Market Insights Health Pharmacies OTC Products

Eye Care (Pharmacies) - Canada

Canada

Revenue in the Eye Care market is projected to reach €102.70m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 2.47%, resulting in a market volume of €116.00m by 2029.
In global comparison, most revenue will be generated in Japan (€838.70m in 2024).
In relation to total population figures, per person revenues of €2.63 are generated in 2024.

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

Mercado

Región

Comparación de regiones

Moneda

Analyst Opinion

The Eye Care (Pharmacies) market in Canada has been experiencing significant growth in recent years.

Customer preferences: Customers in Canada are increasingly prioritizing their eye health and seeking out products and services that can help them maintain good vision. With the aging population and the increasing prevalence of eye conditions such as myopia and presbyopia, there is a growing demand for eye care products and services. Additionally, the increasing use of digital devices and screens has led to an increase in eye strain and other vision-related issues, further driving the demand for eye care solutions.

Trends in the market: One of the key trends in the Eye Care (Pharmacies) market in Canada is the growing popularity of contact lenses and eyeglasses. Many consumers are opting for these products as a convenient and effective way to correct their vision. The availability of a wide range of contact lens options, including daily disposables and lenses for specific eye conditions, has contributed to the increasing adoption of contact lenses. Similarly, the availability of fashionable and stylish eyeglasses has made them a popular choice among consumers. Another trend in the market is the increasing demand for over-the-counter (OTC) eye care products. Consumers are looking for products that can provide relief from common eye conditions such as dry eyes and allergies. OTC eye drops and ointments are easily accessible and affordable, making them a preferred choice for many consumers.

Local special circumstances: One of the unique aspects of the Eye Care (Pharmacies) market in Canada is the presence of government-funded healthcare. The Canadian healthcare system provides coverage for essential eye care services, such as eye exams and medically necessary treatments. This ensures that a significant portion of the population has access to basic eye care services. However, this coverage may not extend to certain products and services, such as contact lenses and eyeglasses, leading consumers to seek these products from pharmacies.

Underlying macroeconomic factors: The growing Eye Care (Pharmacies) market in Canada can be attributed to several underlying macroeconomic factors. Firstly, Canada has a strong and stable economy, which has resulted in increased disposable income for many consumers. This has allowed them to allocate more funds towards their eye care needs. Additionally, advancements in technology and innovation have led to the development of new and improved eye care products. This has increased consumer awareness and interest in eye care, driving the demand for these products in the market. In conclusion, the Eye Care (Pharmacies) market in Canada is experiencing growth due to increasing customer preferences for eye care products and services, such as contact lenses and eyeglasses. The availability of a wide range of options and the increasing demand for OTC eye care products are also contributing to this growth. The presence of government-funded healthcare and a strong economy are further fueling the market's development.

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.