Market Insights Consumer OTC Pharmaceuticals

Eye Care - Russia

Russia

Revenue in the Eye Care market amounts to €101.70m in 2024. The market is expected to grow annually by 2.17% (CAGR 2024-2029).
In global comparison, most revenue is generated in the United States (€1,165m in 2024).
In relation to total population figures, per person revenues of €0.71 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 Russia has been experiencing significant growth in recent years, driven by changing customer preferences and the local special circumstances in the country.

Customer preferences: In Russia, there has been a growing awareness among consumers about the importance of eye health and the need for regular eye care. As a result, there has been an increase in the demand for eye care products and services, including prescription glasses, contact lenses, and eye surgeries. Consumers are also becoming more conscious about the quality and safety of eye care products, leading to a preference for trusted brands and reliable providers.

Trends in the market: One of the key trends in the Eye Care market in Russia is the rising popularity of online shopping for eye care products. With the increasing penetration of internet and smartphones, consumers are finding it more convenient to purchase eye care products online. This trend has been further accelerated by the COVID-19 pandemic, as consumers prefer to avoid crowded stores and opt for contactless shopping. Online retailers are capitalizing on this trend by offering a wide range of eye care products, competitive prices, and convenient delivery options. Another trend in the market is the growing demand for advanced eye care technologies and treatments. Russian consumers are increasingly seeking innovative solutions for their eye health, such as laser eye surgeries and advanced contact lenses. This trend is driven by the desire for improved vision and enhanced quality of life. Eye care providers are investing in state-of-the-art technologies and offering specialized services to cater to this demand.

Local special circumstances: Russia has a large population and a significant portion of the population requires vision correction. The prevalence of myopia and other vision problems is relatively high in the country. This creates a favorable market environment for eye care products and services. Additionally, the Russian government has been taking initiatives to promote eye health awareness and provide affordable eye care services to the population. These efforts have contributed to the growth of the Eye Care market in the country.

Underlying macroeconomic factors: The overall economic development and increasing disposable income in Russia have also played a role in the growth of the Eye Care market. As consumers have more purchasing power, they are willing to spend on eye care products and services. Moreover, the aging population in Russia is driving the demand for eye care, as age-related vision problems become more prevalent. The combination of these factors has created a favorable market environment for the Eye Care industry in Russia. In conclusion, the Eye Care market in Russia is experiencing growth due to changing customer preferences, including the preference for online shopping and advanced eye care technologies. The local special circumstances, such as the high prevalence of vision problems and government initiatives, further contribute to the market development. The underlying macroeconomic factors, such as economic growth and increasing disposable income, also play a significant role in driving the growth of the market.

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.