Market Insights Health Pharmacies OTC Products

Eye Care (Pharmacies) - El Salvador

El Salvador

Revenue in the Eye Care market is projected to reach US$1.62m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 2.47%, resulting in a market volume of US$1.83m 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$0.25 are generated in 2024.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The Eye Care (Pharmacies) market in El Salvador has been experiencing steady growth in recent years.

Customer preferences: Customers in El Salvador have shown a growing interest in eye care products and services. This can be attributed to several factors, including an aging population and increasing awareness about the importance of maintaining good eye health. Additionally, the rising prevalence of conditions such as myopia and cataracts has also contributed to the increased demand for eye care products and services.

Trends in the market: One of the key trends in the Eye Care (Pharmacies) market in El Salvador is the growing popularity of online purchasing. Many customers now prefer to buy their eye care products online, as it offers convenience and a wider range of options. This trend has been further accelerated by the COVID-19 pandemic, as people have been encouraged to stay at home and avoid crowded places. As a result, online retailers and pharmacies have seen a significant increase in sales of eye care products. Another trend in the market is the growing demand for natural and organic eye care products. Customers are becoming more conscious about the ingredients used in the products they use, and are opting for products that are free from harmful chemicals and preservatives. This trend is in line with the global shift towards natural and organic products, and is expected to continue driving the growth of the eye care market in El Salvador.

Local special circumstances: El Salvador has a relatively small population compared to other countries in the region, which means that the market size for eye care products and services is limited. However, the country has a growing middle class population with increasing disposable income, which has contributed to the growth of the market. Additionally, the government has implemented policies to improve access to healthcare services, including eye care, which has also had a positive impact on the market.

Underlying macroeconomic factors: The Eye Care (Pharmacies) market in El Salvador is influenced by several macroeconomic factors. The country has experienced stable economic growth in recent years, which has led to an increase in consumer spending. This has translated into higher demand for eye care products and services. Additionally, the government has implemented policies to attract foreign investment and promote economic development, which has helped to create a favorable business environment for the eye care industry. In conclusion, the Eye Care (Pharmacies) market in El Salvador is experiencing steady growth, driven by increasing customer preferences for eye care products and services. The growing popularity of online purchasing and the demand for natural and organic products are key trends in the market. The country's small population size and government policies to improve access to healthcare services are local special circumstances that influence the market. Stable economic growth and government initiatives to attract foreign investment are underlying macroeconomic factors that contribute 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.