Market Insights Health Pharmacies OTC Products

Eye Care (Pharmacies) - Worldwide

Worldwide

Revenue in the Eye Care market is projected to reach €4.30bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 3.06%, resulting in a market volume of €5.00bn 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 €0.55 are generated in 2024.

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

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Analyst Opinion

The Eye Care (Pharmacies) market in worldwide is witnessing significant growth due to changing customer preferences, emerging trends, and local special circumstances.

Customer preferences: Customers in the Eye Care (Pharmacies) market are increasingly seeking convenience and accessibility. With busy lifestyles and limited time, consumers prefer to purchase eye care products from pharmacies that offer a wide range of options and are easily accessible. Additionally, customers are becoming more conscious about their eye health and are looking for products that address specific concerns such as dryness, allergies, and digital eye strain.

Trends in the market: One of the key trends in the Eye Care (Pharmacies) market is the increasing demand for natural and organic eye care products. Customers are becoming more aware of the potential side effects of chemical-based products and are opting for natural alternatives. This trend is driven by the growing focus on health and wellness, as well as the rising popularity of clean beauty products. Pharmacies are responding to this trend by expanding their range of natural and organic eye care products. Another trend in the market is the rising popularity of online pharmacies. With the convenience of online shopping, customers are increasingly turning to online pharmacies to purchase eye care products. This trend is further fueled by the COVID-19 pandemic, which has accelerated the shift towards e-commerce. Pharmacies are adapting to this trend by investing in their online presence and offering a seamless shopping experience to their customers.

Local special circumstances: In certain countries, the Eye Care (Pharmacies) market is influenced by local special circumstances. For example, in countries with a high prevalence of eye diseases such as cataracts and glaucoma, there is a higher demand for prescription eye care products. Pharmacies in these countries play a crucial role in providing access to these products and educating customers about the importance of regular eye check-ups. In some regions, there may be cultural factors that impact the Eye Care (Pharmacies) market. For instance, in countries where wearing colored contact lenses for cosmetic purposes is popular, pharmacies may see a higher demand for these products. Pharmacies need to be aware of such cultural preferences and stock products accordingly to cater to the local market.

Underlying macroeconomic factors: The Eye Care (Pharmacies) market is also influenced by underlying macroeconomic factors. For example, in countries with a growing middle class and increasing disposable income, there is a higher demand for premium eye care products. Customers are willing to spend more on high-quality products that offer additional benefits such as anti-aging properties or advanced technology. On the other hand, in countries with a lower GDP per capita, customers may prioritize affordability and opt for more budget-friendly eye care products. Pharmacies need to consider these macroeconomic factors when determining their product offerings and pricing strategies. In conclusion, the Eye Care (Pharmacies) market in worldwide is experiencing growth driven by changing customer preferences, emerging trends, and local special circumstances. Customers are seeking convenience and accessibility, leading to the rise of online pharmacies. The demand for natural and organic eye care products is also increasing, and pharmacies are expanding their product range to cater to this trend. Local special circumstances, such as the prevalence of certain eye diseases or cultural preferences, can further influence the market. Additionally, underlying macroeconomic factors play a role in shaping customer preferences and purchasing decisions.

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.