Market Insights Consumer OTC Pharmaceuticals

Eye Care - South America

South America

Revenue in the Eye Care market amounts to US$183.00m in 2024. The market is expected to grow annually by 3.40% (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$0.44 are generated in 2024.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The Eye Care market in South America has been experiencing significant growth in recent years, driven by changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Eye Care market in South America have been shifting towards a greater focus on preventive care and overall eye health.

Customers are becoming more aware of the importance of regular eye check-ups and are increasingly seeking out products and services that can help them 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 are also contributing to the growth of the Eye Care market in South America.

One notable trend is the increasing popularity of online shopping for eyewear. Customers are now able to browse and purchase a wide variety of eyeglasses and sunglasses from the comfort of their own homes, which has greatly expanded their options and convenience. Additionally, the rise of e-commerce platforms has made it easier for smaller, independent eyewear brands to reach customers and compete with larger, established brands.

Local special circumstances in South America are also playing a role in the development of the Eye Care market. For example, the region has a high prevalence of certain eye conditions, such as cataracts and glaucoma, which has created a strong demand for treatments and surgeries. This has led to the establishment of specialized eye care clinics and hospitals, which are driving the growth of the market.

Additionally, South America has a large population of young people, who are increasingly interested in fashion and style when it comes to eyewear. This has created a demand for trendy and fashionable frames, which has further fueled the growth of the market. Underlying macroeconomic factors, such as increasing disposable incomes and improving healthcare infrastructure, are also contributing to the growth of the Eye Care market in South America.

As the economy improves and more people have access to healthcare services, the demand for eye care products and services is expected to continue to rise. Additionally, the region's growing middle class is becoming more health-conscious and willing to spend on preventive healthcare, including eye care. Overall, the Eye Care market in South America is experiencing significant growth due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors.

As the market continues to develop, it is expected to offer more opportunities for both local and international players in the industry.

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.