Market Insights Health Pharmacies OTC Products

Eye Care (Pharmacies) - New Zealand

New Zealand

Revenue in the Eye Care market is projected to reach US$7.04m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 3.37%, resulting in a market volume of US$8.31m 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$1.34 are generated in 2024.

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

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Analyst Opinion

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

Customer preferences: Consumers in New Zealand are increasingly prioritizing their eye health and are seeking out products and services that cater to their specific needs. This includes a growing demand for prescription eyewear, contact lenses, and eye care supplements. Customers are also becoming more conscious about the quality and safety of the products they use, leading to a preference for trusted brands and products that are backed by scientific research and recommendations from healthcare professionals.

Trends in the market: One of the key trends in the Eye Care (Pharmacies) market in New Zealand is the rise of online shopping. Consumers are increasingly turning to online platforms to purchase eye care products, due to the convenience and wide range of options available. This trend has been further accelerated by the COVID-19 pandemic, as people have been encouraged to stay at home and limit their visits to physical stores. Online retailers are capitalizing on this trend by offering competitive prices, fast delivery, and easy returns, making it an attractive option for consumers. Another trend in the market is the growing popularity of natural and organic eye care products. Consumers are becoming more health-conscious and are seeking out products that are free from harmful chemicals and are environmentally friendly. This trend is driven by a desire to protect the environment and minimize the risk of allergies and irritations. As a result, there has been an increase in the availability of natural and organic eye care products in pharmacies across New Zealand.

Local special circumstances: New Zealand has a relatively small population compared to other countries, which means that the Eye Care (Pharmacies) market is more concentrated. This allows for a closer relationship between pharmacies and their customers, as pharmacists are able to provide personalized advice and recommendations. This personal touch is highly valued by consumers and contributes to the overall growth of the market.

Underlying macroeconomic factors: The Eye Care (Pharmacies) market in New Zealand is also influenced by macroeconomic factors, such as the country's aging population. As the population ages, there is a higher prevalence of eye-related conditions, such as cataracts and age-related macular degeneration. This has led to an increased demand for eye care products and services, driving the growth of the market. In addition, the government of New Zealand has implemented policies to improve access to eye care services, particularly for vulnerable populations. This includes funding initiatives to provide free or subsidized eye exams and glasses for children and low-income individuals. These policies have contributed to an increase in the overall demand for eye care products and services in the country. Overall, the Eye Care (Pharmacies) market in New Zealand is experiencing growth due to changing customer preferences, such as the demand for online shopping and natural products. The local special circumstances, including the close relationship between pharmacies and customers, further contribute to the market's development. Additionally, underlying macroeconomic factors, such as the aging population and government initiatives, are driving the demand for eye care products and services in the country.

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.