Market Insights Health Pharmacies OTC Products

Eye Care (Pharmacies) - Lebanon

Lebanon

Revenue in the Eye Care market is projected to reach US$1.23m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 4.60%, resulting in a market volume of US$1.54m 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$0.24 are generated in 2024.

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

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Analyst Opinion

The Eye Care (Pharmacies) market in Lebanon has been experiencing significant growth in recent years.

Customer preferences: Customers in the Eye Care (Pharmacies) market in Lebanon have shown a strong preference for high-quality eye care products and services. They are increasingly seeking out products that not only address their vision needs but also provide additional benefits such as UV protection and blue light filtering. Additionally, customers are becoming more conscious of the ingredients used in eye care products and are opting for natural and organic options. Convenience is also a key factor for customers, with many preferring to purchase eye care products from pharmacies due to their accessibility and extended operating hours.

Trends in the market: One of the key trends in the Eye Care (Pharmacies) market in Lebanon is the increasing demand for contact lenses. This can be attributed to several factors, including the growing awareness about the convenience and cosmetic benefits of contact lenses. Additionally, advancements in technology have led to the development of more comfortable and breathable contact lenses, further driving their popularity. Another trend in the market is the rising demand for specialized eye care products, such as those targeting specific eye conditions like dry eyes or allergies. Customers are seeking out products that provide targeted solutions for their individual needs.

Local special circumstances: Lebanon has a high prevalence of vision problems, with a significant portion of the population requiring some form of vision correction. This has created a large customer base for the Eye Care (Pharmacies) market in the country. Additionally, Lebanon has a strong healthcare system with a focus on preventive care, which has contributed to the growing demand for eye care products and services. The country also has a well-established network of pharmacies, making it convenient for customers to access eye care products.

Underlying macroeconomic factors: Lebanon has a relatively stable economy, with a growing middle class and increasing disposable incomes. This has led to higher spending power among consumers, allowing them to allocate more funds towards eye care products and services. Additionally, the country has a large young population, which is more likely to prioritize eye health and invest in eye care products. The government has also implemented policies to promote eye health, such as providing subsidies for vision correction procedures, further driving the growth of the Eye Care (Pharmacies) market in Lebanon.

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.