Eye Care (Pharmacies) - Guatemala

Guatemala

Highlights

Revenue in the Eye Care market is projected to reach US$5.78m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 3.58%, resulting in a market volume of US$6.89m 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$0.31 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Eye Care (Pharmacies) market in Guatemala has been experiencing steady growth in recent years, driven by customer preferences for convenient and accessible eye care services.

Customer preferences: Customers in Guatemala are increasingly seeking out eye care services at pharmacies due to their convenience and accessibility. Pharmacies are often located in close proximity to residential areas, making it easier for customers to access eye care services without having to travel long distances. Additionally, pharmacies in Guatemala typically have extended operating hours, allowing customers to receive eye care services outside of traditional clinic hours. This convenience factor has contributed to the growing popularity of pharmacies as a preferred choice for eye care services in Guatemala.

Trends in the market: One of the key trends in the Eye Care (Pharmacies) market in Guatemala is the increasing demand for over-the-counter (OTC) eye care products. Customers are increasingly purchasing OTC eye drops, contact lens solutions, and other eye care products from pharmacies without the need for a prescription. This trend is driven by the convenience and affordability of OTC products, as well as the growing awareness among customers about the importance of maintaining good eye health. Pharmacies in Guatemala have responded to this trend by expanding their range of OTC eye care products and providing educational materials to customers to help them make informed choices. Another trend in the market is the growing adoption of telemedicine for eye care services. Telemedicine allows customers to consult with eye care professionals remotely, eliminating the need for in-person visits to clinics or pharmacies. This trend has gained traction in Guatemala due to the limited availability of eye care specialists in certain regions, making it difficult for customers to access timely eye care services. Pharmacies in Guatemala have started offering telemedicine services, allowing customers to receive virtual consultations and prescriptions for eye care products.

Local special circumstances: One of the special circumstances in the Eye Care (Pharmacies) market in Guatemala is the high prevalence of eye conditions such as cataracts and refractive errors. These conditions require regular monitoring and treatment, creating a constant demand for eye care services. Pharmacies in Guatemala have recognized this demand and have expanded their eye care offerings to cater to the specific needs of customers. They have invested in training their staff to provide basic eye examinations and advice on managing common eye conditions, thereby enhancing their role as a primary source of eye care services in the country.

Underlying macroeconomic factors: The growing Eye Care (Pharmacies) market in Guatemala can also be attributed to the country's improving economic conditions. As the economy continues to grow, more people have disposable income to spend on healthcare, including eye care services. This increased spending power has contributed to the rising demand for eye care services at pharmacies. Additionally, the government of Guatemala has implemented policies to improve access to healthcare services, including eye care. These policies have created a favorable environment for the growth of the Eye Care (Pharmacies) market in the country. In conclusion, the Eye Care (Pharmacies) market in Guatemala is developing due to customer preferences for convenient and accessible eye care services, the growing demand for OTC eye care products, the adoption of telemedicine, the high prevalence of eye conditions, and the country's improving economic conditions. Pharmacies in Guatemala have recognized these trends and special circumstances and have expanded their eye care offerings to meet the needs of customers.

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.