Eye Care (Pharmacies) - Papua New Guinea

Papua New Guinea

Highlights

Revenue in the Eye Care market is projected to reach US$5.81m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 3.47%, resulting in a market volume of US$6.89m 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$0.55 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Eye Care (Pharmacies) market in Papua New Guinea is experiencing significant growth due to changing customer preferences, emerging trends, and local special circumstances.

Customer preferences: Customers in Papua New Guinea are increasingly prioritizing their eye health and seeking convenient access to eye care products and services. As a result, there is a growing demand for eye care products and services offered by pharmacies. Customers prefer to visit pharmacies for their eye care needs due to the convenience of location, availability of trained pharmacists, and the wide range of products offered.

Trends in the market: One of the key trends in the Eye Care (Pharmacies) market in Papua New Guinea is the increasing availability of affordable and accessible eye care products. Pharmacies are expanding their range of eye care products to cater to the diverse needs of customers. This includes a wide selection of contact lenses, eyeglasses, and over-the-counter eye drops. Additionally, pharmacies are also offering services such as eye exams and consultations with optometrists, further enhancing their appeal to customers. Another trend in the market is the growing awareness and adoption of preventive eye care practices. Customers are becoming more proactive in taking care of their eye health, leading to an increased demand for products such as vitamins and supplements specifically formulated to support eye health. Pharmacies are capitalizing on this trend by stocking a variety of eye health supplements and promoting their benefits to customers.

Local special circumstances: Papua New Guinea is a country with a diverse population and a significant rural population. Accessibility to eye care services is a challenge, especially in remote areas. Pharmacies play a crucial role in bridging this gap by providing accessible eye care products and services. They serve as a convenient point of contact for customers, particularly those who may not have easy access to specialized eye care facilities.

Underlying macroeconomic factors: The Eye Care (Pharmacies) market in Papua New Guinea is also influenced by underlying macroeconomic factors. The country's economic growth and increasing disposable income levels have contributed to the growth of the market. As customers have more purchasing power, they are willing to spend on eye care products and services. Additionally, the government's focus on improving healthcare infrastructure and services has created an enabling environment for the growth of the Eye Care (Pharmacies) market. In conclusion, the Eye Care (Pharmacies) market in Papua New Guinea is developing due to changing customer preferences, emerging trends, and local special circumstances. Customers are increasingly prioritizing their eye health and seeking convenient access to eye care products and services, leading to a growing demand for eye care products offered by pharmacies. The availability of affordable and accessible eye care products, as well as the adoption of preventive eye care practices, are key trends in the market. Pharmacies play a crucial role in providing accessible eye care services, especially in remote areas. The market is also influenced by underlying macroeconomic factors such as economic growth and government initiatives to improve healthcare infrastructure.

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.