Market Insights Health Pharmacies OTC Products

Eye Care (Pharmacies) - Southern Asia

Southern Asia

Revenue in the Eye Care market is projected to reach US$212.50m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 5.04%, resulting in a market volume of US$271.70m 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$0.11 are generated in 2024.

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

Market

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Analyst Opinion

The Eye Care (Pharmacies) market in Southern Asia is experiencing significant growth due to changing customer preferences, emerging trends, and local special circumstances. Customer preferences in the Eye Care (Pharmacies) market in Southern Asia are shifting towards a greater focus on preventive care and overall eye health. Customers are becoming more aware of the importance of regular eye check-ups and are seeking products and services that cater to their specific needs. This has led to an increased demand for a wide range of eye care products, including contact lenses, glasses, and eye drops. Trends in the market include the rising popularity of online shopping for eye care products. Southern Asian consumers are increasingly turning to e-commerce platforms to purchase eye care products due to the convenience and wide range of options available. This trend is further fueled by the growing penetration of smartphones and the internet in the region. Additionally, there is a growing trend towards natural and organic eye care products, as customers are becoming more conscious of the ingredients used in the products they consume. Local special circumstances in Southern Asia also contribute to the development of the Eye Care (Pharmacies) market. One of the key factors is the high prevalence of eye diseases and vision problems in the region. This has created a large customer base for eye care products and services, driving the growth of the market. Furthermore, the increasing urbanization and rising disposable incomes in Southern Asia have led to a higher demand for premium eye care products. Underlying macroeconomic factors, such as population growth and increasing healthcare expenditure, also play a role in the development of the Eye Care (Pharmacies) market in Southern Asia. The region has a large and growing population, which translates into a larger customer base for eye care products and services. Moreover, as disposable incomes rise, individuals are willing to spend more on their healthcare, including eye care. This has led to an increase in the overall market size and the introduction of innovative and advanced eye care products. In conclusion, the Eye Care (Pharmacies) market in Southern Asia is developing due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The focus on preventive care, the rise of online shopping, the demand for natural and organic products, the high prevalence of eye diseases, and the increasing urbanization and disposable incomes in the region all contribute to the growth of the market.

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.