Market Insights Health Pharmacies OTC Products

Eye Care (Pharmacies) - Bangladesh

Bangladesh

Revenue in the Eye Care market is projected to reach US$69.54m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 6.26%, resulting in a market volume of US$94.21m 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$0.40 are generated in 2024.

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

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Analyst Opinion

The Eye Care (Pharmacies) market in Bangladesh is experiencing significant growth due to increasing customer preferences for convenient and accessible eye care solutions.

Customer preferences: Customers in Bangladesh are increasingly seeking convenient and accessible eye care solutions. With the busy lifestyles and limited time available, people are looking for quick and efficient ways to address their eye care needs. This has led to a growing demand for eye care products and services that can be easily accessed through pharmacies.

Trends in the market: One of the key trends in the Eye Care (Pharmacies) market in Bangladesh is the availability of a wide range of eye care products in pharmacies. Pharmacies are now stocking a variety of eye drops, contact lens solutions, and other eye care products to cater to the diverse needs of customers. This trend is driven by the increasing awareness about the importance of eye health and the growing demand for preventive eye care solutions. Another trend in the market is the rising popularity of online pharmacies. Customers are increasingly turning to online platforms to purchase their eye care products due to the convenience and ease of access they offer. Online pharmacies provide a wide range of eye care products, along with the option of home delivery, making it a preferred choice for many customers.

Local special circumstances: Bangladesh has a large population with a significant number of people suffering from eye-related problems. Factors such as pollution, lack of proper eye care facilities in remote areas, and inadequate awareness about eye health contribute to the high prevalence of eye diseases in the country. As a result, there is a growing need for accessible and affordable eye care solutions, which pharmacies are able to provide.

Underlying macroeconomic factors: The Eye Care (Pharmacies) market in Bangladesh is also influenced by macroeconomic factors such as the country's economic growth and increasing disposable income. As the economy continues to grow, more people have the financial means to invest in their health, including eye care. This has contributed to the increasing demand for eye care products and services in the country. In conclusion, the Eye Care (Pharmacies) market in Bangladesh is growing due to customer preferences for convenient and accessible eye care solutions. The availability of a wide range of eye care products in pharmacies, the rising popularity of online pharmacies, the local special circumstances of high prevalence of eye diseases, and the underlying macroeconomic factors of economic growth and increasing disposable income are all contributing 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.