Market Insights Health OTC Pharmaceuticals

Eye Care - Vietnam

Vietnam

In Vietnam, the revenue in the Eye Care market market is projected to reach US$38.30m in 2024.
It is anticipated that the market will experience an annual growth rate of 4.75% (CAGR 2024-2029).
When compared to other countries worldwide, the in the United States generates the highest revenue with US$1,256.00m in 2024.
In terms of per person revenues, the figure amounts to US$0.38 in 2024.
Vietnam is experiencing a surge in demand for affordable and accessible over-the-counter eye care products, driving market growth.

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

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Analyst Opinion

The Eye Care market in Vietnam is experiencing significant growth and development.

Customer preferences: Customers in Vietnam are becoming more aware of the importance of eye care and are increasingly seeking out products and services to maintain and improve their vision. With the rising prevalence of digital devices and screens, there is a growing demand for products that address eye strain and other related issues. Additionally, the aging population in Vietnam is driving the demand for eye care products and services, as age-related vision problems become more common.

Trends in the market: One of the key trends in the Eye Care market in Vietnam is the increasing popularity of contact lenses. As people become more fashion-conscious and seek to change their appearance, contact lenses offer a convenient and versatile option for vision correction. Additionally, the market is seeing a shift towards more advanced and innovative products, such as daily disposable contact lenses and multifocal lenses, which cater to specific customer needs.Another trend in the market is the growing demand for vision correction surgeries, such as LASIK. As technology advances and the procedures become safer and more affordable, more people in Vietnam are opting for these surgeries to permanently correct their vision. This trend is driven by the desire for convenience and freedom from glasses or contact lenses.

Local special circumstances: Vietnam has a rapidly growing middle class with increasing disposable incomes. This has led to a greater affordability and willingness to spend on eye care products and services. Additionally, the government has been actively promoting healthcare and wellness, including eye care, which has further contributed to the growth of the market.

Underlying macroeconomic factors: The overall economic growth in Vietnam has had a positive impact on the Eye Care market. As the country's economy continues to expand, more people are able to afford eye care products and services. Furthermore, the government's focus on healthcare infrastructure development and improving access to healthcare services has created a conducive environment for the growth of the Eye Care market.In conclusion, the Eye Care market in Vietnam is experiencing growth and development due to increasing customer awareness and preferences, as well as favorable macroeconomic factors. The market is witnessing trends such as the popularity of contact lenses and the demand for vision correction surgeries. With a growing middle class and government support, the market is expected to continue its positive trajectory in the coming years.

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.