Market Insights Health OTC Pharmaceuticals

Eye Care - Australia

Australia

In 2024, the revenue in the Eye Care market market in Australia amounted to US$178.90m.
It is projected that the market will experience an annual growth rate of 1.90% (CAGR 2024-2029).
When compared globally, the in the United States generates the highest revenue in this market, reaching US$1,256.00m in 2024.
Looking at the ratio of revenue to the total population, in Australia generates US$6.70 in per person revenues in 2024.
Australia's eye care market is experiencing a surge in demand for over-the-counter pharmaceuticals, driven by an aging population and increasing awareness of the importance of eye health.

Key regions: Australia, Japan, Brazil, United States, Europe

Market

Region

Region comparison

Currency

Analyst Opinion

The Eye Care market in Australia has experienced significant growth in recent years, driven by changing customer preferences, emerging trends, and local special circumstances. Customer preferences in the Eye Care market have shifted towards a greater emphasis on preventive care and overall eye health. Consumers are becoming more proactive in maintaining their vision and are seeking out products and services that can help them achieve this goal. This has led to an increased demand for products such as contact lenses, eye drops, and vitamins specifically formulated for eye health. Additionally, there is a growing interest in natural and organic eye care products, as consumers become more conscious of the ingredients they put in and around their eyes. One of the key trends in the Eye Care market in Australia is the rise of online retail. The convenience and accessibility of online shopping have made it an attractive option for consumers looking to purchase eye care products. Online retailers offer a wide range of products at competitive prices, and many also provide educational resources and virtual consultations with optometrists. This trend has been further accelerated by the COVID-19 pandemic, as consumers turned to online shopping for their eye care needs during lockdowns and social distancing measures. Another trend in the Australian Eye Care market is the increasing focus on blue light protection. With the widespread use of digital devices such as smartphones, tablets, and computers, consumers are exposed to high levels of blue light, which can cause eye strain and fatigue. As a result, there has been a growing demand for products that can protect against blue light, such as blue light blocking glasses and screen protectors. This trend is expected to continue as the use of digital devices becomes even more prevalent in daily life. In addition to changing customer preferences and emerging trends, there are also local special circumstances that have contributed to the development of the Eye Care market in Australia. The country has a high prevalence of eye conditions such as myopia and age-related macular degeneration, which has created a need for effective eye care solutions. The aging population in Australia is also driving demand for products and services that cater to the specific needs of older individuals, such as multifocal contact lenses and low vision aids. Underlying macroeconomic factors have also played a role in the growth of the Eye Care market in Australia. The country's strong economy and high disposable income levels have allowed consumers to prioritize their eye health and invest in quality eye care products and services. Additionally, the government's focus on healthcare and wellness has led to increased awareness and accessibility of eye care services, further driving market growth. In conclusion, the Eye Care market in Australia is developing in response to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The shift towards preventive care, the rise of online retail, the focus on blue light protection, and the high prevalence of eye conditions are all contributing to the growth of the market. With a strong economy and a population that values their eye health, the Australian Eye Care market is expected to continue its upward trajectory in the coming years.

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.