Market Insights Health Pharmacies OTC Products

Eye Care (Pharmacies) - Australia

Australia

Revenue in the Eye Care market is projected to reach US$134.30m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.77%, resulting in a market volume of US$146.60m by 2029.
In global comparison, most revenue will be generated in Japan (US$904.40m in 2024).
In relation to total population figures, per person revenues of US$5.03 are generated in 2024.

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

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Analyst Opinion

The Eye Care (Pharmacies) market in Australia has been experiencing significant growth in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to this development. Customer preferences in the Eye Care (Pharmacies) market in Australia have shifted towards a greater emphasis on preventive care and overall eye health. Consumers are becoming more aware of the importance of regular eye check-ups and are seeking out products that can help maintain good eye health. This has led to an increased demand for products such as contact lenses, eye drops, and vitamins specifically formulated for eye health. Trends in the market also indicate a growing interest in natural and organic eye care products. Consumers are increasingly looking for products that are free from harsh chemicals and are made from natural ingredients. This trend is driven by a desire for safer and more sustainable options, as well as a growing awareness of the potential side effects of certain chemicals commonly found in eye care products. Local special circumstances in Australia have also played a role in the development of the Eye Care (Pharmacies) market. The country has a high prevalence of eye conditions such as myopia and age-related macular degeneration, which has created a strong demand for eye care products and services. Additionally, Australia has a large aging population, which further contributes to the demand for eye care products and services. Underlying macroeconomic factors have also influenced the growth of the Eye Care (Pharmacies) market in Australia. The country has a strong economy and a high standard of living, which means that consumers have more disposable income to spend on eye care products. Additionally, the Australian government has implemented various initiatives to promote eye health and provide subsidies for certain eye care products, which has further fueled the growth of the market. In conclusion, the Eye Care (Pharmacies) market in Australia is experiencing growth due to customer preferences for preventive care and natural products, as well as local special circumstances such as a high prevalence of eye conditions and an aging population. Underlying macroeconomic factors, including a strong economy and government initiatives, have also contributed to the growth of the market.

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.