Market Insights Consumer OTC Pharmaceuticals

Eye Care - Thailand

Thailand

Revenue in the Eye Care market amounts to €22.95m in 2024. The market is expected to grow annually by 3.80% (CAGR 2024-2029).
In global comparison, most revenue is generated in the United States (€1,148m in 2024).
In relation to total population figures, per person revenues of €0.32 are generated in 2024.

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

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Región

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Analyst Opinion

The Eye Care market in Thailand has been experiencing significant growth in recent years.

Customer preferences: Thai consumers have become increasingly aware of the importance of eye health and are seeking out products and services to maintain and improve their vision. This includes a growing demand for eyeglasses, contact lenses, and eye care treatments. Additionally, there is a rising interest in preventive eye care, with consumers looking for products that can help protect their eyes from digital screens and other environmental factors.

Trends in the market: One of the key trends in the Eye Care market in Thailand is the increasing popularity of contact lenses. Contact lenses offer convenience and flexibility compared to traditional eyeglasses, and Thai consumers are embracing this option. This trend is driven by factors such as changing fashion trends, the desire for a more natural appearance, and the growing acceptance of contact lenses as a safe and viable option for vision correction. Another trend in the market is the rise of online retail for eye care products. Thai consumers are increasingly turning to online platforms to purchase eyeglasses, contact lenses, and other eye care products. Online retailers offer a wide range of products at competitive prices, and the convenience of shopping from home is appealing to many consumers. This trend is expected to continue as more consumers become comfortable with online shopping and as e-commerce platforms improve their offerings.

Local special circumstances: Thailand has a large population of older adults, and this demographic is driving the demand for eye care products and services. As people age, their vision tends to deteriorate, increasing the need for corrective measures such as eyeglasses or contact lenses. Additionally, the prevalence of eye conditions such as cataracts and glaucoma is higher among older adults, leading to a greater demand for eye care treatments and surgeries.

Underlying macroeconomic factors: The growing middle class in Thailand has contributed to the expansion of the Eye Care market. As disposable incomes rise, consumers are able to allocate more of their budget towards eye care products and services. Furthermore, the increasing urbanization in Thailand has led to a higher prevalence of digital device usage, which can strain the eyes and create a greater need for eye care solutions. In conclusion, the Eye Care market in Thailand is experiencing growth due to changing customer preferences, including a rising demand for contact lenses and online retail. The local special circumstances, such as an aging population and the prevalence of eye conditions, further contribute to the market's development. Additionally, underlying macroeconomic factors, such as the growing middle class and increasing urbanization, support the expansion 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.