Market Insights Consumer OTC Pharmaceuticals

Eye Care - Eastern Asia

Eastern Asia

Revenue in the Eye Care market amounts to €1.36bn in 2024. The market is expected to grow annually by 3.04% (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 €0.83 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 Eastern Asia is experiencing significant growth and development, driven by various factors such as changing customer preferences, emerging trends, and local special circumstances. Customer preferences in the Eye Care market in Eastern Asia have been shifting towards a greater emphasis on preventive eye care and overall eye health.

With the increasing awareness about the importance of maintaining good eye health, consumers are seeking products and services that can help them prevent eye diseases and improve their vision. This has led to a rise in demand for products such as contact lenses, eye drops, and vitamins specifically formulated for eye health. Additionally, there is a growing preference for natural and organic eye care products, as consumers are becoming more conscious about the ingredients they put on their eyes.

Trends in the Eye Care market in Eastern Asia are also contributing to its development. One notable trend is the increasing popularity of online shopping for eye care products. E-commerce platforms provide consumers with a convenient and wide range of options to choose from, making it easier for them to find the products that best meet their needs.

This trend has been further accelerated by the COVID-19 pandemic, as more people are turning to online shopping for their eye care needs due to social distancing measures and lockdown restrictions. Another trend in the market is the growing demand for innovative and technologically advanced eye care products. Eastern Asian consumers are known for their embrace of new technologies, and this extends to the eye care sector as well.

From smart contact lenses that monitor eye health to digital devices that help alleviate eye strain, there is a strong demand for products that offer both functionality and innovation. Local special circumstances also play a role in the development of the Eye Care market in Eastern Asia. For example, countries like South Korea and Japan have a large aging population, which has led to an increased demand for eye care products and services tailored to the needs of older individuals.

Additionally, the prevalence of myopia (nearsightedness) in countries like China has created a significant market for products that can help manage and correct this vision problem. Underlying macroeconomic factors further contribute to the growth of the Eye Care market in Eastern Asia. The region's strong economic growth, rising disposable incomes, and increasing urbanization have all contributed to the expansion of the middle class and their ability to afford eye care products and services.

Additionally, the region's growing healthcare infrastructure and government initiatives to promote eye health have created a favorable environment for the development of the Eye Care market. In conclusion, the Eye Care market in Eastern Asia is experiencing growth and development driven by changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. As consumers become more aware of the importance of eye health and seek preventive measures, the market 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.