Market Insights Health Pharmacies OTC Products

Eye Care (Pharmacies) - Algeria

Algeria

Revenue in the Eye Care market is projected to reach US$0.76m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 2.50%, resulting in a market volume of US$0.86m by 2029.
In global comparison, most revenue will be generated in Japan (US$904.40m in 2024).
In relation to total population figures, per person revenues of US$0.02 are generated in 2024.

Key regions: Canada, Europe, India, Australia, South Korea

Market

Region

Region comparison

Currency

Analyst Opinion

The Eye Care (Pharmacies) market in Algeria has been experiencing significant growth in recent years. Customer preferences have shifted towards a greater emphasis on eye health and wellness, leading to increased demand for eye care products and services. Additionally, local special circumstances and underlying macroeconomic factors have contributed to the development of the market.

Customer preferences: Customers in Algeria are becoming more aware of the importance of eye health and are seeking products and services that can help maintain and improve their vision. This shift in preferences can be attributed to several factors, including an aging population, increased screen time, and a growing awareness of the impact of environmental factors on eye health. As a result, there has been a growing demand for eye care products such as contact lenses, prescription glasses, and over-the-counter eye drops.

Trends in the market: One of the key trends in the Eye Care (Pharmacies) market in Algeria is the increasing popularity of online shopping for eye care products. Customers are increasingly turning to online platforms to purchase contact lenses, glasses, and other eye care products due to the convenience and competitive pricing offered by e-commerce platforms. This trend has been further accelerated by the COVID-19 pandemic, which has led to a greater reliance on online shopping. Another trend in the market is the growing demand for natural and organic eye care products. Customers are becoming more conscious of the ingredients used in eye care products and are seeking products that are free from harmful chemicals and preservatives. This trend aligns with the broader global shift towards natural and organic products and presents an opportunity for companies to differentiate themselves in the market.

Local special circumstances: Algeria has a relatively young population, with a significant portion of the population under the age of 30. This demographic trend has contributed to the growth of the Eye Care (Pharmacies) market, as younger consumers are more likely to prioritize their eye health and seek out eye care products and services. Additionally, the government has implemented initiatives to promote eye health awareness and provide access to affordable eye care services, further driving the growth of the market.

Underlying macroeconomic factors: Algeria has experienced steady economic growth in recent years, which has contributed to an increase in disposable income and consumer spending. As a result, consumers have more purchasing power to invest in eye care products and services. Additionally, the healthcare sector in Algeria has been expanding, with increased investment in healthcare infrastructure and the establishment of specialized eye care clinics. These factors have created a favorable environment for the growth of the Eye Care (Pharmacies) market in Algeria. In conclusion, the Eye Care (Pharmacies) market in Algeria is developing due to shifting customer preferences towards eye health and wellness, the growing popularity of online shopping, and the demand for natural and organic eye care products. Local special circumstances, such as a young population and government initiatives, along with underlying macroeconomic factors, including economic growth and investment in healthcare infrastructure, have also contributed to the development of the market.

Methodology

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.