Market Insights Health OTC Pharmaceuticals

Eye Care - United Kingdom

United Kingdom

In the United Kingdom, the revenue in the Eye Care market market is projected to reach US$159.50m by 2024.
This market is expected to experience an annual growth rate of 3.23% (CAGR 2024-2029).
When compared globally, the in the United States generates the highest revenue in the Eye Care market market, amounting to US$1,256.00m in 2024.
In terms of per person revenues, the Eye Care market market in the United Kingdom generates US$2.35 per individual in 2024.
The United Kingdom is witnessing a surge in demand for over-the-counter eye care products due to an aging population and increased screen time.

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

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Analyst Opinion

The Eye Care market in United Kingdom is experiencing significant growth due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors.Customer preferences in the Eye Care market in United Kingdom are shifting towards a greater emphasis on preventive eye care. Customers are becoming more aware of the importance of regular eye examinations and are seeking out products and services that can help maintain their eye health. This shift in preferences is driven by the increasing prevalence of eye conditions such as myopia, presbyopia, and age-related macular degeneration, as well as the growing aging population in the country.Trends in the market reflect this changing customer preference for preventive eye care. Optometrists and ophthalmologists are seeing an increase in demand for eye examinations, as well as for products such as prescription eyeglasses, contact lenses, and eye drops. Additionally, there is a growing interest in specialized eye care services such as laser eye surgery and orthokeratology, which can correct refractive errors and reduce the need for corrective eyewear.Local special circumstances in the United Kingdom also contribute to the growth of the Eye Care market. The country has a well-established healthcare system that provides accessible and affordable eye care services to its population. The National Health Service (NHS) offers free eye examinations to certain groups, such as children, the elderly, and those with specific medical conditions. This accessibility to eye care services encourages individuals to seek regular eye examinations and contributes to the overall growth of the market.Underlying macroeconomic factors further support the development of the Eye Care market in the United Kingdom. The country has a stable economy with a high standard of living, which allows individuals to allocate a significant portion of their income towards healthcare, including eye care. Additionally, advancements in technology and innovation have led to the development of new and improved eye care products and services, further driving market growth.In conclusion, the Eye Care market in the United Kingdom is experiencing growth due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The shift towards preventive eye care, increased demand for eye examinations and products, accessibility to eye care services, and a stable economy all contribute to the positive development of the market.

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.