Market Insights Health Pharmacies OTC Products

Eye Care (Pharmacies) - Western Asia

Western Asia

Revenue in the Eye Care market is projected to reach US$82.08m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 2.29%, resulting in a market volume of US$91.92m 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$0.37 are generated in 2024.

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

Market

Region

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Analyst Opinion

The Eye Care (Pharmacies) market in Western Asia has been experiencing significant growth in recent years, driven by various factors including changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Eye Care (Pharmacies) market in Western Asia are shifting towards a greater emphasis on preventive eye 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 can help maintain good eye health. This has led to an increased demand for products such as contact lenses, eye drops, and vitamins specifically designed to support eye health. Trends in the market indicate a growing interest in innovative eye care solutions. Western Asia has seen a rise in the adoption of advanced technologies such as telemedicine and online eye exams, allowing customers to conveniently access eye care services from the comfort of their homes. Additionally, there has been a surge in the popularity of natural and organic eye care products, as customers become more conscious of the ingredients used in their eye care products. Local special circumstances in Western Asia also contribute to the development of the Eye Care (Pharmacies) market. The region has a high prevalence of certain eye conditions such as cataracts and dry eye syndrome, which has created a strong demand for specialized eye care products and treatments. Furthermore, Western Asia has a growing aging population, which is more prone to age-related eye conditions and requires regular eye care services. Underlying macroeconomic factors play a significant role in the growth of the Eye Care (Pharmacies) market in Western Asia. The region has been experiencing steady economic growth, resulting in an increase in disposable income and a higher standard of living. As a result, customers are willing to spend more on eye care products and services, driving the market forward. Additionally, Western Asia has witnessed an expansion of the healthcare sector, with a greater focus on eye care facilities and services, further contributing to the market's development. In conclusion, the Eye Care (Pharmacies) market in Western Asia is developing due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The shift towards preventive eye care, the adoption of innovative technologies, the demand for specialized eye care products, and the region's economic growth all contribute to the market's growth and potential.

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.