Market Insights Consumer OTC Pharmaceuticals

Eye Care - Chile

Chile

Revenue in the Eye Care market amounts to €8.90m in 2024. The market is expected to grow annually by 2.72% (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 €0.45 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 Chile has been experiencing significant growth in recent years.

Customer preferences: Customers in Chile are increasingly prioritizing their eye health and are willing to invest in high-quality eye care products and services. There is a growing awareness about the importance of regular eye examinations and the need for corrective eyewear. As a result, there is a rising demand for prescription glasses, contact lenses, and other vision correction products. Additionally, there is a growing interest in preventive eye care, such as blue light blocking glasses, as people spend more time in front of screens.

Trends in the market: One of the key trends in the Eye Care market in Chile is the increasing adoption of online channels for purchasing eyewear. Customers are becoming more comfortable with buying eyeglasses and contact lenses online, as it offers convenience and a wider range of options. Online retailers are capitalizing on this trend by offering virtual try-on tools and free home try-on services, which allow customers to try different frames before making a purchase. This trend is driving the growth of e-commerce in the Eye Care market. Another trend in the market is the growing demand for premium eyewear brands. Customers are willing to pay a premium for eyeglasses and sunglasses that are fashionable, durable, and offer superior vision correction. Luxury eyewear brands are gaining popularity among fashion-conscious consumers, who see eyewear as a fashion accessory. This trend is driving the growth of the premium segment in the Eye Care market.

Local special circumstances: Chile has a rapidly aging population, which is contributing to the growth of the Eye Care market. As people age, the risk of developing age-related eye conditions such as cataracts and macular degeneration increases. This has led to a higher demand for eye care services and products that cater to the needs of older adults. Additionally, the government of Chile has implemented policies to promote eye health and provide access to affordable eye care services, which has further boosted the demand for eye care products and services.

Underlying macroeconomic factors: The overall economic growth in Chile has positively impacted the Eye Care market. As disposable incomes rise, consumers have more purchasing power to spend on eye care products and services. Additionally, the increasing urbanization and changing lifestyles have led to a higher prevalence of eye conditions such as myopia and presbyopia, driving the demand for corrective eyewear. The government's focus on healthcare and the implementation of universal health coverage have also contributed to the growth of the Eye Care market by improving access to eye care services for the population. In conclusion, the Eye Care market in Chile is experiencing growth due to customer preferences for high-quality eye care products and services, the increasing adoption of online channels for purchasing eyewear, the demand for premium eyewear brands, the aging population, and the overall economic growth in the country. These factors are driving the demand for eye care products and services and are expected to continue fueling the growth of the market 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.