Eye Care - Angola | Statista Market Forecast

Eye Care - Angola

Angola

Highlights

Revenue in the Eye Care market amounts to US$625.40k in 2024. The market is expected to grow annually by 2.69% (CAGR 2024-2029).
In global comparison, most revenue is generated United States (US$1bn in 2024).
In relation to total population figures, per person revenues of US$0.02 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Eye Care market in Angola has been experiencing significant growth in recent years. Customer preferences for eye care products and services have evolved, leading to increased demand in the market. Additionally, local special circumstances and underlying macroeconomic factors have contributed to the development of the Eye Care market in Angola.

Customer preferences: Customers in Angola have shown a growing interest in eye care products and services. This can be attributed to several factors. Firstly, there is a greater awareness of the importance of eye health and the need for regular check-ups. As a result, individuals are seeking out eye care professionals for comprehensive eye exams and consultations. Secondly, there has been an increased demand for fashionable eyewear, with customers looking for stylish and trendy frames. This shift in preferences has led to an expansion of the eyewear market, with a wider range of options available to consumers.

Trends in the market: One of the key trends in the Eye Care market in Angola is the rise of online eyewear retailers. With the increasing penetration of internet access and smartphone usage, customers are now able to conveniently shop for eyewear online. This trend has been further fueled by the COVID-19 pandemic, which has led to a greater emphasis on e-commerce. Online retailers offer a wide selection of eyewear products at competitive prices, providing customers with convenience and affordability. Another trend in the market is the growing popularity of contact lenses. Contact lenses offer a convenient and comfortable alternative to traditional eyeglasses. They are particularly favored by individuals who engage in sports or have active lifestyles. The demand for contact lenses has been driven by advancements in technology, which have resulted in more comfortable and breathable lenses. Additionally, the availability of a wide range of colored contact lenses has also contributed to their popularity.

Local special circumstances: Angola has a relatively young population, with a significant portion of the population falling within the working-age group. This demographic factor has contributed to the growth of the Eye Care market, as individuals in this age group are more likely to be economically active and have disposable income to spend on eye care products and services.

Underlying macroeconomic factors: Angola has experienced positive economic growth in recent years, driven by increased investment in infrastructure and natural resources. This has led to a rise in disposable income and improved living standards, which in turn has resulted in increased spending on healthcare, including eye care. Furthermore, the government has implemented policies to improve access to healthcare services, which has further fueled the growth of the Eye Care market. In conclusion, the Eye Care market in Angola is developing due to evolving customer preferences, including a greater focus on eye health and fashionable eyewear. The rise of online eyewear retailers and the growing popularity of contact lenses are key trends in the market. Local special circumstances, such as a young population and underlying macroeconomic factors, including positive economic growth and government initiatives, have also contributed to the growth of the market.

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.