Market Insights Health Pharmacies OTC Products

Eye Care (Pharmacies) - Kyrgyzstan

Kyrgyzstan

Revenue in the Eye Care market is projected to reach US$1.72m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.90%, resulting in a market volume of US$1.89m 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$0.25 are generated in 2024.

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

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Analyst Opinion

The Eye Care (Pharmacies) market in Kyrgyzstan is experiencing significant growth and development, driven by several factors.

Customer preferences: Customers in Kyrgyzstan have shown a growing preference for eye care products and services in recent years. This can be attributed to the increasing awareness about the importance of eye health and the availability of a wide range of eye care products in pharmacies. Customers are becoming more proactive in taking care of their eyes and are seeking out products that can help them maintain good vision and prevent eye diseases.

Trends in the market: One of the key trends in the Eye Care (Pharmacies) market in Kyrgyzstan is the growing demand for contact lenses. Contact lenses offer convenience and comfort compared to traditional eyeglasses, and they are becoming increasingly popular among consumers. This trend is driven by factors such as changing fashion trends, lifestyle choices, and the desire for improved vision without the need for eyeglasses. As a result, pharmacies are expanding their range of contact lens products and services to meet the growing demand. Another trend in the market is the increasing availability of specialized eye care products in pharmacies. Customers are looking for products that address specific eye care needs, such as dry eyes, allergies, and age-related vision problems. Pharmacies are responding to this demand by stocking a wide range of eye drops, ointments, and supplements that cater to these specific needs. This trend is driven by the aging population in Kyrgyzstan and the increasing prevalence of eye-related health issues.

Local special circumstances: Kyrgyzstan is a developing country with a growing middle class. As the standard of living improves, people have more disposable income to spend on healthcare products and services, including eye care. This has contributed to the growth of the Eye Care (Pharmacies) market in the country. Additionally, the government of Kyrgyzstan has been actively promoting healthcare and wellness, which has further fueled the demand for eye care products and services.

Underlying macroeconomic factors: The Eye Care (Pharmacies) market in Kyrgyzstan is also influenced by broader macroeconomic factors. The country has experienced stable economic growth in recent years, which has led to an increase in consumer spending power. Additionally, the growing urbanization and modernization of the country have resulted in improved healthcare infrastructure, including pharmacies that offer a wide range of eye care products. These factors have created a conducive environment for the growth of the Eye Care (Pharmacies) market in Kyrgyzstan. In conclusion, the Eye Care (Pharmacies) market in Kyrgyzstan is witnessing significant growth and development, driven by customer preferences for eye care products and services, the growing demand for contact lenses, the availability of specialized eye care products in pharmacies, local special circumstances such as the improving standard of living and government support for healthcare, and underlying macroeconomic factors such as stable economic growth and improved healthcare infrastructure.

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.