Eye Care - Ghana | Statista Market Forecast

Eye Care - Ghana

Ghana

Highlights

In Ghana, the revenue generated in the Eye Care market market is estimated to be US$644.70k in 2024.
It is projected that the market will experience an annual growth rate of 3.25% (CAGR 2024-2029).
When compared to other countries around Worldwide, the United States leads the way with a revenue of US$1.26bn in 2024.
Looking at the per capita figures, in 2024, each person in Ghana contributes US$0.02 in revenue to the Eye Care market market.
Ghana's eye care market is experiencing a surge in demand for affordable over-the-counter pharmaceutical products.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

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

Customer preferences: Ghanaians are becoming increasingly aware of the importance of eye care and are seeking out professional services to address their vision needs. This is driven by a number of factors, including the aging population, increased exposure to digital devices, and a growing middle class with higher disposable income. 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 Ghana is the rise of optical retail chains. These chains offer a wide range of eyewear options, including both prescription and non-prescription glasses, at affordable prices. This trend is driven by the increasing competition in the market, as well as the convenience and accessibility that these retail chains provide to customers.Another trend in the market is the growing popularity of online eyewear retailers. These retailers offer a wide selection of eyewear options and provide the convenience of shopping from home. This trend is particularly appealing to younger consumers who are comfortable with online shopping and are looking for affordable and trendy eyewear options.

Local special circumstances: One of the unique challenges in the Eye Care market in Ghana is the lack of access to eye care services in rural areas. While there are eye care facilities in major cities, many rural communities do not have access to these services. This has created an opportunity for mobile eye care clinics and outreach programs to reach underserved populations and provide them with much-needed eye care services.

Underlying macroeconomic factors: The growing Eye Care market in Ghana can be attributed to several underlying macroeconomic factors. Firstly, the country's economic growth has resulted in an increase in disposable income, allowing more people to afford eye care services and products. Additionally, Ghana's population is growing, particularly in the urban areas, which has led to an increased demand for eye care services.Furthermore, the government's efforts to improve healthcare infrastructure and increase access to healthcare services have also contributed to the growth of the Eye Care market. These efforts include the establishment of eye care centers and the implementation of national eye care programs.In conclusion, the Eye Care market in Ghana is experiencing significant growth due to increasing customer awareness and demand for eye care services. The rise of optical retail chains and online eyewear retailers is reshaping the market, providing customers with more options and convenience. However, the lack of access to eye care services in rural areas remains a challenge, which is being addressed through mobile clinics and outreach programs. The underlying macroeconomic factors, such as economic growth and government initiatives, are driving the growth of the market and ensuring that more Ghanaians have access to quality eye care services.

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.