Market Insights Health Pharmacies OTC Products

Eye Care (Pharmacies) - Asia

Asia

Revenue in the Eye Care market is projected to reach €1.84bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 3.35%, resulting in a market volume of €2.17bn by 2029.
In global comparison, most revenue will be generated in Japan (€830.00m in 2024).
In relation to total population figures, per person revenues of €0.40 are generated in 2024.

Key regions: Canada, Europe, India, Australia, South Korea

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Analyst Opinion

The Eye Care (Pharmacies) market in Asia is experiencing significant growth and development.

Customer preferences: Customers in Asia are increasingly prioritizing their eye health and are seeking convenient and accessible solutions. This has led to a growing demand for eye care products and services in pharmacies. Customers prefer to visit pharmacies for their eye care needs due to the convenience of location, availability of qualified pharmacists to provide advice and recommendations, and the wide range of products offered.

Trends in the market: One major trend in the Eye Care (Pharmacies) market in Asia is the increasing popularity of contact lenses. As more people become aware of the benefits and convenience of contact lenses, the demand for these products has been steadily rising. Pharmacies are capitalizing on this trend by expanding their range of contact lens brands and offering services such as contact lens fitting and prescription renewal. Another trend in the market is the growing demand for natural and organic eye care products. Customers in Asia are becoming more conscious of the ingredients used in eye care products and are opting for products that are free from harmful chemicals and preservatives. Pharmacies are responding to this trend by stocking a wider range of natural and organic eye care products to cater to the needs of these customers.

Local special circumstances: In certain countries in Asia, there are specific cultural and environmental factors that contribute to the development of the Eye Care (Pharmacies) market. For example, in countries with high levels of air pollution, such as China and India, there is a greater need for eye care products that protect against the harmful effects of pollution. Pharmacies in these countries are responding to this need by offering a range of products specifically designed to address the impact of pollution on eye health.

Underlying macroeconomic factors: The growing middle class in Asia is a key driver of the development of the Eye Care (Pharmacies) market. As incomes rise and people have more disposable income, they are willing to spend more on their health and well-being, including eye care. Additionally, the increasing prevalence of digital devices and screen time in Asia has led to a higher incidence of eye strain and other eye health issues, further driving the demand for eye care products and services. In conclusion, the Eye Care (Pharmacies) market in Asia is experiencing growth and development due to customer preferences for convenient and accessible solutions, trends such as the popularity of contact lenses and natural/organic eye care products, local special circumstances such as air pollution, and underlying macroeconomic factors including the growing middle class and increased screen time.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on offline and online spending by consumers, including VAT. Not included are B2B and B2G sales, or other pharmaceutical sales through hospitals or retail stores such as supermarkets.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market market. As a basis for evaluating markets, we use industry associations, third-party studies and reports and survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per country, consumer healthcare spending, GDP and internet penetration. 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 relevant market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. For forecasting digital trends such as the online-pharmacy sales share we use exponential trend smoothing and the s-curve method. The main drivers are healthcare expenditure per country and consumer healthcare spending.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. GCS data is reweighted for representativeness.