Eye Care - Angola | Statista Market Forecast

Eye Care - Angola

Angola

Highlights

In Angola, the revenue generated in the Eye Care market market in 2024 amounts to US$625.40k.
It is projected that the market will experience an annual growth rate of 2.69% (CAGR 2024-2029).
When compared globally, the United States leads in terms of revenue generation, with a total of US$1.26bn in 2024.
In relation to the total population, per person revenues amount to US$0.02 in 2024.
Angola is witnessing a growing trend in the Eye Care OTC Pharmaceuticals market, driven by increasing awareness and demand among its population.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Eye Care market in Angola is experiencing significant growth and development due to several key factors.

Customer preferences: Angolan consumers are increasingly prioritizing their eye health and are seeking out products and services that can help them maintain good vision. This is driven by a growing awareness of the importance of regular eye exams and the impact that eye health can have on overall well-being. As a result, there is a rising demand for eyeglasses, contact lenses, and other vision correction solutions in the market. Additionally, consumers are also showing interest in preventative measures such as blue light blocking glasses to protect their eyes from the harmful effects of digital screens.

Trends in the market: One of the major trends in the Eye Care market in Angola is the increasing popularity of branded eyewear. Consumers are becoming more fashion-conscious and are looking for eyeglasses and sunglasses that not only provide vision correction but also make a style statement. This has led to the emergence of a wide range of designer eyewear brands in the market, catering to different tastes and preferences. Another trend is the growing adoption of online platforms for purchasing eyewear. E-commerce has gained traction in Angola, providing consumers with convenient access to a wide variety of eyewear options and competitive pricing.

Local special circumstances: Angola has a relatively young population, with a large proportion of the population under the age of 30. This demographic trend is driving the demand for vision correction solutions, as younger individuals are more likely to experience refractive errors such as nearsightedness or farsightedness. Additionally, the increasing urbanization and higher disposable incomes in Angola are contributing to the growth of the Eye Care market. As urban areas continue to expand and more people have access to healthcare services, the demand for eye exams and vision correction products is expected to rise further.

Underlying macroeconomic factors: Angola is experiencing steady economic growth, which is positively impacting the Eye Care market. As the country's GDP continues to rise, consumers have more disposable income to spend on healthcare and wellness products, including eye care. Furthermore, the government's efforts to improve healthcare infrastructure and increase access to healthcare services are also driving the growth of the Eye Care market. These initiatives are aimed at reducing the burden of preventable eye diseases and promoting regular eye check-ups.In conclusion, the Eye Care market in Angola is developing due to increasing customer preferences for vision correction solutions, the emergence of new trends such as branded eyewear and online purchasing, local special circumstances such as a young population and urbanization, and underlying macroeconomic factors including economic growth and government initiatives. As the market continues to evolve, there are significant opportunities for both local and international players to capitalize on the growing demand for eye care products and services in Angola.

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.