Eye Care (Pharmacies) - Saudi Arabia

Saudi Arabia

Highlights

Revenue in the Eye Care market is projected to reach US$16.74m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.49%, resulting in a market volume of US$18.02m 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$0.45 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Eye Care (Pharmacies) market in Saudi Arabia is experiencing significant growth due to several factors. Customer preferences for convenient and accessible eye care services, along with the increasing prevalence of eye disorders, are driving the demand for eye care products and services. Additionally, local special circumstances and underlying macroeconomic factors are contributing to the development of the market.

Customer preferences: Customers in Saudi Arabia prefer to have easy access to eye care services and products. They value convenience and seek out pharmacies that offer a wide range of eye care solutions. This includes prescription eyewear, contact lenses, and over-the-counter eye drops and ointments. As a result, pharmacies that provide comprehensive eye care services are gaining popularity among consumers.

Trends in the market: One of the key trends in the Eye Care (Pharmacies) market in Saudi Arabia is the increasing prevalence of eye disorders. Factors such as aging population, changing lifestyles, and increased exposure to digital screens have contributed to a rise in conditions like myopia, dry eyes, and cataracts. This has led to a higher demand for eye care products and services, driving the growth of the market. Another trend in the market is the growing popularity of online pharmacies. Customers are increasingly turning to online platforms to purchase eye care products due to the convenience and competitive pricing offered. Online pharmacies provide a wide range of options and deliver products directly to the customers' doorstep, making it an attractive option for many.

Local special circumstances: Saudi Arabia has a high prevalence of diabetes, which is a major risk factor for eye disorders such as diabetic retinopathy and glaucoma. This has led to an increased focus on eye care in the country, with healthcare providers and pharmacies offering specialized services to manage and treat these conditions. The government has also taken initiatives to raise awareness about the importance of regular eye check-ups and early detection of eye diseases.

Underlying macroeconomic factors: The Eye Care (Pharmacies) market in Saudi Arabia is also influenced by underlying macroeconomic factors. The country has a growing population and a rising middle class, which has led to increased healthcare spending. As disposable incomes increase, more individuals are willing to invest in their eye health, leading to higher demand for eye care products and services. Additionally, the government's focus on improving healthcare infrastructure and expanding access to healthcare services has further boosted the growth of the market. In conclusion, the Eye Care (Pharmacies) market in Saudi Arabia is developing due to customer preferences for convenient and accessible eye care services, the increasing prevalence of eye disorders, the growing popularity of online pharmacies, local special circumstances such as the high prevalence of diabetes, and underlying macroeconomic factors such as a growing population and rising healthcare spending.

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.