Eye Care (Pharmacies) - Chile

Chile

Highlights

Revenue in the Eye Care market is projected to reach US$9.74m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 2.56%, resulting in a market volume of US$11.06m by 2029.
In global comparison, most revenue will be generated Japan (US$904.40m in 2024).
In relation to total population figures, per person revenues of US$0.50 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Eye Care (Pharmacies) market in Chile has been experiencing significant growth in recent years.

Customer preferences: Customers in Chile are increasingly prioritizing their eye health and are seeking convenient and accessible solutions for their eye care needs. As a result, there has been a growing demand for eye care products and services in pharmacies. Customers prefer to visit pharmacies for their eye care needs due to the convenience of location, extended operating hours, and the availability of trained pharmacists who can provide advice and recommendations.

Trends in the market: One of the key trends in the Eye Care (Pharmacies) market in Chile is the increasing popularity of over-the-counter (OTC) eye care products. Customers are opting for OTC products such as eye drops, contact lens solutions, and eye vitamins to address common eye conditions and maintain their eye health. This trend can be attributed to the convenience and affordability of OTC products, as well as the increasing awareness about the importance of preventive eye care. Another trend in the market is the rising demand for contact lenses. Contact lenses have gained popularity among customers in Chile, particularly among the younger population. This can be attributed to factors such as the desire for aesthetic appeal, convenience, and improved vision correction. As a result, pharmacies are expanding their range of contact lens options to cater to this growing demand.

Local special circumstances: Chile has a well-established healthcare system with a strong emphasis on preventive care. The government has implemented various initiatives to promote eye health and raise awareness about the importance of regular eye check-ups. This has contributed to the increasing demand for eye care products and services in pharmacies, as customers are encouraged to take proactive measures to maintain their eye health.

Underlying macroeconomic factors: The growing Eye Care (Pharmacies) market in Chile can also be attributed to favorable macroeconomic factors. Chile has experienced steady economic growth in recent years, which has resulted in an increase in disposable income and improved living standards. As a result, customers have more purchasing power to invest in their eye health and are willing to spend on high-quality eye care products and services. In conclusion, the Eye Care (Pharmacies) market in Chile is developing due to customer preferences for convenient and accessible eye care solutions, the increasing popularity of OTC eye care products, the rising demand for contact lenses, local special circumstances promoting preventive eye care, and favorable macroeconomic factors. This market trend is expected to continue in the coming years as customers prioritize their eye health and seek out reliable and convenient options for their eye care needs.

Data coverage:

The data encompasses B2C enterprises. Figures are based on offline and online spending by consumers, including VAT. Not included are B2B and B2G sales, or other pharmaceutical sales through hospitals or retail stores such as supermarkets.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market market. As a basis for evaluating markets, we use industry associations, third-party studies and reports and survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per country, consumer healthcare spending, GDP and internet penetration. 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 relevant market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. For forecasting digital trends such as the online-pharmacy sales share we use exponential trend smoothing and the s-curve method. The main drivers are healthcare expenditure per country and consumer healthcare spending.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. GCS data is reweighted for representativeness.