Eye Care (Pharmacies) - Singapore

Singapore

Highlights

Revenue in the Eye Care market is projected to reach US$3.05m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 3.04%, resulting in a market volume of US$3.54m 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 Singapore has been experiencing significant growth in recent years.

Customer preferences: Customers in Singapore have shown a growing interest in eye care products available at pharmacies. This can be attributed to several factors, including the increasing awareness about the importance of eye health and the rising prevalence of eye-related issues such as myopia and dry eyes. Additionally, customers in Singapore are becoming more health-conscious and are seeking convenient and accessible solutions for their eye care needs.

Trends in the market: One of the key trends in the Eye Care (Pharmacies) market in Singapore is the growing demand for over-the-counter (OTC) eye care products. Customers are increasingly looking for products that can address common eye problems such as redness, irritation, and dryness without the need for a prescription. This trend is driven by the convenience and affordability of OTC products, as well as the increasing availability of a wide range of options at pharmacies. Another trend in the market is the rising popularity of natural and organic eye care products. Customers in Singapore are becoming more conscious of the ingredients used in the products they use, and are seeking safer and more sustainable options. This has led to an increase in the demand for natural and organic eye drops, contact lens solutions, and other eye care products that are free from harmful chemicals and preservatives.

Local special circumstances: Singapore has a well-developed healthcare system and a high level of healthcare awareness among its population. This has created a favorable environment for the growth of the Eye Care (Pharmacies) market. Customers in Singapore have easy access to pharmacies and are able to seek professional advice from pharmacists regarding their eye care needs. The presence of reputable pharmacy chains and the availability of a wide range of eye care products have also contributed to the growth of the market.

Underlying macroeconomic factors: The strong economic growth in Singapore has played a significant role in the development of the Eye Care (Pharmacies) market. The country's high per capita income and increasing disposable income levels have enabled customers to spend more on healthcare products, including eye care. Additionally, the aging population in Singapore has contributed to the growth of the market, as older individuals are more likely to require eye care products and services. In conclusion, the Eye Care (Pharmacies) market in Singapore is experiencing growth due to customer preferences for convenient and accessible eye care solutions, the increasing demand for OTC and natural products, the well-developed healthcare system, and the favorable macroeconomic factors. As the awareness about eye health continues to grow and customers become more conscious of the ingredients used in eye care products, the market is expected to continue its upward trajectory.

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.