Market Insights Consumer OTC Pharmaceuticals

Eye Care - Philippines

Philippines

Revenue in the Eye Care market amounts to €48.31 in 2024. The market is expected to grow annually by 5.56% (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 €0.41 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 Philippines has been experiencing significant growth in recent years, driven by customer preferences for quality eye care services and products.

Customer preferences: Customers in the Philippines are increasingly prioritizing their eye health and seeking professional eye care services. This shift in preferences can be attributed to a growing awareness of the importance of regular eye examinations and the need for corrective eyewear. Additionally, the rising prevalence of digital devices usage has led to an increased demand for products that alleviate eye strain and protect against blue light exposure.

Trends in the market: One of the key trends in the Eye Care market in Philippines is the increasing adoption of contact lenses. Contact lenses offer convenience and flexibility compared to traditional eyeglasses, particularly for individuals with active lifestyles. Moreover, advancements in contact lens technology have resulted in more comfortable and breathable lenses, further driving their popularity. Another trend in the market is the growing demand for fashionable eyewear. Consumers in the Philippines are increasingly viewing eyeglasses as a fashion accessory, leading to a rise in the popularity of trendy frames and designer brands. This trend is particularly prevalent among the younger population who are seeking to express their personal style through their eyewear choices.

Local special circumstances: The Philippines has a large and growing middle class population, which has contributed to the increasing demand for eye care services and products. As disposable incomes rise, more individuals are able to afford regular eye examinations, eyeglasses, and contact lenses. Additionally, the country's strong cultural emphasis on education and career advancement has also fueled the demand for quality eye care, as individuals recognize the importance of good vision in their academic and professional pursuits.

Underlying macroeconomic factors: The Philippines has experienced steady economic growth in recent years, which has positively impacted the Eye Care market. As the economy expands, individuals have more disposable income to spend on eye care products and services. Furthermore, the government has implemented policies to improve access to healthcare services, including eye care, which has further boosted the market. In conclusion, the Eye Care market in Philippines is witnessing growth due to customer preferences for quality eye care services and products, increasing adoption of contact lenses, growing demand for fashionable eyewear, a large and growing middle class population, and steady economic growth. These factors are driving the development of the market and are expected to continue to shape its growth 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.