Eye Care - Ghana | Statista Market Forecast

Eye Care - Ghana

Ghana

Highlights

Revenue in the Eye Care market amounts to US$644.70k in 2024. The market is expected to grow annually by 3.25% (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 Ghana has been experiencing significant growth in recent years.

Customer preferences: Ghanaians are becoming increasingly aware of the importance of eye care and are placing a greater emphasis on maintaining good vision. This is driven by a number of factors, including a growing middle class with higher disposable incomes, an aging population, and an increased prevalence of chronic eye diseases such as cataracts and glaucoma. As a result, there is a rising demand for quality eye care services and products in the country.

Trends in the market: One of the key trends in the Eye Care market in Ghana is the increasing adoption of modern technologies and techniques in the diagnosis and treatment of eye conditions. This includes the use of advanced diagnostic equipment, such as optical coherence tomography (OCT) scanners, which provide detailed images of the eye's structures. Additionally, there is a growing interest in refractive surgeries, such as LASIK, as a way to correct vision problems. Another trend in the market is the growing popularity of contact lenses and designer eyewear. Ghanaians are increasingly looking for fashionable and trendy eyewear options, and are willing to invest in high-quality products that not only improve their vision but also enhance their overall appearance. This has led to the emergence of specialized eyewear retailers and an expansion of the product offerings in this segment.

Local special circumstances: One of the unique aspects of the Eye Care market in Ghana is the presence of traditional healers who offer alternative treatments for eye conditions. While modern medical practices are gaining acceptance, there is still a significant segment of the population that prefers traditional remedies. This presents both opportunities and challenges for eye care providers, as they need to educate the population about the benefits of modern treatments while respecting cultural beliefs and practices.

Underlying macroeconomic factors: The growth of the Eye Care market in Ghana is also influenced by macroeconomic factors such as population growth, urbanization, and increasing healthcare expenditure. With a population of over 30 million people, Ghana has a large and growing market for eye care services. Additionally, the rapid urbanization in the country has resulted in a higher concentration of potential customers in major cities, where eye care facilities are more readily available. Furthermore, the government of Ghana has been investing in improving healthcare infrastructure and services, including eye care. This has led to the expansion of eye care facilities and the recruitment of trained professionals in the field. The increasing healthcare expenditure in the country, both by the government and private individuals, has also contributed to the growth of the Eye Care market. In conclusion, the Eye Care market in Ghana is experiencing significant growth due to increasing customer awareness, adoption of modern technologies, and changing customer preferences. The presence of traditional healers and underlying macroeconomic factors also play a role in shaping the market dynamics. As the country continues to develop and invest in healthcare infrastructure, the Eye Care market is expected to further expand 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.