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Ophthalmic Devices - Southern Asia

Southern Asia

In Southern Asia, the Ophthalmic Devices market market is expected to witness a significant growth in revenue.
By the year 2024, the projected revenue is estimated to reach a substantial amount of US$0.64bn.
Looking ahead, the market is anticipated to maintain a steady growth rate, with a Compound Annual Growth Rate (CAGR 2024-2029) of 7.53%.
This growth trajectory is expected to result in a market volume of US$0.92bn by the year 2029.
However, it is important to note that in a global context, the United States is projected to generate the highest revenue in the Ophthalmic Devices market market.
In 2024 alone, the United States is expected to generate an impressive revenue of US$14,000.00m.
This highlights the strong market presence and potential of the United States in this industry.
The demand for ophthalmic devices in Southern Asia is rapidly increasing due to a growing elderly population and rising prevalence of eye diseases.

Key regions: Germany, Italy, France, Japan, United Kingdom

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Analyst Opinion

The Ophthalmic Devices market in Southern Asia is experiencing significant growth and development due to various factors. Customer preferences in the Ophthalmic Devices market in Southern Asia are driven by the increasing prevalence of eye diseases and disorders, as well as the growing awareness about the importance of eye health. Customers in this region are increasingly seeking advanced and innovative ophthalmic devices that can provide accurate diagnosis and effective treatment options. They are also looking for devices that are user-friendly and offer convenience in terms of portability and ease of use. Additionally, customers in Southern Asia are becoming more price-conscious and are looking for cost-effective solutions without compromising on quality. Trends in the Ophthalmic Devices market in Southern Asia are influenced by the increasing adoption of digital technologies and advancements in telemedicine. The integration of digital technologies in ophthalmic devices has led to the development of advanced diagnostic tools and treatment options. For example, digital imaging devices and optical coherence tomography (OCT) systems are being widely used for accurate diagnosis and monitoring of eye conditions. Telemedicine is also playing a significant role in the market, allowing healthcare professionals to remotely diagnose and treat patients, especially in rural areas where access to healthcare facilities is limited. Local special circumstances in Southern Asia, such as a large population and a high burden of eye diseases, contribute to the growth of the Ophthalmic Devices market. Countries like India and Bangladesh have a large population with a significant number of people suffering from eye diseases, including cataracts, glaucoma, and refractive errors. This creates a huge demand for ophthalmic devices and drives market growth. Additionally, the presence of a well-established healthcare infrastructure and a growing number of specialty clinics and hospitals specializing in eye care further contribute to market development. Underlying macroeconomic factors, such as increasing healthcare expenditure and government initiatives to improve eye care services, also play a crucial role in the growth of the Ophthalmic Devices market in Southern Asia. Governments in this region are investing in the development of healthcare infrastructure and implementing policies to promote eye health. For example, the Indian government has launched the National Program for Control of Blindness and Visual Impairment, which aims to provide comprehensive eye care services to the population. These initiatives create a favorable environment for the adoption of ophthalmic devices and drive market growth. In conclusion, the Ophthalmic Devices market in Southern Asia is experiencing growth and development driven by customer preferences for advanced and innovative devices, trends in digital technologies and telemedicine, local special circumstances such as a high burden of eye diseases, and underlying macroeconomic factors including increasing healthcare expenditure and government initiatives.

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.