Eye Care - Panama | Statista Market Forecast

Eye Care - Panama

Panama

Highlights

Revenue in the Eye Care market amounts to US$1.75m in 2024. The market is expected to grow annually by 3.89% (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$0.39 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Eye Care market in Panama is experiencing steady growth due to increasing customer preferences for vision correction and eye health maintenance. With a growing population and rising awareness about the importance of eye care, the market is expected to continue expanding in the coming years.

Customer preferences: Customers in Panama are increasingly prioritizing their eye health and seeking vision correction solutions. This is driven by a number of factors, including the growing prevalence of vision problems such as myopia and presbyopia, as well as the desire to maintain good eye health as they age. As a result, there is a growing demand for eyeglasses, contact lenses, and other vision correction products.

Trends in the market: One of the key trends in the Eye Care market in Panama is the increasing popularity of contact lenses. Contact lenses offer a convenient and comfortable alternative to traditional eyeglasses, and are especially favored by younger consumers who value aesthetics and freedom of movement. This trend is expected to continue as technology advances and more advanced contact lens options become available. Another trend in the market is the growing demand for specialized eye care services. As consumers become more aware of the importance of regular eye exams and early detection of eye conditions, there is an increasing demand for services such as comprehensive eye exams, refractive surgery, and treatment for eye diseases. This trend is driven by a combination of factors, including increasing disposable income and improved access to healthcare services.

Local special circumstances: Panama's geographic location and climate contribute to the prevalence of certain eye conditions. The country is located in a tropical region, which exposes its population to high levels of UV radiation. This increases the risk of conditions such as cataracts and age-related macular degeneration. As a result, there is a higher demand for UV protection eyewear and other preventive measures in Panama compared to countries with milder climates.

Underlying macroeconomic factors: Panama's strong economic growth and rising disposable income levels are key drivers of the Eye Care market. As the country's middle class expands, more consumers are able to afford eye care products and services. In addition, Panama's growing tourism industry attracts visitors who may seek eye care services or purchase eyewear while in the country. These factors contribute to the overall growth of the Eye Care market in Panama. In conclusion, the Eye Care market in Panama is experiencing growth due to increasing customer preferences for vision correction and eye health maintenance. The popularity of contact lenses and the demand for specialized eye care services are key trends in the market. Panama's geographic location and climate also contribute to the local demand for certain eye care products. Overall, the market is driven by Panama's strong economic growth and rising disposable income levels.

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.