Market Insights Health Pharmacies OTC Products

Eye Care (Pharmacies) - Tanzania

Tanzania

Revenue in the Eye Care market is projected to reach US$1.28m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 5.08%, resulting in a market volume of US$1.64m 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$0.02 are generated in 2024.

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

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Analyst Opinion

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

Customer preferences: Customers in Tanzania have shown a growing interest in eye care products and services. This can be attributed to several factors, including an increasing awareness of the importance of eye health and the availability of a wider range of eye care products in the market. Additionally, the aging population in Tanzania has also contributed to the growing demand for eye care services, as older individuals are more likely to experience vision problems.

Trends in the market: One of the key trends in the Eye Care (Pharmacies) market in Tanzania is the rising demand for prescription eyewear. As more people become aware of the importance of regular eye examinations, the demand for prescription glasses and contact lenses has increased. This trend is expected to continue as the population continues to grow and age. Another trend in the market is the increasing popularity of online eyewear retailers. With the rise of e-commerce in Tanzania, more consumers are turning to online platforms to purchase eye care products. Online retailers offer a wide range of products at competitive prices, making it convenient for customers to shop for eyewear from the comfort of their own homes.

Local special circumstances: One of the unique aspects of the Eye Care (Pharmacies) market in Tanzania is the prevalence of traditional eye care practices. Many Tanzanians still rely on traditional remedies and herbal treatments for their eye health. This presents both challenges and opportunities for the market, as there is a need to educate consumers about the benefits of modern eye care practices while also respecting and incorporating traditional beliefs and practices.

Underlying macroeconomic factors: The growing Eye Care (Pharmacies) market in Tanzania can be attributed to several underlying macroeconomic factors. Firstly, the overall economic growth in the country has led to an increase in disposable income, allowing more people to afford eye care products and services. Additionally, the government's focus on improving healthcare infrastructure and increasing access to healthcare services has also contributed to the growth of the market. In conclusion, the Eye Care (Pharmacies) market in Tanzania is experiencing significant growth due to increasing customer preferences for eye care products and services, as well as the presence of local special circumstances and underlying macroeconomic factors. As the market continues to evolve, it will be important for businesses to adapt to these trends and cater to the changing needs and preferences of customers in Tanzania.

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.