Eye Care - Malawi | Statista Market Forecast

Eye Care - Malawi

Malawi

Highlights

Revenue in the Eye Care market amounts to US$384.70k in 2024. The market is expected to grow annually by 2.43% (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 Malawi is experiencing significant growth and development, driven by several factors.

Customer preferences: Customers in Malawi are increasingly prioritizing their eye health and seeking out eye care products and services. This is partly due to a growing awareness of the importance of regular eye exams and the impact that proper eye care can have on overall health and well-being. Additionally, the rise of digital devices and increased screen time has led to a higher demand for products that address issues such as eye strain and dryness.

Trends in the market: One of the key trends in the Eye Care market in Malawi is the increasing popularity of contact lenses. As more people become aware of the convenience and aesthetic benefits of contact lenses, the demand for these products has been steadily rising. This trend is also driven by advancements in technology, which have made contact lenses more comfortable and easier to use. Another trend in the market is the growing demand for prescription eyewear. As the population in Malawi ages, the prevalence of vision problems such as presbyopia and cataracts is increasing. This has led to a greater need for prescription eyewear, including glasses and specialized lenses.

Local special circumstances: Malawi has a high prevalence of eye diseases and conditions, such as trachoma and refractive errors. This has created a need for accessible and affordable eye care services and products. In response to this, the government and various non-profit organizations have been working to improve access to eye care in rural areas and underserved communities.

Underlying macroeconomic factors: The Eye Care market in Malawi is also influenced by macroeconomic factors such as population growth, urbanization, and income levels. As the population continues to grow and urbanize, the demand for eye care products and services is expected to increase. Additionally, as income levels rise, more people are able to afford eye care products and services, further driving market growth. In conclusion, the Eye Care market in Malawi is experiencing growth and development due to increasing customer preferences for eye health, trends such as the popularity of contact lenses and prescription eyewear, local special circumstances related to eye diseases, and underlying macroeconomic factors. This presents opportunities for companies operating in the eye care industry to expand their presence and cater to the growing demand in the market.

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.