Eye Care (Pharmacies) - Vietnam

Vietnam

Highlights

Revenue in the Eye Care market is projected to reach US$39.68m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 5.22%, resulting in a market volume of US$51.18m 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 Vietnam has been experiencing steady growth in recent years, driven by changing customer preferences and the increasing demand for eye care products and services. Customer preferences in the Eye Care (Pharmacies) market in Vietnam have been shifting towards more convenient and accessible options. Customers are increasingly looking for eye care products and services that are easily available and affordable. This has led to a rise in the number of pharmacies offering a wide range of eye care products, including contact lenses, eye drops, and prescription glasses. Additionally, customers are also seeking out pharmacies that offer professional eye care services, such as eye examinations and consultations, to ensure the health and well-being of their eyes. One of the key trends in the Eye Care (Pharmacies) market in Vietnam is the growing popularity of online pharmacies. With the increasing use of smartphones and internet penetration, customers are now able to conveniently purchase eye care products online and have them delivered to their doorstep. This has not only made eye care products more accessible to customers in remote areas but has also allowed them to compare prices and choose the best options available. Online pharmacies also offer a wider range of products and brands, giving customers more choices and flexibility. Another trend in the market is the rising demand for natural and organic eye care products. Customers are becoming more conscious about the ingredients used in eye care products and are seeking out natural and organic alternatives. This trend is driven by a growing awareness of the potential harmful effects of chemicals and synthetic ingredients on the eyes. As a result, pharmacies in Vietnam are now offering a wide range of natural and organic eye care products, including eye drops, cleansers, and moisturizers. In addition to changing customer preferences, there are also local special circumstances that are contributing to the development of the Eye Care (Pharmacies) market in Vietnam. One such circumstance is the high prevalence of eye-related diseases and conditions in the country. Vietnam has a high incidence of myopia, cataracts, and other eye disorders, which has led to an increased demand for eye care products and services. This has created a favorable market environment for pharmacies to expand their offerings and cater to the growing needs of customers. Underlying macroeconomic factors such as a growing middle class, increasing disposable income, and improving healthcare infrastructure are also driving the growth of the Eye Care (Pharmacies) market in Vietnam. As the economy continues to grow and more people have access to healthcare services, the demand for eye care products and services is expected to further increase. This presents a significant opportunity for pharmacies to tap into this growing market and expand their presence in Vietnam. Overall, the Eye Care (Pharmacies) market in Vietnam is experiencing growth due to changing customer preferences, the rise of online pharmacies, the demand for natural and organic products, local special circumstances, and underlying macroeconomic factors. As the market continues to evolve, pharmacies will need to adapt to these trends and cater to the evolving needs of customers in order to remain competitive in the industry.

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.