Market Insights Health OTC Pharmaceuticals

Eye Care - Singapore

Singapore

In 2024, the revenue in the Eye Care market market in Singapore amounts to US$3.46m.
It is projected that the market will experience an annual growth rate of 3.20% (CAGR 2024-2029).
When compared globally, the in the United States generates the highest revenue in this market, with a total of US$1,256.00m in 2024.
Looking at the per person revenues in relation to the total population figures, in Singapore generates US$0.57 in 2024.
The demand for innovative contact lens solutions is rising in Singapore's eye care market due to the country's tech-savvy and health-conscious population.

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

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Analyst Opinion

The Eye Care market in Singapore has been experiencing steady growth in recent years, driven by a combination of customer preferences, market trends, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Singaporeans have become increasingly conscious about their eye health and are taking proactive measures to maintain good vision. With the rise in digital devices usage and longer working hours, there has been a growing demand for eye care products and services. Customers are seeking innovative solutions such as blue light blocking glasses and contact lenses that provide comfort and convenience.

Trends in the market: One of the key trends in the Eye Care market in Singapore is the growing popularity of online retail channels. Customers are increasingly turning to online platforms to purchase eye care products, as it offers a wider selection, competitive pricing, and the convenience of doorstep delivery. Online retailers are also leveraging technology to provide virtual try-on features, making it easier for customers to choose the right eyewear.Another trend in the market is the increasing focus on preventive eye care. Eye care professionals are promoting regular eye examinations to detect early signs of vision problems and provide timely interventions. This trend is driven by the growing awareness of the importance of preventive healthcare and the availability of advanced diagnostic technologies.

Local special circumstances: Singapore's aging population is a significant factor contributing to the growth of the Eye Care market. As people age, the risk of developing age-related eye conditions such as cataracts and macular degeneration increases. This has created a higher demand for specialized eye care services and treatments.Furthermore, Singapore's position as a regional hub for medical tourism has attracted patients from neighboring countries seeking high-quality eye care services. The availability of state-of-the-art facilities and skilled healthcare professionals has made Singapore a preferred destination for eye treatments and surgeries.

Underlying macroeconomic factors: Singapore's strong and stable economy has provided a conducive environment for the growth of the Eye Care market. The country's high per capita income and favorable healthcare infrastructure have enabled individuals to afford and access quality eye care services. Additionally, the government's focus on promoting healthcare and wellness has led to increased investments in the Eye Care sector.In conclusion, the Eye Care market in Singapore is experiencing growth due to customer preferences for innovative eye care solutions, the adoption of online retail channels, and the focus on preventive eye care. The local special circumstances of an aging population and Singapore's position as a medical tourism hub further contribute to the market's development. The underlying macroeconomic factors of a strong economy and government support for healthcare also play a significant role in driving the growth of the Eye Care market in Singapore.

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.