Market Insights Health Pharmacies OTC Products

Eye Care (Pharmacies) - Burkina Faso

Burkina Faso

Revenue in the Eye Care market is projected to reach US$0.40m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 2.38%, resulting in a market volume of US$0.45m 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

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Analyst Opinion

The Eye Care (Pharmacies) market in Burkina Faso is experiencing significant growth and development.

Customer preferences: Customers in Burkina Faso are increasingly prioritizing eye care and recognizing the importance of maintaining good vision. This is evident in the growing demand for eye care products and services, including prescription glasses, contact lenses, and eye drops. Customers are also seeking out specialized eye care professionals to address their specific vision needs.

Trends in the market: One of the key trends in the Eye Care (Pharmacies) market in Burkina Faso is the increasing availability and accessibility of eye care products and services. Pharmacies are expanding their range of eye care products, offering a wider selection to cater to the diverse needs of customers. Additionally, there is a growing number of optometrists and ophthalmologists in the country, providing specialized eye care services such as eye exams and vision correction procedures. This trend is driven by the rising awareness of the importance of regular eye check-ups and the increasing prevalence of vision problems in the population.

Local special circumstances: Burkina Faso has a high prevalence of vision problems, including refractive errors and cataracts. This is partly due to factors such as limited access to healthcare services, poor nutrition, and a lack of awareness about the importance of eye care. As a result, there is a significant unmet need for eye care services in the country. The government and non-profit organizations are working towards improving access to eye care services, particularly in rural areas where the need is greatest. This includes initiatives to train more eye care professionals and provide affordable eye care services to underserved populations.

Underlying macroeconomic factors: The growth of the Eye Care (Pharmacies) market in Burkina Faso is also influenced by underlying macroeconomic factors. The country has been experiencing steady economic growth, which has led to an increase in disposable income and improved living standards. As a result, people are more willing and able to spend on healthcare, including eye care. Additionally, the government has been investing in healthcare infrastructure and implementing policies to promote universal healthcare coverage, which includes eye care services. These factors contribute to the overall development and expansion of the Eye Care (Pharmacies) market in Burkina Faso.

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.