contact lenses, and eye drops that cater to these specific needs. Additionally, customers are also looking for more convenient and accessible eye care solutions, leading to a rise in online sales and telemedicine services in the region.Trends in the market reflect the growing demand for innovative and technologically advanced eye care products. Southeast Asia has witnessed a rise in the adoption of smart eyewear, which incorporates features such as augmented reality, virtual reality, and activity tracking. These products offer enhanced functionality and convenience, appealing to tech-savvy customers. Furthermore, there has been an increasing focus on sustainable and eco-friendly eye care products, with customers showing a preference for brands that prioritize environmental responsibility.Local special circumstances also play a role in the development of the Eye Care market in Southeast Asia. The region has a high prevalence of myopia, particularly among younger populations. This has led to a greater demand for corrective eyewear and myopia control solutions. Additionally, the aging population in countries like Singapore and Thailand has contributed to an increased demand for cataract surgery and other eye care services targeted at older individuals.Underlying macroeconomic factors have also contributed to the growth of the Eye Care market in Southeast Asia. Rapid urbanization, rising disposable incomes, and an expanding middle class have fueled consumer spending on healthcare, including eye care. Moreover, increasing healthcare expenditure by governments in the region has improved access to eye care services and created a favorable market environment for industry players.In conclusion, the Eye Care market in Southeast Asia is experiencing growth due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. As customers become more aware of the importance of eye health and seek innovative and convenient solutions, the market is expected to continue expanding in the coming years.

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.