Market Insights Health OTC Pharmaceuticals

Eye Care - South Korea

South Korea

South Korea's Eye Care market market is projected to generate a revenue of €30.83m in 2024.
The market is anticipated to experience an annual growth rate of 2.84% (CAGR 2024-2029).
When compared globally, the in the United States leads in revenue generation with €1,152.00m in 2024.
In terms of per capita revenues, in South Korea generates €0.60 per person in 2024.
South Korea's eye care market is experiencing a surge in demand for innovative OTC pharmaceutical products.

Key regions: Europe, Australia, Brazil, China, United States

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Analyst Opinion

The Eye Care market in South Korea is experiencing significant growth due to changing customer preferences, emerging trends, and local special circumstances.

Customer preferences: South Korean customers have become increasingly conscious about their eye health and are seeking out products and services that can help improve their vision. They are looking for innovative and convenient solutions, such as contact lenses and LASIK surgery, to address their vision problems. Additionally, there is a growing demand for fashionable eyewear, with customers seeking out trendy and stylish frames to enhance their personal style.

Trends in the market: One of the major trends in the South Korean Eye Care market is the increasing popularity of contact lenses. Contact lenses offer convenience and comfort, allowing customers to have clear vision without the need for glasses. This trend is driven by the desire for a more natural look and the increasing number of people engaging in sports and outdoor activities. Another trend is the rising demand for LASIK surgery, which provides a permanent solution to vision problems. LASIK surgery is becoming more accessible and affordable, leading to its increased adoption in South Korea.

Local special circumstances: South Korea has a high prevalence of myopia, or nearsightedness, among its population. This has led to a greater need for vision correction and has fueled the demand for Eye Care products and services. Additionally, South Korea has a strong beauty and fashion culture, with people placing a high value on their appearance. This has contributed to the demand for fashionable eyewear, as customers view glasses as a fashion accessory that can enhance their overall look.

Underlying macroeconomic factors: The South Korean economy has been growing steadily, leading to an increase in disposable income among consumers. This has allowed customers to spend more on Eye Care products and services, driving the growth of the market. Furthermore, the government has been implementing policies to promote the development of the healthcare sector, including Eye Care. These policies have created a favorable environment for the market to thrive and attract investment. In conclusion, the Eye Care market in South Korea is experiencing growth due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The increasing demand for contact lenses, LASIK surgery, and fashionable eyewear is driving the market forward. With a high prevalence of myopia and a strong beauty and fashion culture, South Korea presents a promising market for Eye Care products and services.

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.