Eye Care - Armenia

Armenia

Highlights

Revenue in the Eye Care market amounts to US$2.38m in 2024. The market is expected to grow annually by 4.61% (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$0.86 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Eye Care market in Armenia is experiencing significant growth and development due to several factors.

Customer preferences: Armenian consumers are becoming increasingly conscious about their eye health and are prioritizing regular eye check-ups and the use of corrective eyewear. This shift in consumer preferences can be attributed to the growing awareness about the importance of eye care and the availability of a wide range of eyewear options in the market. Additionally, there is a rising trend of using eyewear as a fashion accessory, with consumers seeking stylish and trendy frames to complement their personal style.

Trends in the market: One of the key trends in the Eye Care market in Armenia is the increasing demand for contact lenses. Contact lenses offer convenience and freedom from wearing glasses, making them a popular choice among consumers. The market is witnessing a shift towards daily disposable lenses, as they provide better hygiene and are more convenient to use. Another trend is the growing popularity of online eyewear retailers, which offer a wide selection of frames and lenses at competitive prices. This trend is driven by the convenience of online shopping and the ability to compare prices and styles easily.

Local special circumstances: Armenia has a high prevalence of myopia (nearsightedness) among its population, which is driving the demand for corrective eyewear. This can be attributed to factors such as genetic predisposition, lifestyle changes, and increased exposure to screens. As a result, the market for prescription glasses and contact lenses is thriving in the country. Additionally, the Armenian government has taken steps to promote eye health by implementing programs that provide free eye examinations and subsidized eyewear for certain segments of the population. This has further fueled the demand for eye care products and services.

Underlying macroeconomic factors: Armenia has experienced steady economic growth in recent years, which has contributed to an increase in disposable income levels. As a result, consumers have more purchasing power to spend on eye care products and services. The country's growing middle class is also driving the demand for premium eyewear brands and specialized eye care services. Furthermore, the government's focus on healthcare infrastructure development and increasing access to quality healthcare services has created a favorable environment for the Eye Care market to flourish. In conclusion, the Eye Care market in Armenia is witnessing significant growth and development due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The increasing awareness about eye health, the popularity of contact lenses and online eyewear retailers, the high prevalence of myopia, and the government's initiatives to promote eye care are all contributing to the expansion of the market. With the country's favorable economic conditions and growing middle class, the Eye Care market in Armenia is expected to continue its upward trajectory in the coming years.

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.