Market Insights Health Pharmacies OTC Products

Eye Care (Pharmacies) - Indonesia

Indonesia

Revenue in the Eye Care market is projected to reach US$99.76m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 4.19%, resulting in a market volume of US$122.50m by 2029.
In global comparison, most revenue will be generated in Japan (US$904.40m in 2024).
In relation to total population figures, per person revenues of US$0.36 are generated in 2024.

Key regions: Canada, Europe, India, Australia, South Korea

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Analyst Opinion

The Eye Care (Pharmacies) market in Indonesia is experiencing significant growth due to changing customer preferences and trends in the market.

Customer preferences: Customers in Indonesia are becoming more conscious about their eye health and are increasingly seeking out products and services that cater to their specific needs. They are looking for a wide range of eye care products and services, including prescription glasses, contact lenses, and eye examinations. This shift in customer preferences is driving the growth of the Eye Care (Pharmacies) market in Indonesia.

Trends in the market: One of the key trends in the Eye Care (Pharmacies) market in Indonesia is the increasing demand for online purchasing. Customers are now able to conveniently purchase eye care products and services online, which has led to the growth of e-commerce platforms specializing in eye care. This trend is driven by the convenience and accessibility of online shopping, as well as the availability of a wide range of products and competitive prices. Another trend in the market is the rising popularity of preventive eye care. Customers are now more aware of the importance of regular eye examinations and are proactively seeking out eye care services to prevent vision problems. This trend is fueled by the increasing prevalence of digital devices and the associated eye strain, as well as the aging population in Indonesia.

Local special circumstances: Indonesia has a large population, with a significant portion of the population requiring eye care services. This creates a favorable market for eye care pharmacies, as there is a constant demand for eye care products and services. Additionally, the government of Indonesia has been actively promoting eye health awareness and providing support for eye care services, which further contributes to the growth of the Eye Care (Pharmacies) market.

Underlying macroeconomic factors: The growing middle class in Indonesia is driving the demand for eye care products and services. As disposable incomes increase, more individuals have the financial means to invest in their eye health. Additionally, Indonesia has a young population, which is more likely to spend on eye care products and services compared to older age groups. These underlying macroeconomic factors are contributing to the growth of the Eye Care (Pharmacies) market in Indonesia.

Methodology

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.