Eye Care (Pharmacies) - Senegal

Senegal

Highlights

Revenue in the Eye Care market is projected to reach US$502.30k in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 3.09%, resulting in a market volume of US$584.80k 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$0.03 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Eye Care (Pharmacies) market in Senegal is developing rapidly due to increasing customer preferences for convenient and accessible eye care services. Senegal, located in West Africa, has a growing population and an increasing demand for quality healthcare services, including eye care.

Customer preferences: Customers in Senegal are increasingly seeking convenient and accessible eye care services. This is driven by several factors, including a growing awareness of the importance of eye health and the need for regular check-ups. Additionally, customers are looking for affordable and reliable eye care products and services that can be easily accessed through pharmacies.

Trends in the market: One of the key trends in the Eye Care (Pharmacies) market in Senegal is the increasing availability of a wide range of eye care products in pharmacies. Pharmacies in Senegal are expanding their product offerings to cater to the growing demand for eye care products such as contact lenses, eye drops, and prescription glasses. This trend is driven by the increasing prevalence of eye-related conditions, as well as the rising disposable income of the population. Another trend in the market is the growing popularity of online pharmacies. With the increasing penetration of smartphones and internet connectivity in Senegal, customers are increasingly turning to online platforms to purchase eye care products. Online pharmacies offer the convenience of home delivery and a wide range of products, making them an attractive option for customers.

Local special circumstances: Senegal has a relatively underdeveloped healthcare infrastructure, particularly in rural areas. This creates a significant opportunity for pharmacies to fill the gap and provide accessible eye care services to customers. Pharmacies in Senegal are strategically located in urban areas, making them easily accessible to a large number of customers.

Underlying macroeconomic factors: Senegal has been experiencing steady economic growth in recent years, which has contributed to an increase in disposable income and consumer spending. This has led to an increase in demand for healthcare services, including eye care. Additionally, the government of Senegal has been investing in the healthcare sector, including the development of infrastructure and the improvement of healthcare services. These investments have created a favorable environment for the growth of the Eye Care (Pharmacies) market in Senegal. In conclusion, the Eye Care (Pharmacies) market in Senegal is developing rapidly due to increasing customer preferences for convenient and accessible eye care services. The availability of a wide range of eye care products in pharmacies, the growing popularity of online pharmacies, the underdeveloped healthcare infrastructure, and the steady economic growth of Senegal are all contributing factors 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.