Market Insights Health Pharmacies OTC Products

Eye Care (Pharmacies) - Bhutan

Bhutan

Revenue in the Eye Care market is projected to reach US$239.90k in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 2.75%, resulting in a market volume of US$274.80k 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$0.30 are generated in 2024.

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

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Analyst Opinion

The Eye Care (Pharmacies) market in Bhutan has been experiencing steady growth in recent years, driven by changing customer preferences and local special circumstances. Customer preferences in the Eye Care (Pharmacies) market in Bhutan have shifted towards a greater emphasis on preventative eye care and a growing awareness of the importance of maintaining good eye health. This has led to an increased demand for eye care products and services, including prescription eyewear, contact lenses, and eye examinations. Additionally, customers are seeking convenience and accessibility when it comes to purchasing eye care products, leading to a rise in the number of pharmacies offering a wide range of eye care products. Trends in the market indicate a growing focus on the availability of affordable and high-quality eye care products. With an increasing number of people seeking eye care services, pharmacies have responded by expanding their product offerings and investing in advanced technology to provide accurate eye examinations and personalized recommendations. Moreover, there has been a rise in the popularity of online purchasing of eye care products, with customers enjoying the convenience of shopping from the comfort of their own homes. Local special circumstances in Bhutan have also contributed to the growth of the Eye Care (Pharmacies) market. Bhutan is known for its unique cultural practices, including the traditional use of herbal remedies for various health issues, including eye care. This has created a niche market for pharmacies that specialize in traditional eye care products, catering to customers who prefer natural and holistic approaches to eye health. Underlying macroeconomic factors, such as the growth of the middle class and increasing disposable incomes, have also played a role in the development of the Eye Care (Pharmacies) market in Bhutan. As more people have access to healthcare and disposable incomes, they are able to prioritize eye care and invest in quality products and services. Additionally, government initiatives to improve healthcare infrastructure and promote eye health awareness have further fueled the growth of the market. In conclusion, the Eye Care (Pharmacies) market in Bhutan is experiencing growth due to changing customer preferences, local special circumstances, and underlying macroeconomic factors. The market is driven by a focus on preventative eye care, convenience, and accessibility, as well as the availability of affordable and high-quality eye care products. As the market continues to evolve, pharmacies in Bhutan are well-positioned to meet the growing demand for eye care products and services.

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.