Eye Care (Pharmacies) - Africa

Africa

Highlights

Revenue in the Eye Care market is projected to reach US$94.20m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 4.32%, resulting in a market volume of US$116.40m by 2029.
In global comparison, most revenue will be generated Japan (US$904.40m in 2024).
In relation to total population figures, per person revenues of US$0.07 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Eye Care (Pharmacies) market in Africa has been experiencing significant growth in recent years, driven by a combination of customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Eye Care (Pharmacies) market in Africa have shifted towards a greater emphasis on preventive care and overall wellness. Consumers are becoming more proactive in taking care of their eye health, leading to an increased demand for products and services offered by pharmacies. Additionally, there is a growing awareness of the importance of regular eye check-ups and the need for prescription eyewear, further driving the market growth. Trends in the market include the expansion of pharmacy chains and the increasing availability of eye care products and services. Pharmacy chains are expanding their presence in Africa, particularly in urban areas, to cater to the growing demand for healthcare services. This expansion has led to a wider range of eye care products and services being offered in pharmacies, including prescription eyewear, contact lenses, and over-the-counter eye drops. Furthermore, pharmacies are increasingly partnering with optometrists and ophthalmologists to provide comprehensive eye care services, such as eye exams and vision screenings. Local special circumstances also play a role in the development of the Eye Care (Pharmacies) market in Africa. Limited access to healthcare facilities, particularly in rural areas, has led to an increased reliance on pharmacies for basic healthcare needs, including eye care. Pharmacies are often the most accessible healthcare providers in these areas, making them a convenient and affordable option for individuals seeking eye care services. Additionally, the prevalence of certain eye conditions, such as cataracts and refractive errors, in Africa has contributed to the growth of the market. Underlying macroeconomic factors, such as population growth, urbanization, and rising disposable incomes, have further fueled the development of the Eye Care (Pharmacies) market in Africa. The continent's population is rapidly growing, leading to an increased demand for healthcare services, including eye care. Urbanization is also on the rise, with more people moving to cities where pharmacies are more readily available. Furthermore, rising disposable incomes have allowed individuals to allocate more of their budget towards healthcare, including eye care. In conclusion, the Eye Care (Pharmacies) market in Africa is developing due to customer preferences for preventive care and wellness, market trends such as the expansion of pharmacy chains and the increasing availability of eye care products and services, local special circumstances including limited access to healthcare facilities and the prevalence of certain eye conditions, and underlying macroeconomic factors such as population growth, urbanization, and rising disposable incomes.

Data coverage:

The data encompasses B2C enterprises. Figures are based on offline and online spending by consumers, including VAT. Not included are B2B and B2G sales, or other pharmaceutical sales through hospitals or retail stores such as supermarkets.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market market. As a basis for evaluating markets, we use industry associations, third-party studies and reports and survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per country, consumer healthcare spending, GDP and internet penetration. 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 relevant market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. For forecasting digital trends such as the online-pharmacy sales share we use exponential trend smoothing and the s-curve method. The main drivers are healthcare expenditure per country and consumer healthcare spending.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. GCS data is reweighted for representativeness.