Eye Care - Guatemala

Guatemala

Highlights

Revenue in the Eye Care market amounts to US$9.09m in 2024. The market is expected to grow annually by 3.61% (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$0.50 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Eye Care market in Guatemala is experiencing significant growth and development due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Eye Care market have shifted towards a greater emphasis on preventive care and overall eye health.

Consumers are becoming more aware of the importance of regular eye exams and are seeking products and services that can help maintain good vision. This shift in preference is driven by a growing understanding of the long-term benefits of early detection and treatment of eye conditions. Additionally, there is an increasing demand for eyewear products that combine fashion and functionality, as consumers are looking for stylish options that also provide protection from harmful UV rays.

Trends in the Guatemalan Eye Care market reflect global trends, such as the rise of digital eye strain due to increased screen time. As more people spend extended periods of time in front of digital devices, there is a growing need for products that can alleviate the symptoms associated with digital eye strain, such as dryness, fatigue, and blurred vision. This has led to the development of specialized eyewear and contact lenses that are designed to filter blue light and reduce eye strain.

Local special circumstances in Guatemala also contribute to the development of the Eye Care market. The country has a high prevalence of certain eye conditions, such as cataracts and refractive errors, which require regular check-ups and treatment. Additionally, Guatemala has a large population of indigenous people who may have specific eye care needs and preferences.

Eye care providers in the country are adapting to these circumstances by offering specialized services and products that cater to the needs of different populations. Underlying macroeconomic factors, such as increasing disposable income and improved access to healthcare services, are also driving the growth of the Eye Care market in Guatemala. As the economy improves, more people are able to afford eye care products and services, leading to increased demand.

Furthermore, the government has implemented policies to improve access to healthcare, including eye care services, which has further boosted the market. In conclusion, the Eye Care market in Guatemala is developing and growing due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. Consumers are placing a greater emphasis on preventive care and overall eye health, leading to increased demand for products and services.

Trends such as digital eye strain are also driving the market, while local special circumstances and macroeconomic factors contribute to the overall growth.

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.