Market Insights Consumer OTC Pharmaceuticals

Eye Care - Nigeria

Nigeria

Revenue in the Eye Care market amounts to US$4.68m in 2024. The market is expected to grow annually by 6.89% (CAGR 2024-2029).
In global comparison, most revenue is generated in the United States (US$1,256m in 2024).
In relation to total population figures, per person revenues of US$0.02 are generated in 2024.

Key regions: Canada, Thailand, Philippines, Worldwide, United Kingdom

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Analyst Opinion

The Eye Care market in Nigeria has been experiencing significant growth in recent years, driven by various factors such as increasing customer preferences for quality eye care services, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Eye Care market in Nigeria have been shifting towards seeking high-quality eye care services.

With the rising awareness about the importance of eye health and the availability of advanced technologies, customers are becoming more conscious about the need for regular eye check-ups and treatments. This shift in preferences has led to an increased demand for specialized eye care services, including vision correction procedures, cataract surgeries, and other ophthalmic treatments. Trends in the market indicate a growing demand for innovative and technologically advanced eye care solutions.

The adoption of digital technologies in eye care has gained momentum, with the introduction of telemedicine services, which allow patients to consult with eye care specialists remotely. Additionally, there is a rising trend of personalized eye care, where treatments and services are tailored to individual needs and preferences. This trend is driving the development of customized eyewear and contact lenses, as well as the use of advanced diagnostic tools for accurate prescriptions.

Local special circumstances in Nigeria, such as a large population and a high prevalence of eye diseases, contribute to the growth of the Eye Care market. Nigeria has one of the largest populations in Africa, which presents a significant customer base for eye care providers. Moreover, the country has a high prevalence of eye diseases, including cataracts, glaucoma, and refractive errors, which creates a constant demand for eye care services and treatments.

Underlying macroeconomic factors also play a role in the development of the Eye Care market in Nigeria. The country's overall economic growth, increasing disposable incomes, and improvements in healthcare infrastructure have contributed to the expansion of the market. As the economy continues to grow, more individuals are able to afford eye care services and treatments, leading to an increase in demand.

In conclusion, the Eye Care market in Nigeria is developing due to changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. The increasing demand for high-quality eye care services, adoption of innovative technologies, large population, high prevalence of eye diseases, and economic growth are driving the growth of the market in Nigeria.

Methodology

Data coverage:

Data encompasses B2C spend. Figures are based on the OTC Pharmaceuticals market values, representing revenues generated by both product sales which take place exclusively in pharmacies and products which can be purchased elsewhere. Sales by hospitals are not included.

Modeling approach / Market size:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use data from national statistical offices, international institutions, trade associations, and self-medication associations. Next, we use relevant key market indicators and data from country-specific associations, such as consumer healthcare spending, out-of-pocket healthcare expenditure, health system accessibilities, and GDP. 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 particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. Whereas this market covers only OTC drugs, the Statista Pharmaceuticals market covers both OTC and prescription drugs.