Eye Care (Pharmacies) - Nigeria

Nigeria

Highlights

Revenue in the Eye Care market is projected to reach US$5.68m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 6.87%, resulting in a market volume of US$7.92m 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$0.02 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Eye Care (Pharmacies) market in Nigeria has been experiencing significant growth in recent years. Customer preferences have shifted towards a greater focus on eye health, leading to increased demand for eye care products and services. Additionally, local special circumstances and underlying macroeconomic factors have contributed to the development of the market.

Customer preferences: Customers in Nigeria are increasingly prioritizing their eye health. This can be attributed to a growing awareness of the importance of regular eye check-ups and the increasing prevalence of eye-related conditions. As a result, there is a higher demand for eye care products such as contact lenses, eyeglasses, and eye drops. Additionally, customers are seeking out specialized eye care services such as optometry clinics and ophthalmology consultations.

Trends in the market: One of the key trends in the Eye Care (Pharmacies) market in Nigeria is the rising popularity of online platforms for purchasing eye care products. With the increasing penetration of the internet and smartphones, customers are turning to online retailers to conveniently purchase their eye care products. This trend is driven by factors such as competitive pricing, a wider product selection, and the convenience of home delivery. Another trend in the market is the growing demand for innovative eye care solutions. Customers are seeking out products that offer advanced features and benefits, such as blue light filtering lenses for digital eye strain or contact lenses with extended wear capabilities. This trend is driven by the desire for improved comfort, convenience, and overall eye health.

Local special circumstances: Nigeria has a large population, which presents a significant market opportunity for eye care providers. With over 200 million people, there is a substantial customer base that needs access to eye care products and services. However, there are challenges in reaching the entire population due to factors such as limited healthcare infrastructure and geographical barriers. This creates a unique market environment that requires innovative solutions to ensure widespread access to eye care.

Underlying macroeconomic factors: Nigeria's growing middle class and increasing disposable income levels have contributed to the development of the Eye Care (Pharmacies) market. As more people have the financial means to prioritize their health and well-being, there is a greater demand for eye care products and services. Additionally, the government's focus on improving healthcare infrastructure and increasing access to healthcare services has further supported the growth of the market. In conclusion, the Eye Care (Pharmacies) market in Nigeria is developing due to changing customer preferences, including a greater emphasis on eye health. Online platforms and innovative eye care solutions are gaining popularity among customers. Local special circumstances, such as Nigeria's large population and limited healthcare infrastructure, present both challenges and opportunities for market players. The underlying macroeconomic factors, including the growing middle class and government initiatives, have also contributed to the growth of the market.

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.