Eye Care (Pharmacies) - Sri Lanka

Sri Lanka

Highlights

Revenue in the Eye Care market is projected to reach US$6.36m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 4.56%, resulting in a market volume of US$7.95m 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$0.29 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Eye Care (Pharmacies) market in Sri Lanka is experiencing significant growth and development due to several key factors.

Customer preferences: Customers in Sri Lanka have shown a growing interest in eye care products and services. With an increasing awareness about the importance of eye health, individuals are seeking out products that can improve their vision and protect their eyes. This includes a wide range of products such as contact lenses, eye drops, and prescription glasses. Additionally, customers are also looking for convenient and accessible options for purchasing these products, which has led to a rise in demand for eye care products in pharmacies.

Trends in the market: One of the key trends in the Eye Care (Pharmacies) market in Sri Lanka is the increasing popularity of contact lenses. Many individuals are opting for contact lenses as a convenient and comfortable alternative to traditional eyeglasses. This trend is driven by factors such as improved technology in contact lens manufacturing, a wider variety of options available, and the desire for a more natural appearance. As a result, pharmacies are witnessing a surge in demand for contact lenses, leading to an expansion of their eye care product offerings. Another trend in the market is the growing demand for prescription glasses. With an aging population and an increase in eye-related conditions such as myopia and presbyopia, there is a greater need for prescription glasses to correct vision problems. Customers are increasingly turning to pharmacies as a convenient and affordable option for purchasing prescription glasses. This trend has prompted pharmacies to expand their optical departments and offer a wider range of frames and lenses to cater to different customer preferences.

Local special circumstances: Sri Lanka has a high prevalence of eye-related conditions such as cataracts and refractive errors. This has contributed to the growing demand for eye care products and services in the country. Additionally, the lack of specialized eye care clinics and hospitals in rural areas has led to an increased reliance on pharmacies for basic eye care needs. Pharmacies are often the most accessible healthcare providers in these areas, making them a convenient choice for individuals seeking eye care solutions.

Underlying macroeconomic factors: Sri Lanka has experienced steady economic growth in recent years, which has led to an increase in disposable income among the population. This has allowed individuals to allocate a larger portion of their budget towards healthcare and wellness, including eye care. The expansion of the middle class in Sri Lanka has also contributed to the growth of the Eye Care (Pharmacies) market, as more individuals are able to afford eye care products and services. In conclusion, the Eye Care (Pharmacies) market in Sri Lanka is witnessing significant growth and development due to increasing customer preferences for eye care products, such as contact lenses and prescription glasses. The lack of specialized eye care facilities in rural areas has also contributed to the reliance on pharmacies for basic eye care needs. The underlying macroeconomic factors, including steady economic growth and an expanding middle class, have further fueled the growth of the market. Overall, the future looks promising for the Eye Care (Pharmacies) market in Sri Lanka, with continued growth expected in the coming years.

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.