Market Insights Consumer OTC Pharmaceuticals

Eye Care - Sri Lanka

Sri Lanka

Revenue in the Eye Care market amounts to US$6.09m in 2024. The market is expected to grow annually by 0.46% (CAGR 2024-2029).
In global comparison, most revenue is generated in the United States (US$1,256m in 2024).
In relation to total population figures, per person revenues of US$0.28 are generated in 2024.

Key regions: Thailand, Philippines, Indonesia, Canada, United Kingdom

Market

Region

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Currency

Analyst Opinion

The Eye Care market in Sri Lanka has been experiencing significant growth in recent years.

Customer preferences: Customers in Sri Lanka are increasingly prioritizing their eye health and seeking out eye care services. This can be attributed to a growing awareness of the importance of regular eye exams and the increasing prevalence of eye-related conditions such as myopia and cataracts. Additionally, the aging population in Sri Lanka is driving the demand for eye care services, as older individuals are more likely to experience age-related eye conditions.

Trends in the market: One of the key trends in the Eye Care market in Sri Lanka is the adoption of advanced technologies and treatments. With the advancements in medical technology, eye care providers in Sri Lanka are now able to offer a wide range of services, including laser eye surgery, refractive surgery, and advanced diagnostic tests. These technological advancements have not only improved the quality of eye care services but have also made them more accessible to a larger population. Another trend in the market is the increasing demand for eyewear products. Sri Lankans are becoming more fashion-conscious and are seeking fashionable eyewear options. This has led to the rise of optical stores and online retailers offering a wide range of eyeglasses and contact lenses. Additionally, the increasing prevalence of digital devices has resulted in a higher demand for blue light-blocking glasses to protect the eyes from the harmful effects of prolonged screen time.

Local special circumstances: Sri Lanka has a rapidly growing middle class, which has led to an increase in disposable income. As a result, more individuals are able to afford eye care services and products, driving the growth of the Eye Care market. Additionally, the government of Sri Lanka has been taking steps to improve access to eye care services in rural areas, where there is a lack of healthcare infrastructure. This has created opportunities for eye care providers to expand their services to underserved areas.

Underlying macroeconomic factors: The economic growth in Sri Lanka has had a positive impact on the Eye Care market. As the country's GDP continues to grow, more individuals are able to afford eye care services and products. Additionally, the government's focus on healthcare and the development of the healthcare sector has created a favorable environment for the growth of the Eye Care market. The increasing investments in healthcare infrastructure and the implementation of policies to promote universal healthcare coverage have further contributed to the growth of the market.

Methodology

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.