Eye Care - Nigeria

Nigeria

Highlights

In Nigeria, the Eye Care market market recorded a revenue of US$4.68m in 2024.
Looking ahead, the market is projected to experience an annual growth rate of 6.87% (CAGR 2024-2029).
When compared to other countries worldwide, the United States leads the pack with a revenue of US$1.26bn in 2024.
In terms of per capita figures, each individual in Nigeria generated a revenue of US$0.02 in 2024.
Nigeria is experiencing a growing demand for affordable and accessible OTC eye care products, driving market expansion.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Eye Care market in Nigeria is witnessing significant growth and development in recent years.

Customer preferences: Customers in Nigeria are becoming more conscious about their eye health and are seeking professional eye care services. With the increasing prevalence of eye-related problems such as myopia, astigmatism, and cataracts, there is a growing demand for vision correction solutions. Additionally, the rising awareness about the importance of regular eye check-ups and the availability of advanced diagnostic and treatment options are driving customers to opt for eye care services.

Trends in the market: One of the key trends in the Eye Care market in Nigeria is the increasing adoption of contact lenses. Contact lenses offer convenience and flexibility compared to traditional eyeglasses, especially for individuals with active lifestyles. Moreover, technological advancements have led to the development of more comfortable and breathable contact lens materials, further boosting their popularity among customers.Another trend in the market is the growing demand for specialized eye care services. As the population ages, the prevalence of age-related eye conditions such as glaucoma and macular degeneration is increasing. This has created a need for specialized treatments and surgeries to address these conditions. Ophthalmologists and eye care clinics are expanding their services to cater to these specific needs, providing a wide range of treatments and surgeries to improve vision and eye health.

Local special circumstances: Nigeria has a large population, and the majority of the population resides in urban areas. This concentration of population in urban areas has led to the establishment of numerous eye care clinics and optical shops, making eye care services easily accessible to the population. Additionally, the government has taken initiatives to improve access to eye care services in rural areas through mobile eye care units and outreach programs.

Underlying macroeconomic factors: The Nigerian economy has been experiencing steady economic growth in recent years, leading to an increase in disposable income among the population. This rise in income levels has enabled more individuals to afford eye care services and products. Furthermore, the increasing urbanization and changing lifestyle patterns have contributed to the growth of the Eye Care market in Nigeria.In conclusion, the Eye Care market in Nigeria is witnessing growth and development due to increasing customer preferences for professional eye care services, the adoption of contact lenses, and the demand for specialized eye care treatments. The local special circumstances, such as the concentration of population in urban areas and government initiatives to improve access to eye care services in rural areas, further contribute to the market's growth. The underlying macroeconomic factors, including steady economic growth and rising disposable income, also play a significant role in driving the development of the Eye Care market in Nigeria.

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.