Market Insights Health OTC Pharmaceuticals

Eye Care - Bangladesh

Bangladesh

In Bangladesh, the revenue generated in the Eye Care market market is estimated to reach US$70.20m in 2024.
This market is projected to experience an annual growth rate of 6.62% (CAGR 2024-2029).
When compared to other countries worldwide, the in the United States leads in terms of revenue, with an estimated US$1,256.00m in 2024.
Considering the population size, the per person revenue in Bangladesh's Eye Care market market is US$0.40 in 2024.
In Bangladesh, there is a growing trend of consumers seeking OTC eye care products for common eye ailments.

Key regions: Europe, Australia, Brazil, China, United States

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Analyst Opinion

The Eye Care market in Bangladesh is experiencing significant growth and development due to various factors.

Customer preferences: Customers in Bangladesh are increasingly prioritizing their eye health and seeking out products and services that can help them maintain good vision. This is driven by a growing awareness of the importance of eye care and the impact that vision problems can have on daily life. As a result, there is a rising demand for eyeglasses, contact lenses, and other vision correction products. Additionally, there is a growing interest in preventive eye care, with more people seeking regular eye examinations to detect and address any potential issues early on.

Trends in the market: One of the key trends in the Eye Care market in Bangladesh is the increasing popularity of online eyewear shopping. With the rise of e-commerce platforms and the convenience they offer, more customers are opting to purchase eyeglasses and contact lenses online. This trend is driven by factors such as competitive pricing, a wider range of options, and the ability to shop from the comfort of one's own home. As a result, traditional brick-and-mortar retailers are facing increased competition and are adapting their strategies to incorporate online sales channels.Another trend in the market is the growing demand for specialized eye care services. As the population ages and the prevalence of eye-related conditions such as cataracts and glaucoma increases, there is a need for specialized treatments and surgeries. This has led to the establishment of specialized eye care clinics and hospitals offering a wide range of services, including advanced surgical procedures. These facilities attract patients from not only Bangladesh but also from neighboring countries, contributing to the growth of the Eye Care market in the country.

Local special circumstances: Bangladesh has a large population with a high prevalence of vision problems. Factors such as genetic predisposition, environmental conditions, and lifestyle habits contribute to the high incidence of vision-related issues. This creates a significant market opportunity for eye care products and services, as a large portion of the population requires vision correction or treatment for eye diseases.

Underlying macroeconomic factors: The overall economic growth in Bangladesh has contributed to the development of the Eye Care market. As the country's economy continues to expand, disposable incomes are increasing, allowing more people to afford eye care products and services. Additionally, the government has taken initiatives to improve access to healthcare services, including eye care, which has further fueled the growth of the market.In conclusion, the Eye Care market in Bangladesh is growing and evolving due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The increasing awareness of eye health and the demand for vision correction products and services are driving the market forward. With the rise of online shopping and the growing demand for specialized eye care, the market is expected to continue its upward trajectory in the coming years.

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.