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Ophthalmic Devices - Panama

Panama

The Ophthalmic Devices market market in Panama is expected to witness a significant increase in revenue, projected to reach US$46.70m by the year 2024.
Moreover, it is anticipated that this market will experience a steady growth rate of 8.57% annually between 2024 and 2029, resulting in a market volume of US$70.45m by 2029.
When comparing the revenue generated in the Ophthalmic Devices market market globally, it is important to note that the United States is expected to generate the highest revenue of US$14,000.00m in 2024.
Panama's ophthalmic device market is experiencing a surge in demand due to an aging 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 Panama is experiencing steady growth due to several factors.

Customer preferences: In Panama, customers have shown a strong preference for technologically advanced ophthalmic devices. This is driven by the increasing awareness about eye health and the desire for accurate and efficient diagnosis and treatment. Customers are also seeking devices that are easy to use and provide quick results. Additionally, there is a growing demand for ophthalmic devices that are portable and can be used in remote areas, catering to the needs of underserved populations.

Trends in the market: One of the key trends in the Ophthalmic Devices market in Panama is the increasing adoption of teleophthalmology. This technology allows for remote diagnosis and monitoring of eye conditions, reducing the need for patients to travel long distances for specialist consultations. Teleophthalmology also enables healthcare professionals to reach patients in rural areas, where access to eye care services may be limited. The convenience and cost-effectiveness of teleophthalmology are driving its popularity in Panama. Another trend in the market is the rising demand for refractive surgery devices. With a growing number of people seeking to correct their vision, devices such as LASIK machines and phacoemulsification systems are in high demand. These devices offer precise and effective solutions for vision correction, and their popularity is expected to continue to rise in Panama.

Local special circumstances: Panama has a rapidly aging population, which is contributing to the increasing demand for ophthalmic devices. As people age, the risk of developing eye conditions such as cataracts and glaucoma increases. This has led to a higher demand for devices used in the diagnosis and treatment of these conditions. Additionally, the government of Panama has been actively promoting awareness about eye health and providing support for the procurement of ophthalmic devices, further driving the market growth.

Underlying macroeconomic factors: Panama has experienced sustained economic growth in recent years, which has led to an increase in disposable income among its population. This has resulted in higher healthcare spending, including on ophthalmic devices. The government has also been investing in the improvement of healthcare infrastructure, which has created opportunities for the expansion of the Ophthalmic Devices market. Furthermore, Panama's strategic location as a hub for trade and commerce in the region has attracted international manufacturers and suppliers of ophthalmic devices, contributing to the market growth. In conclusion, the Ophthalmic Devices market in Panama is witnessing growth due to customer preferences for technologically advanced devices, the increasing adoption of teleophthalmology, and the rising demand for refractive surgery devices. The country's aging population, government support, and favorable macroeconomic factors are also driving the market 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.