Eye Care (Pharmacies) - Philippines

Philippines

Highlights

Revenue in the Eye Care market is projected to reach US$47.38m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 4.31%, resulting in a market volume of US$58.52m 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$0.40 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

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

Customer preferences: Customers in the Philippines have shown a growing interest in eye care products and services, leading to an increase in demand for eye care products in pharmacies. This can be attributed to several factors. Firstly, there is a growing awareness among consumers about the importance of eye health and the need for regular eye check-ups. This has led to an increased demand for products such as contact lenses, eye drops, and other eye care solutions. Secondly, the aging population in the Philippines has also contributed to the growth of the eye care market, as older individuals are more likely to experience vision problems and require eye care products and services.

Trends in the market: One of the key trends in the Eye Care (Pharmacies) market in Philippines is the increasing popularity of online pharmacies. With the rise of e-commerce in the country, more and more consumers are opting to purchase their eye care products online. This trend can be attributed to the convenience and ease of online shopping, as well as the availability of a wider range of products compared to traditional brick-and-mortar pharmacies. Additionally, online pharmacies often offer competitive prices, which appeals to price-conscious consumers. Another trend in the market is the introduction of innovative eye care products, such as blue light blocking glasses and eye health supplements. These products cater to the changing needs and preferences of consumers, who are increasingly concerned about the impact of digital devices on their eye health.

Local special circumstances: The Philippines is a rapidly developing country with a growing middle class population. This has led to an increase in disposable income and a higher spending capacity among consumers. As a result, more people are willing to invest in eye care products and services to maintain their eye health. Additionally, the Philippines has a large population of overseas Filipino workers (OFWs) who often send remittances back to their families. These remittances contribute to the overall economic growth of the country and have a positive impact on consumer spending, including spending on eye care products.

Underlying macroeconomic factors: Several macroeconomic factors have contributed to the growth of the Eye Care (Pharmacies) market in Philippines. Firstly, the country has been experiencing steady economic growth in recent years, which has led to an increase in consumer spending. This has created a favorable environment for the growth of the eye care market. Secondly, the government has implemented various healthcare initiatives to improve access to healthcare services, including eye care services. This has increased awareness about the importance of eye health and has driven demand for eye care products and services. Lastly, the Philippines has a young and growing population, which presents a large and untapped market for eye care products and services. In conclusion, the Eye Care (Pharmacies) market in Philippines is experiencing significant growth due to increasing customer preferences for eye care products, the introduction of innovative products, and the country's favorable macroeconomic factors. The market is expected to continue growing as consumers become more aware of the importance of eye health and as the economy continues to develop.

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.