Market Insights Health Pharmacies OTC Products

Eye Care (Pharmacies) - South Korea

South Korea

Revenue in the Eye Care market is projected to reach €30.83m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 3.12%, resulting in a market volume of €35.95m 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 €0.60 are generated in 2024.

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

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Analyst Opinion

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

Customer preferences: Customers in South Korea are increasingly prioritizing eye health and are willing to invest in products that can help improve their vision and overall eye health. With the rise in digital device usage and screen time, there is a growing concern about eye strain and other vision-related issues. As a result, consumers are seeking out eye care products such as contact lenses, eye drops, and vitamins to address these concerns.

Trends in the market: One of the key trends in the Eye Care (Pharmacies) market in South Korea is the increasing demand for contact lenses. Contact lenses offer convenience and comfort compared to traditional eyeglasses, making them a popular choice among consumers. Additionally, advancements in contact lens technology, such as the development of silicone hydrogel lenses, have further fueled the demand. Another trend in the market is the growing popularity of eye drops. Eye drops are used to relieve dryness, redness, and irritation in the eyes, which are common issues faced by many individuals. The availability of a wide range of eye drop options, including both prescription and over-the-counter variants, has contributed to the increased usage.

Local special circumstances: South Korea has a highly developed healthcare system, which includes a strong network of pharmacies. Pharmacies in South Korea are easily accessible to the general public, and they play a crucial role in providing healthcare products and services. This accessibility and convenience have led to an increase in the sales of eye care products through pharmacies.

Underlying macroeconomic factors: The growing Eye Care (Pharmacies) market in South Korea can be attributed to several macroeconomic factors. Firstly, the country has a high disposable income level, allowing consumers to spend more on healthcare and wellness products. Additionally, South Korea has a rapidly aging population, which has led to an increased demand for eye care products among older adults. Furthermore, the government in South Korea has been actively promoting eye health awareness and education. This has resulted in a higher level of awareness among consumers about the importance of eye care and the availability of products to address various eye-related issues. In conclusion, the Eye Care (Pharmacies) market in South Korea is experiencing growth due to increasing customer preferences for eye health products, such as contact lenses and eye drops. The accessibility of pharmacies and the country's strong healthcare system also contribute to the market's development. Additionally, underlying macroeconomic factors, such as high disposable income and a growing aging population, further drive the demand for eye care products in the country.

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.