Eye Care (Pharmacies) - Peru

  • Peru
  • Revenue in the Eye Care market is projected to reach US$14.94m in 2024.
  • Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 2.77%, resulting in a market volume of US$17.13m 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$0.43 are generated in 2024.

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

 
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Analyst Opinion

The Eye Care (Pharmacies) market in Peru has been experiencing significant growth in recent years. Customer preferences for eye care products and services have shifted, leading to new trends in the market. Additionally, local special circumstances and underlying macroeconomic factors have contributed to the development of the market.

Customer preferences:
Peruvian consumers are increasingly prioritizing their eye health and seeking out products and services that can help them maintain good vision. This has led to a growing demand for eye care products such as contact lenses, prescription glasses, and over-the-counter eye drops. Customers are also seeking convenience and affordability, with many opting to purchase eye care products from pharmacies, which offer a wide range of options at competitive prices.

Trends in the market:
One of the key trends in the Eye Care (Pharmacies) market in Peru is the rising popularity of contact lenses. With advancements in technology and increased awareness about the benefits of contact lenses, more consumers are opting for this alternative to traditional prescription glasses. This trend is driven by the desire for improved vision without the hassle of wearing glasses, as well as the availability of a variety of contact lens options for different vision needs. Another trend in the market is the growing demand for natural and organic eye care products. Consumers are becoming more conscious of the ingredients used in their eye care products and are seeking out products that are free from harmful chemicals and preservatives. This trend aligns with the overall global shift towards natural and organic beauty and personal care products.

Local special circumstances:
Peru has a large population of older adults, who are more likely to experience age-related vision problems such as presbyopia and cataracts. This demographic factor has contributed to the growth of the Eye Care (Pharmacies) market, as older adults are more likely to require prescription glasses and other eye care products. Additionally, Peru has a high prevalence of dry eye syndrome, which is often caused by environmental factors such as pollution and dry air. This has led to an increased demand for eye drops and other products that can provide relief from dry eyes. Pharmacies in Peru have capitalized on this demand by offering a wide range of eye care products specifically targeted towards dry eye syndrome.

Underlying macroeconomic factors:
Peru has experienced steady economic growth in recent years, which has contributed to an overall increase in consumer spending. As disposable incomes rise, consumers are more willing to invest in their eye health and purchase higher quality eye care products. The growing middle class in Peru has also contributed to the expansion of the Eye Care (Pharmacies) market, as this demographic segment has more purchasing power and is more likely to prioritize their eye health. In conclusion, the Eye Care (Pharmacies) market in Peru is developing due to changing customer preferences, including a growing demand for contact lenses and natural eye care products. Local special circumstances such as the aging population and high prevalence of dry eye syndrome have also contributed to the market's growth. Additionally, underlying macroeconomic factors such as steady economic growth and increasing disposable incomes have created a favorable environment for the expansion of the market.

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.

Overview

  • Revenue
  • Analyst Opinion
  • Global Comparison
  • Methodology
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