Eye Care (Pharmacies) - GCC

GCC

Highlights

Revenue in the Eye Care market is projected to reach US$26.06m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.88%, resulting in a market volume of US$28.60m by 2029.
In global comparison, most revenue will be generated Japan (US$904.40m in 2024).
In relation to total population figures, per person revenues of US$0.43 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Eye Care (Pharmacies) market in GCC is experiencing steady growth and development due to increasing customer preferences for convenient and accessible eye care products and services.

Customer preferences: Customers in the GCC region are increasingly prioritizing their eye health and seeking out products and services that can help them maintain good vision. This includes a growing demand for prescription eyewear, contact lenses, and over-the-counter eye care products such as eye drops and lubricants. Additionally, customers are also looking for convenient and accessible options for eye care, such as online ordering and home delivery services.

Trends in the market: One of the key trends in the Eye Care (Pharmacies) market in GCC is the increasing popularity of online platforms for purchasing eye care products. Customers are finding it more convenient to browse and order products online, and this trend is expected to continue as e-commerce continues to grow in the region. Pharmacies are adapting to this trend by expanding their online presence and offering a wider range of eye care products through their websites and mobile applications. Another trend in the market is the rising demand for specialized eye care services. Customers are seeking out optometrists and ophthalmologists for comprehensive eye exams and specialized treatments. This trend is driving the growth of eye care clinics and specialized eye care centers in the GCC region. Pharmacies are partnering with these clinics to offer a wider range of eye care services to their customers.

Local special circumstances: The GCC region has a high prevalence of eye conditions such as cataracts, glaucoma, and refractive errors. This has led to a greater awareness and focus on eye health among customers. Additionally, the hot and dry climate in the region can contribute to dry eye syndrome, further driving the demand for eye care products and services.

Underlying macroeconomic factors: The Eye Care (Pharmacies) market in GCC is also influenced by underlying macroeconomic factors. The region has a growing population, including a large expatriate community, which is contributing to the increasing demand for eye care products and services. Additionally, rising disposable incomes and improved healthcare infrastructure in the GCC countries are enabling customers to spend more on eye care. In conclusion, the Eye Care (Pharmacies) market in GCC is developing due to increasing customer preferences for convenient and accessible eye care products and services. The market is witnessing trends such as the popularity of online platforms for purchasing eye care products and the rising demand for specialized eye care services. The high prevalence of eye conditions in the region and the underlying macroeconomic factors of a growing population and rising disposable incomes are also contributing to the growth of the market.

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.