Market Insights Health Pharmacies OTC Products

Eye Care (Pharmacies) - Seychelles

Seychelles

Revenue in the Eye Care market is projected to reach US$64.77k in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 3.25%, resulting in a market volume of US$75.99k 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$0.60 are generated in 2024.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The Eye Care (Pharmacies) market in Seychelles has been experiencing significant growth in recent years.

Customer preferences: Customers in Seychelles have shown a growing interest in eye care products and services. This can be attributed to several factors, including increasing awareness about the importance of eye health and the availability of a wide range of eye care products in local pharmacies. Customers prefer to purchase eye care products from pharmacies due to the convenience and accessibility they offer. Additionally, customers in Seychelles place a high value on quality and reliability when it comes to eye care products, and they are willing to invest in products that meet their needs.

Trends in the market: One of the key trends in the Eye Care (Pharmacies) market in Seychelles is the growing demand for contact lenses. Contact lenses offer a convenient and comfortable alternative to traditional eyeglasses, and they are becoming increasingly popular among customers in Seychelles. This trend can be attributed to the growing number of people who are looking for ways to correct their vision without the need for eyeglasses. Additionally, advancements in contact lens technology, such as the development of silicone hydrogel lenses, have made them more comfortable and breathable, further driving their popularity in the market. Another trend in the market is the increasing demand for natural and organic eye care products. Customers in Seychelles are becoming more conscious about the ingredients used in eye care products and are opting for products that are free from harmful chemicals and additives. This trend can be attributed to the global movement towards natural and organic products, as well as the growing awareness about the potential side effects of certain chemicals on the eyes.

Local special circumstances: Seychelles is a popular tourist destination, and the tourism industry plays a significant role in driving the growth of the Eye Care (Pharmacies) market. Tourists visiting Seychelles often require eye care products and services, such as sunglasses and contact lenses, to protect their eyes from the sun and enjoy their time on the beach. This creates a lucrative market for eye care products in Seychelles, as pharmacies cater to the needs of both local residents and tourists.

Underlying macroeconomic factors: The growing Eye Care (Pharmacies) market in Seychelles can also be attributed to the country's overall economic development. As Seychelles continues to experience economic growth, the purchasing power of its population increases, leading to higher spending on healthcare products and services. Additionally, the government of Seychelles has been actively promoting the importance of eye health and providing support for the development of the eye care sector. This has created a favorable business environment for pharmacies and has contributed to the growth of the market. In conclusion, the Eye Care (Pharmacies) market in Seychelles is developing due to increasing customer preferences for eye care products, including contact lenses and natural/organic products. The local special circumstances, such as the tourism industry, also contribute to the growth of the market. Furthermore, underlying macroeconomic factors, such as economic development and government support, play a significant role in driving the growth of the market in Seychelles.

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.