Market Insights Health Medical Technology Medical Devices

Ophthalmic Devices - G7

The projected revenue in the Ophthalmic Devices market market in G7, which includes the United States, is expected to reach US$23.84bn by 2024.
This represents a significant growth potential for the industry.
The market is expected to continue its upward trajectory with an annual growth rate (CAGR 2024-2028) of 5.00%.
This will result in a market volume of US$28.98bn by 2028.
When comparing the revenue of the Ophthalmic Devices market market globally, it is noteworthy that the United States is expected to generate the highest revenue.
In 2024, the United States alone is projected to generate US$14,150.00m, indicating its dominant position in the market.
This showcases the strong presence and influence of the United States in the Ophthalmic Devices market industry.
In Japan, the demand for advanced ophthalmic devices is rapidly increasing due to the country's aging population and high prevalence of eye diseases.

Key regions: Netherlands, Japan, United States, Spain, France

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Analyst Opinion

The Ophthalmic Devices market in G7 countries is witnessing steady growth due to increasing customer preferences for advanced eye care solutions.

Customer preferences: Customers in G7 countries are increasingly opting for technologically advanced ophthalmic devices to address various eye conditions. This includes devices such as contact lenses, spectacles, and surgical instruments used in eye surgeries. The preference for these devices is driven by the growing awareness about eye health and the desire for improved vision.

Trends in the market: One of the key trends in the Ophthalmic Devices market in G7 countries is the rising demand for contact lenses. Contact lenses offer convenience and comfort compared to traditional spectacles, making them popular among customers. Additionally, advancements in contact lens materials and designs have further fueled their adoption. Another trend is the increasing demand for refractive surgery devices, such as LASIK machines, as more individuals seek permanent vision correction solutions. In terms of spectacles, there is a growing trend towards customized and fashionable eyewear. Customers are increasingly looking for frames that not only correct their vision but also reflect their personal style. This has led to the emergence of niche eyewear brands offering a wide range of trendy and unique frames.

Local special circumstances: Each G7 country has its own unique set of circumstances that influence the Ophthalmic Devices market. For example, in the United States, the market is driven by a large aging population, increasing prevalence of eye disorders such as cataracts and age-related macular degeneration, and the presence of well-established healthcare infrastructure. On the other hand, in Japan, the market is influenced by the high prevalence of myopia and a strong emphasis on eye health and preventive care.

Underlying macroeconomic factors: The growth of the Ophthalmic Devices market in G7 countries is also supported by underlying macroeconomic factors. These include favorable healthcare policies, increasing healthcare expenditure, and technological advancements in the field of ophthalmology. Additionally, the rising disposable income of individuals in G7 countries enables them to afford advanced eye care solutions. In conclusion, the Ophthalmic Devices market in G7 countries is experiencing growth due to customer preferences for advanced eye care solutions, such as contact lenses and refractive surgery devices. The market is also influenced by local special circumstances in each country and supported by favorable macroeconomic factors. As the demand for eye care continues to rise, the market is expected to witness further growth in the coming years.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on medical devices and IVD revenues allocated to the country where the money is spent at manufacturer price levels excluding VAT.

Modeling approach / Market size:

Modeling employs a top-down approach with a bottom-up validation, using financial information of the key players by market. Market sizes are determined by a top-down approach, based on a specific rationale for each market market and allocated to the covered countries according to the global market shares. As a basis for evaluating markets, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare system, and regulations concerning medical products. Next, we use further relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare payer system, and regulations concerning medical products. 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.

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.