Market Insights Consumer OTC Pharmaceuticals

Eye Care - New Zealand

New Zealand

Revenue in the Eye Care market amounts to €8.16m in 2024. The market is expected to grow annually by 3.07% (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 €1.55 are generated in 2024.

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

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Región

Comparación de regiones

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Analyst Opinion

The Eye Care market in New Zealand is experiencing steady growth due to increasing customer preferences for preventive eye care and the rising prevalence of vision problems.

Customer preferences: Customers in New Zealand are becoming more conscious about their eye health and are proactively seeking preventive measures to maintain good vision. This shift in consumer behavior can be attributed to a growing awareness of the importance of regular eye check-ups and the benefits of early detection and treatment of eye conditions. Additionally, there is a rising demand for eyewear products that combine fashion and functionality, as customers seek stylish and trendy options that also provide adequate protection for their eyes.

Trends in the market: One of the key trends in the Eye Care market in New Zealand is the growing popularity of contact lenses. Contact lenses offer convenience and flexibility, allowing individuals to correct their vision without the need for traditional eyeglasses. This trend is driven by advancements in contact lens technology, such as the development of more comfortable and breathable materials. Additionally, the increasing use of digital devices and prolonged screen time has led to a rise in cases of digital eye strain, which has further fueled the demand for contact lenses. Another trend in the market is the increasing adoption of laser eye surgery. Laser eye surgery offers a permanent solution for vision correction, eliminating the need for eyeglasses or contact lenses. This procedure has gained traction among individuals who are looking for a long-term solution to their vision problems and are willing to invest in a one-time surgical procedure. The growing popularity of laser eye surgery can also be attributed to advancements in technology, which have made the procedure safer and more effective.

Local special circumstances: New Zealand has a high prevalence of myopia (nearsightedness) among its population, particularly among young people. This has created a significant demand for corrective eyewear, such as glasses and contact lenses. The government has recognized this issue and has implemented initiatives to promote eye health and provide affordable eye care services to the population. This includes subsidizing eye examinations for children and young adults, as well as providing funding for eyeglasses for those in need.

Underlying macroeconomic factors: The overall economic growth in New Zealand has contributed to the development of the Eye Care market. As disposable incomes have increased, individuals have more financial capacity to invest in their eye health and purchase eyewear products. Additionally, the aging population in New Zealand has led to a higher demand for eye care services, as age-related vision problems become more prevalent. In conclusion, the Eye Care market in New Zealand is witnessing growth driven by increasing customer preferences for preventive eye care, the popularity of contact lenses, the adoption of laser eye surgery, the high prevalence of myopia, and the overall economic growth in the country. The government's initiatives to promote eye health and provide affordable eye care services have also played a significant role in the market's development.

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.