Market Insights Consumer OTC Pharmaceuticals

Eye Care - Australia

Australia

Revenue in the Eye Care market amounts to €164.20m in 2024. The market is expected to grow annually by 1.74% (CAGR 2024-2029).
In global comparison, most revenue is generated in the United States (€1,152m in 2024).
In relation to total population figures, per person revenues of €6.15 are generated in 2024.

Key regions: Thailand, Philippines, Indonesia, Canada, United Kingdom

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Analyst Opinion

The Eye Care market in Australia is experiencing significant growth and development in recent years.

Customer preferences: Customers in Australia are increasingly prioritizing their eye health and are more willing to invest in eye care products and services. This is driven by a growing awareness of the importance of regular eye check-ups and the impact of digital devices on eye health. Additionally, the aging population in Australia is also contributing to the increased demand for eye care services, as older individuals are more prone to age-related vision problems.

Trends in the market: One of the key trends in the Australian Eye Care market is the rising popularity of online eyewear retailers. Customers are increasingly opting to purchase eyeglasses and contact lenses online due to the convenience and competitive pricing offered by these platforms. Online retailers are able to offer a wider range of products and styles, and customers can easily compare prices and reviews before making a purchase. Another trend in the market is the growing demand for specialized eye care services. Optometrists are expanding their offerings to include services such as orthokeratology (corneal reshaping), myopia control, and dry eye treatments. These specialized services cater to specific eye conditions and provide customers with personalized solutions to their eye health needs.

Local special circumstances: Australia has a high prevalence of eye conditions such as myopia (nearsightedness) and dry eye syndrome. This is partly due to the country's high levels of sun exposure and the extensive use of digital devices. As a result, there is a greater need for eye care products and services to address these specific conditions. Eye care providers in Australia are focusing on developing innovative solutions to tackle these issues and provide effective treatments for their customers.

Underlying macroeconomic factors: The overall growth in the Australian economy has also contributed to the development of the Eye Care market. As disposable incomes increase, customers have more purchasing power to invest in eye care products and services. Additionally, the government's focus on healthcare and preventive measures has led to greater awareness and access to eye care services. This has further fueled the growth of the Eye Care market in Australia. In conclusion, the Eye Care market in Australia is experiencing significant growth and development due to customer preferences for eye health, the rise of online eyewear retailers, the demand for specialized eye care services, the high prevalence of specific eye conditions, and the underlying macroeconomic factors. The market is expected to continue growing as customers prioritize their eye health and seek out innovative solutions to address their specific eye care needs.

Methodology

Data coverage:

Data encompasses B2C spend. Figures are based on the OTC Pharmaceuticals market values, representing revenues generated by both product sales which take place exclusively in pharmacies and products which can be purchased elsewhere. Sales by hospitals are not included.

Modeling approach / Market size:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use data from national statistical offices, international institutions, trade associations, and self-medication associations. Next, we use relevant key market indicators and data from country-specific associations, such as consumer healthcare spending, out-of-pocket healthcare expenditure, health system accessibilities, and GDP. 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 particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. Whereas this market covers only OTC drugs, the Statista Pharmaceuticals market covers both OTC and prescription drugs.