Market Insights Health Pharmacies OTC Products

Eye Care (Pharmacies) - Thailand

Thailand

Revenue in the Eye Care market is projected to reach US$23.78m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 3.59%, resulting in a market volume of US$28.36m 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$0.33 are generated in 2024.

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

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Analyst Opinion

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

Customer preferences: Thai consumers have become increasingly conscious about their eye health and are seeking out products and services to address their specific needs. This has led to a growing demand for eye care products and services in pharmacies. Customers are looking for a wide range of products, including contact lenses, eye drops, and prescription glasses, all of which are conveniently available in pharmacies. Additionally, Thai consumers are becoming more aware of the importance of regular eye check-ups and are visiting pharmacies for eye examinations.

Trends in the market: One of the key trends in the Eye Care (Pharmacies) market in Thailand is the increasing popularity of online pharmacies. Thai consumers are embracing e-commerce and are increasingly purchasing eye care products online. Online pharmacies offer convenience, competitive prices, and a wide range of products, making them an attractive option for customers. Additionally, online pharmacies often provide detailed product information and customer reviews, which helps consumers make informed decisions. Another trend in the market is the growing demand for natural and organic eye care products. Thai consumers are becoming more health-conscious and are seeking out products that are free from harmful chemicals and preservatives. This has led to an increase in the availability of natural and organic eye care products in pharmacies. Customers are also willing to pay a premium for these products, as they perceive them to be safer and more effective.

Local special circumstances: Thailand has a rapidly aging population, which is driving the demand for eye care products and services. As people age, they are more likely to develop eye conditions such as cataracts, glaucoma, and age-related macular degeneration. This has created a need for specialized eye care products and services, which are often available in pharmacies. Additionally, the government has been actively promoting eye health awareness campaigns, which has further contributed to the growth of the Eye Care (Pharmacies) market in Thailand.

Underlying macroeconomic factors: Thailand's growing middle class and increasing disposable income have played a significant role in the growth of the Eye Care (Pharmacies) market. As consumers have more money to spend, they are willing to invest in their eye health and are more likely to purchase eye care products and services. Additionally, Thailand's healthcare system has improved over the years, making it more accessible for consumers to seek out eye care services. This has also contributed to the growth of the Eye Care (Pharmacies) market in Thailand. In conclusion, the Eye Care (Pharmacies) market in Thailand is experiencing growth due to customer preferences for a wide range of eye care products and services, the increasing popularity of online pharmacies, the demand for natural and organic eye care products, the aging population, and the country's improving healthcare system. These factors are driving the growth of the market and are likely to continue to do so in the future.

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.