Market Insights Health Pharmacies OTC Products

Eye Care (Pharmacies) - Colombia

Colombia

Revenue in the Eye Care market is projected to reach US$17.95m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 4.26%, resulting in a market volume of US$22.11m 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$0.34 are generated in 2024.

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

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Analyst Opinion

The Eye Care (Pharmacies) market in Colombia is experiencing steady growth and development due to several key factors. Customer preferences in the Eye Care (Pharmacies) market in Colombia are driven by a growing awareness of the importance of eye health and the increasing prevalence of eye-related conditions. Customers are seeking convenient and accessible solutions for their eye care needs, and pharmacies are well-positioned to meet these demands. Trends in the market include the expansion of eye care services offered by pharmacies, such as vision screenings and consultations with optometrists. This allows customers to receive comprehensive eye care in a convenient and familiar setting. Additionally, there is a growing demand for over-the-counter eye care products, such as contact lens solutions and eye drops, as customers seek to address common eye conditions on their own. Local special circumstances in Colombia contribute to the development of the Eye Care (Pharmacies) market. The country has a large population with a high prevalence of eye-related conditions, such as myopia and dry eye syndrome. This creates a significant market opportunity for pharmacies to provide accessible and affordable eye care solutions. Additionally, the Colombian government has implemented policies to promote the availability of eye care services in pharmacies, further driving market growth. Underlying macroeconomic factors also play a role in the development of the Eye Care (Pharmacies) market in Colombia. The country has experienced steady economic growth in recent years, leading to an increase in disposable income and consumer spending. This allows customers to prioritize their eye health and invest in products and services offered by pharmacies. Furthermore, the healthcare industry in Colombia is undergoing a transformation, with a focus on preventive care and primary healthcare services. This shift in healthcare priorities aligns with the growing demand for accessible and convenient eye care services provided by pharmacies. Overall, the Eye Care (Pharmacies) market in Colombia is developing due to customer preferences for convenient and accessible eye care solutions, trends in the expansion of services and products offered by pharmacies, local special circumstances such as a high prevalence of eye-related conditions, and underlying macroeconomic factors such as economic growth and evolving healthcare priorities.

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.