Eye Care (Pharmacies) - Guinea

Guinea

Highlights

Revenue in the Eye Care market is projected to reach US$383.70k in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 3.54%, resulting in a market volume of US$456.50k 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$0.03 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Eye Care (Pharmacies) market in Guinea is experiencing significant growth due to various factors such as increasing customer preferences for convenient and accessible eye care services, emerging trends in the market, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Customers in Guinea are increasingly seeking convenient and accessible eye care services. This is driven by the growing awareness about the importance of eye health and the need for regular check-ups. As a result, there is a rising demand for eye care products and services in pharmacies. Customers prefer to visit pharmacies for their eye care needs as they offer a wide range of products, including prescription glasses, contact lenses, and over-the-counter eye drops. Additionally, pharmacies often have trained staff who can provide advice and guidance on eye care.

Trends in the market: One of the key trends in the Eye Care (Pharmacies) market in Guinea is the increasing availability of affordable and high-quality eye care products. This is due to the entry of international eyewear brands and manufacturers, which has led to increased competition and price transparency. As a result, customers have access to a wider range of products at competitive prices. Moreover, there is a growing trend towards online shopping for eye care products, with many pharmacies in Guinea now offering online platforms for customers to purchase products conveniently.

Local special circumstances: Guinea has a high prevalence of eye-related diseases and conditions, such as cataracts and refractive errors. This has created a significant demand for eye care services and products in the country. Additionally, the lack of specialized eye care clinics and hospitals in remote areas has led to an increased reliance on pharmacies for basic eye care needs. Pharmacies are often the primary point of contact for customers seeking eye care services, making them an important player in the market.

Underlying macroeconomic factors: The Eye Care (Pharmacies) market in Guinea is also influenced by underlying macroeconomic factors. The country has been experiencing steady economic growth in recent years, which has resulted in an increase in disposable income and purchasing power. As a result, customers are more willing to spend on eye care products and services. Furthermore, the government of Guinea has been actively promoting healthcare initiatives, including eye care programs, which has further contributed to the growth of the market. In conclusion, the Eye Care (Pharmacies) market in Guinea is developing rapidly due to increasing customer preferences for convenient and accessible eye care services, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. The market is expected to continue growing as customers become more aware of the importance of eye health and seek out reliable and affordable eye care solutions.

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.