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Ophthalmic Devices - India

India

The Ophthalmic Devices market market in India is expected to achieve a revenue of INR US$0.55bn by 2024.
It is projected to display a Compound Annual Growth Rate (CAGR 2024-2028) of 8.06%, leading to a market volume of INR US$0.75bn by 2028.
In terms of global comparison, the United States is anticipated to generate the highest revenue, amounting to US$14,150.00m in 2024.
India's ophthalmic device market is witnessing a surge in demand due to a growing geriatric population and increasing prevalence of eye diseases.

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

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Analyst Opinion

The Ophthalmic Devices market in India is experiencing significant growth and development in recent years.

Customer preferences: In India, customers have shown a preference for technologically advanced ophthalmic devices that offer accurate diagnosis and treatment options. They are increasingly seeking devices that are user-friendly, portable, and cost-effective. With the rising awareness about eye health and the increasing prevalence of eye disorders, customers are also looking for devices that provide early detection and preventive measures.

Trends in the market: One major trend in the Indian Ophthalmic Devices market is the adoption of telemedicine and remote monitoring solutions. This trend has been accelerated by the COVID-19 pandemic, which has limited in-person visits to healthcare facilities. Telemedicine allows patients to consult with ophthalmologists remotely, reducing the need for physical appointments and improving access to healthcare services, especially in rural areas. Another trend in the market is the increasing demand for refractive surgery devices, such as LASIK and PRK. With the growing middle-class population and changing lifestyle patterns, there is a greater desire for improved vision and reduced dependence on eyeglasses or contact lenses. Refractive surgery devices offer a permanent solution for vision correction, and their popularity is expected to continue rising in the coming years.

Local special circumstances: India has a large population, which presents both opportunities and challenges for the Ophthalmic Devices market. On one hand, the vast number of potential customers provides a significant market size and growth potential. On the other hand, reaching and serving this diverse population can be challenging due to the geographical spread and varying levels of healthcare infrastructure across the country. Furthermore, India has a high prevalence of certain eye disorders, such as cataracts and glaucoma. This creates a strong demand for ophthalmic devices related to diagnosis, treatment, and surgery for these conditions. The government of India has also launched various initiatives to tackle preventable blindness and improve access to eye care services, further driving the demand for ophthalmic devices.

Underlying macroeconomic factors: India's growing economy and increasing disposable income levels have contributed to the growth of the Ophthalmic Devices market. As more individuals have the financial means to invest in their healthcare, the demand for ophthalmic devices has risen. Additionally, the government's focus on healthcare infrastructure development and initiatives to promote medical tourism have also played a role in the market's growth. In conclusion, the Ophthalmic Devices market in India is witnessing significant growth due to customer preferences for advanced and cost-effective devices, the adoption of telemedicine solutions, and the increasing demand for refractive surgery devices. The local special circumstances, such as the large population and high prevalence of eye disorders, further contribute to the market's development. The underlying macroeconomic factors, including the growing economy and increasing disposable income levels, also play a crucial role in the market's growth.

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.