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Eye Care (Pharmacies) - Central Africa

Central Africa

Revenue in the Eye Care market is projected to reach US$3.23m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.56%, resulting in a market volume of US$3.49m 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$0.03 are generated in 2024.

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

Market

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Analyst Opinion

The Eye Care (Pharmacies) market in Central Africa is experiencing significant growth and development due to several factors.

Customer preferences: Customers in Central Africa are increasingly prioritizing their eye health and seeking out products and services that can help them maintain good vision. This is driven by a growing awareness of the importance of eye care and the impact that vision problems can have on daily life. As a result, there is a rising demand for eye care products and services in the region.

Trends in the market: One of the key trends in the Eye Care (Pharmacies) market in Central Africa is the increasing availability and accessibility of eye care products and services. Pharmacies are expanding their offerings to include a wide range of eye care products, including contact lenses, prescription glasses, and over-the-counter eye drops. This trend is driven by the growing demand for these products and the desire of pharmacies to meet the needs of their customers. Another trend in the market is the growing popularity of online shopping for eye care products. Customers in Central Africa are increasingly turning to online retailers to purchase their eye care products due to the convenience and wide selection available. This trend is also driven by the increasing penetration of smartphones and internet access in the region, which has made online shopping more accessible to a larger population.

Local special circumstances: Central Africa is home to a diverse population with varying levels of access to healthcare services. In some areas, access to eye care specialists may be limited, making pharmacies an important source of eye care products and services. Pharmacies play a crucial role in providing access to affordable eye care products and basic eye health services, such as vision screenings.

Underlying macroeconomic factors: The Eye Care (Pharmacies) market in Central Africa is also influenced by macroeconomic factors, such as population growth and increasing disposable income. As the population in the region continues to grow, there is a larger customer base for eye care products and services. Additionally, as disposable income levels rise, more individuals are able to afford eye care products and services, driving demand in the market. In conclusion, the Eye Care (Pharmacies) market in Central Africa is experiencing growth and development due to increasing customer preferences for eye care, expanding product offerings in pharmacies, the popularity of online shopping, the need for access to eye care in areas with limited healthcare services, and underlying macroeconomic factors such as population growth and increasing disposable income.

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.