Market Insights Health Pharmacies OTC Products

Eye Care (Pharmacies) - India

India

Revenue in the Eye Care market is projected to reach €62.05m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 4.77%, resulting in a market volume of €78.32m 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 €0.04 are generated in 2024.

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

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Analyst Opinion

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

Customer preferences: Customers in India are increasingly prioritizing their eye health and seeking out products and services that cater to their specific needs. With the rising prevalence of eye-related issues such as myopia, cataracts, and dry eyes, there is a growing demand for eye care products and services. Additionally, the Indian population is becoming more aware of the importance of regular eye check-ups and is actively seeking professional advice and guidance from eye care specialists.

Trends in the market: One of the key trends in the Indian Eye Care (Pharmacies) market is the increasing availability and accessibility of eye care products and services. Pharmacies across the country are expanding their range of eye care products, including contact lenses, eye drops, and vitamins, to meet the growing demand. Moreover, many pharmacies are also offering specialized services such as eye exams and consultations with optometrists, making it more convenient for customers to access comprehensive eye care under one roof. Another trend in the market is the growing popularity of online pharmacies. With the increasing penetration of the internet and smartphones in India, more and more customers are turning to online platforms to purchase their eye care products. Online pharmacies offer a wide range of products at competitive prices, and the convenience of doorstep delivery is an attractive proposition for many customers.

Local special circumstances: India has a large population and a diverse range of eye care needs. The country has a high prevalence of conditions such as myopia and cataracts, which require specialized treatment and care. Additionally, India's aging population is driving the demand for eye care services, as age-related eye conditions become more prevalent. The Indian government has also implemented various initiatives to promote eye health and increase access to affordable eye care services, further boosting the growth of the Eye Care (Pharmacies) market.

Underlying macroeconomic factors: India's growing middle class and increasing disposable income levels are contributing to the growth of the Eye Care (Pharmacies) market. As more people have the means to afford eye care products and services, the demand for these offerings is expected to continue rising. Furthermore, the government's focus on healthcare and wellness is creating a favorable environment for the development of the eye care sector. In conclusion, the Eye Care (Pharmacies) market in India is witnessing significant growth and development due to increasing customer preferences for eye health, the availability of a wide range of products and services, the rise of online pharmacies, local special circumstances, and underlying macroeconomic factors. This trend is expected to continue as the Indian population becomes more conscious of the importance of eye care and the government continues to prioritize healthcare and wellness.

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.