Market Insights Consumer OTC Pharmaceuticals

Eye Care - Canada

Canada

Revenue in the Eye Care market amounts to €142.30 in 2024. The market is expected to grow annually by 2.51% (CAGR 2024-2029).
In global comparison, most revenue is generated in the United States (€1,165 in 2024).
In relation to total population figures, per person revenues of €3.64 are generated in 2024.

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

Mercado

Región

Comparación de regiones

Moneda

Analyst Opinion

The Eye Care market in Canada has been experiencing significant growth in recent years, driven by changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Eye Care market in Canada have been shifting towards a greater emphasis on preventative care and overall eye health.

Customers are becoming more aware of the importance of regular eye exams and are seeking out products and services that promote long-term eye health. This shift in customer preferences has led to an increased demand for eyeglasses, contact lenses, and other vision correction products that not only improve vision but also protect against potential eye problems. Trends in the Eye Care market in Canada are also contributing to its growth.

One notable trend is the increasing popularity of online eyewear retailers. Customers are now able to conveniently browse and purchase eyeglasses and contact lenses online, eliminating the need for traditional brick-and-mortar stores. This trend has not only expanded the reach of the Eye Care market in Canada but has also made eyewear more accessible to a wider range of customers.

Another trend in the Eye Care market in Canada is the growing demand for specialty eyewear. With an aging population, there is a greater need for eyewear that addresses specific vision needs, such as progressive lenses for presbyopia or blue-light blocking lenses for digital eye strain. This trend has opened up new opportunities for eyewear manufacturers and retailers to cater to the unique needs of different customer segments.

Local special circumstances in Canada, such as the country's universal healthcare system, have also played a role in the development of the Eye Care market. Access to eye care services is relatively easy and affordable for Canadians, which has encouraged more frequent visits to eye care professionals. This has resulted in increased sales of eyewear and other vision correction products.

Underlying macroeconomic factors have also contributed to the growth of the Eye Care market in Canada. The country's strong economy and high disposable income levels have allowed Canadians to prioritize their eye health and invest in quality eyewear. Additionally, an increase in healthcare spending and government initiatives to promote eye health have further fueled the growth of the Eye Care market.

In conclusion, the Eye Care market in Canada is experiencing growth due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The shift towards preventative care, the rise of online eyewear retailers, the demand for specialty eyewear, and the accessibility of eye care services are all contributing to the development of the market. With a strong economy and a focus on eye health, the Eye Care market in Canada is expected to continue its upward trajectory in the coming years.

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.