Market Insights Consumer OTC Pharmaceuticals

Eye Care - EU-27

EU-27

Revenue in the Eye Care market amounts to US$0.97bn in 2024. The market is expected to grow annually by 2.36% (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$2.17 are generated in 2024.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The Eye Care market in EU-27 is experiencing significant growth and development due to a number of factors.

Customer preferences: Customers in the EU-27 region are increasingly aware of the importance of eye care and are prioritizing their vision health. This is reflected in their preferences for high-quality eye care products and services, such as prescription glasses, contact lenses, and eye exams. Additionally, there is a growing demand for innovative and technologically advanced eye care solutions that can address specific vision issues and provide enhanced comfort and convenience.

Trends in the market: One of the key trends in the Eye Care market in EU-27 is the increasing adoption of online retail channels for purchasing eye care products. This trend is driven by the convenience and wide product selection offered by online platforms, as well as the ability to compare prices and read customer reviews. Furthermore, the COVID-19 pandemic has accelerated the shift towards online shopping, as consumers seek to minimize physical contact and maintain social distancing measures. Another trend in the market is the rising popularity of sustainable and eco-friendly eye care products. Customers in the EU-27 region are becoming more conscious of the environmental impact of their consumption choices and are actively seeking out products that are made from recycled materials or have minimal packaging. This trend is also influenced by regulatory initiatives promoting sustainability and circular economy principles.

Local special circumstances: The Eye Care market in EU-27 is characterized by a diverse range of local preferences and regulations. Each country within the region has its own unique cultural and economic factors that influence the demand for eye care products and services. For example, countries with a higher proportion of elderly population may have a greater demand for vision correction solutions, while countries with a higher prevalence of digital device usage may see a higher demand for blue light filtering products.

Underlying macroeconomic factors: The Eye Care market in EU-27 is influenced by several macroeconomic factors, including population demographics, disposable income levels, and healthcare expenditure. The aging population in many EU-27 countries is driving the demand for vision correction products, as age-related vision problems become more prevalent. Additionally, the overall economic growth and increasing disposable income levels in the region are enabling consumers to spend more on eye care products and services. Furthermore, the EU-27 region has a robust healthcare system that provides access to affordable eye care services. This encourages individuals to seek regular eye exams and invest in preventive measures for maintaining good vision health. The strong regulatory framework in the region also ensures the safety and quality of eye care products, which further boosts consumer confidence and drives market growth. In conclusion, the Eye Care market in EU-27 is witnessing growth and development due to increasing customer awareness and preferences for high-quality eye care products and services. The market is also influenced by trends such as the adoption of online retail channels and the demand for sustainable products. Local special circumstances and underlying macroeconomic factors further shape the market dynamics in each country within the region.

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.