Market Insights Health OTC Pharmaceuticals

Eye Care - Guatemala

Guatemala

In Guatemala, the revenue in the Eye Care market market reached US$9.09m in 2024.
It is projected to experience an annual growth rate of 3.62% (CAGR 2024-2029).
It is worth noting that in comparison to other countries worldwide, the in the United States generates the highest revenue in this market, with a staggering US$1,256.00m in 2024.
When considering the population size, the per person revenue in Guatemala stands at US$0.50 in 2024.
In Guatemala, there is a growing trend towards natural and herbal eye care products in the OTC Pharmaceuticals market.

Key regions: Australia, Japan, Brazil, United States, Europe

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Analyst Opinion

The Eye Care market in Guatemala has been experiencing significant growth in recent years. Customer preferences in the Eye Care market in Guatemala have been shifting towards more advanced and specialized products and services. Customers are increasingly seeking out innovative solutions that can address their specific eye care needs. This includes a growing demand for products such as contact lenses, prescription glasses, and sunglasses that offer both functionality and style. Additionally, there is a rising interest in advanced eye care treatments, such as laser eye surgery, as customers become more aware of the benefits and convenience of these procedures. Trends in the market indicate a strong focus on preventive eye care. With the increasing prevalence of digital devices and prolonged screen time, customers are becoming more conscious of the potential negative effects on their eyes. This has led to a surge in demand for products and services that can help alleviate eye strain and improve overall eye health. This includes the use of specialized lenses that filter out blue light emitted by screens, as well as the adoption of regular eye exams to detect and address any potential issues at an early stage. Local special circumstances in Guatemala also contribute to the development of the Eye Care market. The country has a large population, with a significant portion of the population being young and increasingly urban. This demographic profile creates a favorable market environment for eye care products and services, as younger individuals are more likely to be proactive about their eye health and have higher disposable incomes. Additionally, the urbanization trend in Guatemala has led to an increase in the number of optical stores and eye care clinics, providing customers with greater accessibility to eye care services. Underlying macroeconomic factors further support the growth of the Eye Care market in Guatemala. The country has been experiencing steady economic growth, which has resulted in an expansion of the middle class and increased purchasing power. This has allowed more individuals to afford eye care products and services, driving demand in the market. Furthermore, the government has implemented policies to improve healthcare access and promote preventive care, which has also contributed to the growth of the Eye Care market. Overall, the Eye Care market in Guatemala is developing due to changing customer preferences, trends towards preventive care, local special circumstances, and underlying macroeconomic factors. As customers become more aware of the importance of eye health and have greater access to eye care services, the market is expected to continue growing in the coming years.

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.