Eye Care (Pharmacies) - Ghana

Ghana

Highlights

Revenue in the Eye Care market is projected to reach US$606.20k in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 3.21%, resulting in a market volume of US$709.80k 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$0.02 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Eye Care (Pharmacies) market in Ghana has been experiencing significant growth in recent years. Customer preferences have shifted towards a greater emphasis on eye health, leading to increased demand for eye care products and services. Additionally, local special circumstances and underlying macroeconomic factors have contributed to the development of this market. Customer preferences in the Eye Care (Pharmacies) market in Ghana have been influenced by a growing awareness of the importance of eye health. Ghanaians are becoming more proactive in taking care of their eyes, seeking out products and services that can help maintain good vision. This trend is also reflected in the increasing demand for prescription eyewear, contact lenses, and other vision correction solutions. Furthermore, customers are showing a preference for pharmacies that offer a wide range of eye care products, including over-the-counter medications, vitamins, and supplements. Trends in the market indicate a strong growth trajectory for the Eye Care (Pharmacies) market in Ghana. The rising prevalence of eye conditions such as myopia, presbyopia, and cataracts has contributed to the increased demand for eye care products and services. Additionally, the aging population in Ghana has led to a greater need for vision correction solutions, as age-related eye conditions become more common. This has created opportunities for pharmacies to expand their offerings and cater to the specific needs of older customers. Local special circumstances in Ghana have also played a role in the development of the Eye Care (Pharmacies) market. The limited availability of specialized eye care clinics and hospitals in certain areas has led to an increased reliance on pharmacies for basic eye care services. Pharmacies have stepped in to fill this gap, offering services such as eye exams, prescription eyewear fittings, and consultations with optometrists. This has made eye care more accessible to a larger segment of the population, driving the growth of the market. Underlying macroeconomic factors have further contributed to the development of the Eye Care (Pharmacies) market in Ghana. The country's growing economy has resulted in an increase in disposable income, enabling more people to afford eye care products and services. Additionally, the expansion of the middle class has created a larger consumer base for the market. Furthermore, government initiatives to improve healthcare infrastructure and increase access to healthcare services have also had a positive impact on the Eye Care (Pharmacies) market in Ghana. In conclusion, the Eye Care (Pharmacies) market in Ghana is experiencing significant growth due to shifting customer preferences towards greater emphasis on eye health, local special circumstances that have increased the reliance on pharmacies for basic eye care services, and underlying macroeconomic factors such as a growing economy and government initiatives to improve healthcare infrastructure. This market is expected to continue its upward trajectory as the demand for eye care products and services continues to rise.

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.