Eye Care (Pharmacies) - Lesotho

Lesotho

Highlights

Revenue in the Eye Care market is projected to reach US$5.50k in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 3.83%, resulting in a market volume of US$6.64k 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$0.00 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Eye Care (Pharmacies) market in Lesotho has been experiencing steady growth in recent years. Customer preferences have shifted towards a greater emphasis on eye health and the availability of eye care products and services. This trend can be attributed to several factors, including an aging population, increased awareness of the importance of eye health, and advancements in technology.

Customer preferences: In Lesotho, customers are increasingly prioritizing their eye health and seeking out products and services that can help them maintain good vision. This is driven by a growing aging population, as older individuals are more likely to experience vision problems and require regular eye care. Additionally, there has been a rise in awareness campaigns and educational initiatives that highlight the importance of regular eye exams and the early detection of eye conditions. As a result, customers are seeking out pharmacies that offer a wide range of eye care products, including prescription glasses, contact lenses, and over-the-counter eye drops.

Trends in the market: One of the key trends in the Eye Care (Pharmacies) market in Lesotho is the increasing demand for prescription glasses. As the population ages, the prevalence of vision problems such as presbyopia and cataracts is expected to rise. This has led to a greater need for prescription glasses to correct these issues. In addition, there has been a shift towards more fashionable and trendy eyewear, with customers seeking out frames that not only improve their vision but also reflect their personal style. Another trend in the market is the growing popularity of contact lenses. Contact lenses offer a convenient and comfortable alternative to traditional glasses, especially for individuals with active lifestyles or those who prefer a more natural look. Advances in contact lens technology have also made them more comfortable and easier to wear, further driving their popularity in the market.

Local special circumstances: Lesotho is a landlocked country with a relatively small population, which presents unique challenges and opportunities for the Eye Care (Pharmacies) market. While the market size may be smaller compared to larger countries, there is still a significant demand for eye care products and services. The limited number of eye care providers in the country creates an opportunity for pharmacies to fill this gap and offer accessible and affordable eye care solutions to the population.

Underlying macroeconomic factors: The Eye Care (Pharmacies) market in Lesotho is influenced by several macroeconomic factors. Economic growth and rising disposable incomes have contributed to increased spending on healthcare, including eye care. Additionally, advancements in technology have made eye care more accessible and affordable, allowing pharmacies to offer a wider range of products and services to customers. The government's commitment to improving healthcare infrastructure and services has also played a role in the development of the Eye Care (Pharmacies) market in Lesotho, creating a favorable environment for growth and innovation in the sector.

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.