Eye Care - Sri Lanka

Sri Lanka

Highlights

In 2024, the Eye Care market market in Sri Lanka is projected to generate a revenue of US$6.09m.
Over the period of 2024-2029, the market is expected to grow at an annual rate of 0.43%, according to the compound annual growth rate (CAGR).
When compared to other countries worldwide, the United States takes the lead in terms of revenue generation, with a projected revenue of US$1.26bn in 2024.
To put the revenue figures into perspective, in 2024, the per person revenue in Sri Lanka's Eye Care market market is estimated to be US$0.28.
The Eye Care market in Sri Lanka is witnessing a growing demand for innovative OTC pharmaceutical products.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Eye Care market in Sri Lanka is experiencing significant growth and development, driven by various factors such as changing customer preferences, emerging trends, and local special circumstances. Customer preferences in the Eye Care market are shifting towards a greater emphasis on preventive and corrective measures. Consumers are becoming more aware of the importance of maintaining good eye health and are seeking products and services that can help them achieve this goal. This includes a growing demand for eyeglasses, contact lenses, and other vision correction solutions. Additionally, there is an increasing interest in natural and organic eye care products, as well as a preference for products that offer convenience and ease of use.Trends in the market reflect the global shift towards digitalization and technology-driven solutions. Sri Lanka is no exception, with a rising demand for digital devices and an increasing reliance on screens for work, education, and entertainment. This has led to a surge in cases of digital eye strain and other vision-related issues, creating a need for specialized eye care products and services. Additionally, there is a growing interest in advanced eye care treatments such as laser eye surgery and other surgical interventions.Local special circumstances also play a role in shaping the Eye Care market in Sri Lanka. The country has a rapidly aging population, which is driving the demand for age-related eye care services such as cataract surgery and treatment for age-related macular degeneration. Furthermore, Sri Lanka has a high prevalence of certain eye conditions, such as myopia and diabetic retinopathy, which require specialized care and treatment.Underlying macroeconomic factors contribute to the development of the Eye Care market in Sri Lanka. The country's growing middle class and increasing disposable income levels have led to a rise in consumer spending on healthcare, including eye care. Additionally, the government's focus on improving healthcare infrastructure and expanding access to quality healthcare services has created opportunities for the Eye Care market to grow and thrive.In conclusion, the Eye Care market in Sri Lanka is experiencing significant growth and development, driven by changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. As consumers become more aware of the importance of good eye health and seek preventive and corrective measures, the market is witnessing a shift towards digitalization, technology-driven solutions, and advanced treatments. The country's aging population, high prevalence of certain eye conditions, and government initiatives to improve healthcare infrastructure further contribute to the market's growth.

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.