Market Insights Health Pharmacies OTC Products

Eye Care (Pharmacies) - Gabon

Gabon

Revenue in the Eye Care market is projected to reach US$1.18m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.96%, resulting in a market volume of US$1.30m 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$0.47 are generated in 2024.

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

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Analyst Opinion

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

Customer preferences: Customers in Gabon are increasingly becoming aware of the importance of eye care and are seeking out products and services to maintain and improve their eye health. They are looking for a wide range of eye care products, including contact lenses, prescription glasses, and over-the-counter eye drops. Additionally, customers are increasingly seeking out professional eye care services, such as eye exams and consultations with optometrists.

Trends in the market: One of the key trends in the Eye Care (Pharmacies) market in Gabon is the increasing demand for contact lenses. Contact lenses offer convenience and flexibility compared to traditional eyeglasses, and they are becoming more popular among customers of all ages. This trend is driven by factors such as changing fashion trends and lifestyle preferences, as well as advancements in contact lens technology. Another trend in the market is the growing popularity of online purchasing of eye care products. Customers in Gabon are increasingly turning to online platforms to purchase their eye care products, as it offers convenience and a wider range of options. Online retailers are capitalizing on this trend by offering competitive prices, fast delivery, and a seamless shopping experience.

Local special circumstances: Gabon has a relatively small population compared to other countries, which presents both challenges and opportunities for the Eye Care (Pharmacies) market. On one hand, the smaller population means that the market size is limited. However, it also means that there is less competition in the market, allowing pharmacies and retailers to establish a strong presence and build customer loyalty.

Underlying macroeconomic factors: The Eye Care (Pharmacies) market in Gabon is influenced by various macroeconomic factors. One of the key factors is the country's economic growth. As the economy grows, consumers have more disposable income to spend on eye care products and services. Additionally, the government's focus on healthcare and wellness initiatives also contributes to the growth of the market. Overall, the Eye Care (Pharmacies) market in Gabon is developing due to increasing customer awareness and demand for eye care products, as well as the adoption of new technologies and online purchasing. The market is also influenced by the country's unique demographics and macroeconomic factors. As the market continues to grow, there will be opportunities for pharmacies and retailers to cater to the evolving needs and preferences of customers in Gabon.

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.