Market Insights Health Pharmacies OTC Products

Eye Care (Pharmacies) - Myanmar

Myanmar

Revenue in the Eye Care market is projected to reach US$15.11m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 2.89%, resulting in a market volume of US$17.42m 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$0.27 are generated in 2024.

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

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Analyst Opinion

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

Customer preferences: Customers in Myanmar are becoming increasingly aware of the importance of eye care and are seeking out products and services that can help them maintain good eye health. With the rising prevalence of eye-related issues such as myopia and cataracts, there is a growing demand for eye care products and services in the country. Customers are also looking for convenient and accessible options, which has led to the popularity of eye care products in pharmacies.

Trends in the market: One of the key trends in the Eye Care (Pharmacies) market in Myanmar is the increasing availability of a wide range of eye care products in pharmacies. Pharmacies are expanding their product offerings to cater to the growing demand for eye care products. This includes a variety of eye drops, contact lens solutions, and eye care supplements. Pharmacies are also providing services such as eye examinations and consultations with optometrists, making it easier for customers to access comprehensive eye care in one location. Another trend in the market is the growing popularity of online pharmacies. With the increasing use of smartphones and internet access in Myanmar, customers are turning to online platforms to purchase their eye care products. Online pharmacies offer convenience, competitive prices, and a wide range of products, making them an attractive option for customers.

Local special circumstances: Myanmar has a young and rapidly growing population, which is contributing to the growth of the Eye Care (Pharmacies) market. As the population continues to increase, so does the demand for eye care products and services. Additionally, the government has been taking steps to improve access to healthcare services, including eye care, which has further contributed to the growth of the market.

Underlying macroeconomic factors: The Eye Care (Pharmacies) market in Myanmar is also influenced by several macroeconomic factors. The country has been experiencing steady economic growth, which has led to an increase in disposable income and purchasing power. As a result, customers have more money to spend on eye care products and services. Furthermore, the government has been implementing policies to attract foreign investment and promote economic development. This has led to an increase in foreign direct investment, which has further boosted the Eye Care (Pharmacies) market in Myanmar. Foreign companies are entering the market and bringing with them advanced technologies and products, which are driving innovation and growth in the industry. In conclusion, the Eye Care (Pharmacies) market in Myanmar is experiencing significant growth due to increasing customer awareness and demand for eye care products and services. Pharmacies are expanding their product offerings and online platforms are becoming popular among customers. The young and growing population, along with the government's efforts to improve access to healthcare, are contributing to the growth of the market. Additionally, steady economic growth and foreign investment are driving innovation and development in the industry.

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.