Ophthalmic Devices - Albania | Statista Market Forecast

The projected revenue in the Ophthalmic Devices market market in Albania is expected to reach US$9.54m in 2024.
It is anticipated that the revenue will demonstrate an annual growth rate (CAGR 2024-2029) of 6.55%, leading to a market volume of US$13.10m by 2029.
When compared globally, the United States is expected to generate the highest revenue, amounting to US$14.00bn in 2024.
Albania has seen a growing demand for ophthalmic devices due to an increasing prevalence of eye disorders in the aging population.

Definition:
Ophthalmic devices refer to medical devices used for diagnosis of eye diseases, related surgeries, and vision correction.

Additional information:
Market values represent revenues paid to primary vendors at manufacturer price level either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), enterprises (B2B) as well as governments (B2G). Revenues are allocated to the country where the money is spent.

Company examples: Essilor International, Johnson & Johnson, Bausch Health Companies. Further information on the key players can be found in the Market Shares boxes.

Ophthalmology diagnostic & surgical devices
Vision care

Ophthalmology pharmaceuticals
Ophthalmology supplements

The Ophthalmic Devices market in Albania is experiencing steady growth due to increasing customer preferences for advanced eye care solutions and the rising prevalence of eye diseases. Customer preferences in the Ophthalmic Devices market in Albania are shifting towards technologically advanced products that offer improved accuracy, precision, and comfort. Patients are seeking ophthalmic devices that can provide accurate diagnosis and treatment options for various eye conditions. This trend is in line with the global market, where customers are increasingly demanding innovative and user-friendly devices that enhance their overall eye care experience. The market in Albania is also witnessing a rise in the prevalence of eye diseases, including cataracts, glaucoma, and age-related macular degeneration. These conditions, often associated with aging, are becoming more common due to the aging population in the country. As a result, there is a growing need for ophthalmic devices that can effectively diagnose and treat these eye conditions. This trend is expected to drive the demand for ophthalmic devices in Albania in the coming years. In addition to customer preferences and the prevalence of eye diseases, there are several local special circumstances that are influencing the growth of the Ophthalmic Devices market in Albania. The country has a relatively small population compared to other European countries, which limits the overall market size. However, the increasing focus on healthcare infrastructure development and the government's efforts to improve access to quality eye care services are contributing to the growth of the market. Furthermore, the Ophthalmic Devices market in Albania is also influenced by underlying macroeconomic factors. The country's economy has been growing steadily, leading to an increase in disposable income and healthcare expenditure. This allows individuals to afford advanced ophthalmic devices and treatments, thereby driving the market growth. Additionally, the government's initiatives to promote medical tourism and attract foreign investments in the healthcare sector are expected to further boost the market. In conclusion, the Ophthalmic Devices market in Albania is witnessing steady growth due to increasing customer preferences for advanced eye care solutions and the rising prevalence of eye diseases. The market is driven by the demand for technologically advanced devices and the government's efforts to improve access to quality eye care services. The underlying macroeconomic factors, such as the growing economy and increasing healthcare expenditure, are also contributing to the market growth.

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.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

Medical technology plays a role in the lives of everyone. It includes most of all, medical devices which simplify the prevention, diagnosis, and treatment of diseases and illnesses. The most well-known medical technology products are, among others, pacemakers, imaging instruments, dialysis machines, and implants. The global medical technology industry was worth over 567 billion U.S. dollars annually. Established centers of this industry include North America and Western Europe. The United States is home to the world’s largest medical technology companies. As of 2022, Abbott Laboratories had the largest global revenue at over 31.2 billion U.S. dollars. The main focus of devices manufactured by the Chicago-based company are diagnostics, cardiovascular, and diabetes care. Two other medtech companies that round off the top three largest companies –Medtronic and Johnson & Johnson – are both based in the United States. Although, industry trends show that Asia, and in particular China, is about to play a more prominent role in the years to come.