Eye Care - Laos | Statista Market Forecast

Eye Care - Laos

Laos

Highlights

Revenue in the Eye Care market amounts to US$2.18m in 2024. The market is expected to grow annually by 3.62% (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$0.28 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Eye Care market in Laos is experiencing significant growth and development due to changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Eye Care market in Laos have shifted towards a greater emphasis on preventative care and a desire for high-quality products and services.

Customers are becoming more aware of the importance of maintaining good eye health and are seeking out products and services that can help them achieve this goal. Additionally, there is a growing demand for fashionable eyewear, as customers want to not only protect their eyes but also make a fashion statement. Trends in the market are also contributing to the development of the Eye Care market in Laos.

One major trend is the increasing prevalence of digital devices in everyday life. With the rise of smartphones, tablets, and computers, people are spending more time in front of screens, which can lead to eye strain and other vision problems. This trend has created a need for products and services that can address these issues, such as blue light-blocking glasses and specialized eye exams.

Another trend in the market is the growing popularity of contact lenses. As disposable contact lenses become more affordable and accessible, more people in Laos are opting for this convenient alternative to traditional eyeglasses. Contact lenses offer greater freedom of movement and can be more aesthetically pleasing for some individuals.

Local special circumstances also play a role in the development of the Eye Care market in Laos. The country's rapidly growing middle class has increased disposable income, allowing more people to afford eye care products and services. Additionally, the government has been actively promoting healthcare and wellness initiatives, including eye care, which has further boosted the market.

Underlying macroeconomic factors, such as a stable economy and increasing healthcare expenditure, have also contributed to the growth of the Eye Care market in Laos. As the economy continues to grow, more people have the means to invest in their eye health. Furthermore, the government's commitment to improving healthcare infrastructure and services has created a favorable environment for the Eye Care market to thrive.

In conclusion, the Eye Care market in Laos is developing due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. With a greater emphasis on preventative care, the rise of digital devices, and the growing popularity of contact lenses, the market is poised for continued growth 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.