Eye Care (Pharmacies) - Zimbabwe

Zimbabwe

Highlights

Revenue in the Eye Care market is projected to reach US$21.62k in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.78%, resulting in a market volume of US$23.62k 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$0.00 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Eye Care (Pharmacies) market in Zimbabwe is experiencing significant growth due to changing customer preferences and emerging trends in the market.

Customer preferences: Customers in Zimbabwe are increasingly prioritizing their eye health and seeking out convenient and accessible solutions for their eye care needs. With the rise in awareness about the importance of regular eye check-ups and the prevalence of eye-related conditions, there has been a growing demand for eye care products and services. Customers are looking for a wide range of options in terms of eyeglasses, contact lenses, and other eye care products, as well as professional advice and guidance from trained optometrists.

Trends in the market: One of the key trends in the Eye Care (Pharmacies) market in Zimbabwe is the increasing popularity of online and e-commerce platforms for purchasing eye care products. Customers are now able to browse and compare a wide range of products online, making it easier to find the best deals and access a wider selection of products. This trend has been further accelerated by the COVID-19 pandemic, which has led to a shift towards online shopping across various industries. Another trend in the market is the growing demand for affordable and accessible eye care services. Many customers in Zimbabwe are looking for cost-effective solutions for their eye care needs, including affordable eyeglasses and contact lenses. This trend has led to the emergence of new players in the market, offering competitive prices and innovative solutions to attract customers.

Local special circumstances: Zimbabwe has a relatively high prevalence of eye-related conditions, including refractive errors, cataracts, and glaucoma. This has created a significant need for eye care services and products in the country. However, access to quality eye care services is limited in many parts of Zimbabwe, particularly in rural areas. As a result, customers often rely on pharmacies as a convenient and accessible source of eye care products and services.

Underlying macroeconomic factors: The Eye Care (Pharmacies) market in Zimbabwe is also influenced by underlying macroeconomic factors. The country has experienced significant economic challenges in recent years, including high inflation and currency instability. These factors have affected the affordability of eye care products and services for many customers. However, despite these challenges, the market has shown resilience and continues to grow, driven by the increasing demand for eye care and the innovative approaches taken by pharmacies to meet customer needs. In conclusion, the Eye Care (Pharmacies) market in Zimbabwe is experiencing growth due to changing customer preferences, emerging market trends, and the need for affordable and accessible eye care solutions. The rise of online platforms and the demand for cost-effective products and services are driving the market forward. However, challenges related to access and affordability remain, highlighting the need for continued innovation and investment in the sector.

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.