Eye Care - Benin | Statista Market Forecast

Eye Care - Benin

Benin

Highlights

Revenue in the Eye Care market amounts to US$264.10k in 2024. The market is expected to grow annually by 4.30% (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 Benin has been experiencing significant growth in recent years.

Customer preferences: Customers in Benin are increasingly prioritizing their eye health and seeking out products and services that can help improve their vision. This trend is driven by a growing awareness of the importance of eye care and the impact that good vision can have on overall well-being. As a result, there has been a rising demand for eyeglasses, contact lenses, and other vision correction products. Additionally, there is a growing interest in preventive eye care, with more people seeking regular eye exams to detect and address potential issues before they become more serious.

Trends in the market: One of the key trends in the Eye Care market in Benin is the increasing availability and affordability of vision correction products. This is partly due to advancements in technology and manufacturing processes, which have made it easier and cheaper to produce high-quality eyeglasses and contact lenses. As a result, more people are able to access these products and improve their vision. Another trend in the market is the growing popularity of online shopping for eye care products. This trend is driven by the convenience and accessibility of online platforms, which allow customers to browse and purchase a wide range of products from the comfort of their own homes. Online retailers are also able to offer competitive prices and a wider selection of products compared to traditional brick-and-mortar stores.

Local special circumstances: Benin is a country with a relatively low income level, which can make accessing eye care services and products challenging for some segments of the population. However, the government and various non-governmental organizations have been working to address this issue by implementing initiatives to increase access to affordable eye care services, particularly in rural areas. These initiatives include mobile eye clinics and outreach programs that provide free or subsidized eye exams and treatment.

Underlying macroeconomic factors: The growth of the Eye Care market in Benin is supported by several underlying macroeconomic factors. Firstly, the country has been experiencing steady economic growth in recent years, which has led to an increase in disposable income and consumer spending. This has allowed more people to afford eye care products and services. Secondly, there has been a growing awareness of the importance of eye health and the impact that good vision can have on overall well-being. This awareness is partly driven by educational campaigns and initiatives by government and non-governmental organizations to promote eye health and raise awareness about common eye conditions. In conclusion, the Eye Care market in Benin is experiencing growth due to increasing customer preferences for eye health, the availability and affordability of vision correction products, the popularity of online shopping, and the efforts of the government and non-governmental organizations to increase access to eye care services. These trends are supported by underlying macroeconomic factors such as economic growth and growing awareness of the importance of eye health.

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.