Market Insights Consumer OTC Pharmaceuticals

Eye Care - Vietnam

Vietnam

Revenue in the Eye Care market amounts to US$38.30m in 2024. The market is expected to grow annually by 4.75% (CAGR 2024-2029).
In global comparison, most revenue is generated in the United States (US$1,256m in 2024).
In relation to total population figures, per person revenues of US$0.38 are generated in 2024.

Key regions: Thailand, Philippines, Indonesia, Canada, United Kingdom

Market

Region

Region comparison

Currency

Analyst Opinion

The Eye Care market in Vietnam is experiencing significant growth and development due to several key factors. Customer preferences for eye care products and services are evolving, leading to increased demand in the market. Additionally, local special circumstances and underlying macroeconomic factors are contributing to the growth of the eye care market in Vietnam.

Customer preferences: Customers in Vietnam are becoming more aware of the importance of eye care and are increasingly seeking out products and services to meet their needs. With the rise in digital devices and screen time, there is a growing concern about eye strain and other vision-related issues. As a result, customers are looking for products such as blue light-blocking glasses and eye drops to alleviate symptoms and protect their eyes. Additionally, there is a growing interest in fashionable eyewear, with customers looking for stylish frames that not only correct their vision but also make a fashion statement.

Trends in the market: One of the key trends in the eye care market in Vietnam is the increasing popularity of contact lenses. Contact lenses offer convenience and flexibility compared to traditional eyeglasses, and many customers are opting for this option. Furthermore, there is a growing demand for specialized contact lenses, such as those designed for astigmatism or multifocal needs. This trend is driven by the desire for improved vision correction and the convenience of contact lenses for active lifestyles. Another trend in the market is the rise of online retail for eye care products. Customers are increasingly turning to online platforms to purchase contact lenses, eyeglasses, and other eye care products. This trend is driven by the convenience of online shopping and the availability of a wide range of products. Online retailers are also offering competitive pricing and discounts, making it an attractive option for price-conscious customers.

Local special circumstances: Vietnam has a young population, with a significant proportion of the population under the age of 30. This demographic trend is driving the demand for eye care products and services, as younger people are more likely to be engaged in activities that can strain their eyes, such as studying or working on computers. Additionally, the increasing urbanization in Vietnam is leading to higher levels of pollution, which can contribute to eye health issues. These local special circumstances are creating a favorable environment for the growth of the eye care market.

Underlying macroeconomic factors: Vietnam's economy has been growing rapidly in recent years, leading to an increase in disposable income and consumer spending. As a result, more people have the financial means to invest in eye care products and services. Additionally, the government has been focusing on improving healthcare services in the country, including eye care. This has led to increased accessibility and affordability of eye care services, further driving the growth of the market. In conclusion, the Eye Care market in Vietnam is experiencing significant growth and development due to evolving customer preferences, trends in the market such as the popularity of contact lenses and online retail, local special circumstances such as a young population and increasing urbanization, and underlying macroeconomic factors including economic growth and government initiatives to improve healthcare services.

Methodology

Data coverage:

Data encompasses B2C spend. Figures are based on the OTC Pharmaceuticals market values, representing revenues generated by both product sales which take place exclusively in pharmacies and products which can be purchased elsewhere. Sales by hospitals are not included.

Modeling approach / Market size:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use data from national statistical offices, international institutions, trade associations, and self-medication associations. Next, we use relevant key market indicators and data from country-specific associations, such as consumer healthcare spending, out-of-pocket healthcare expenditure, health system accessibilities, and GDP. 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 particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. Whereas this market covers only OTC drugs, the Statista Pharmaceuticals market covers both OTC and prescription drugs.