Ophthalmic Devices - APAC

APAC

Highlights

The Ophthalmic Devices market market in APAC is anticipated to witness a significant boost in revenue, with projections indicating that it will reach a staggering US$10.21bn by 2024.
This growth is expected to continue at a steady pace, with an estimated annual growth rate (CAGR 2024-2029) of 7.01%.
As a result, the market volume is predicted to expand to US$14.32bn by 2029.
When compared to other regions globally, it is noteworthy that the United States is set to generate the highest revenue in the Ophthalmic Devices market market, with a projected revenue of US$14.00bn in 2024.
In Japan, the market for ophthalmic devices is driven by the aging population and advanced healthcare infrastructure.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Ophthalmic Devices market in APAC is experiencing significant growth and development due to various factors.

Customer preferences: Customers in APAC have shown a growing preference for advanced ophthalmic devices that offer improved accuracy and efficiency in diagnosing and treating eye conditions. They are increasingly seeking devices that are easy to use, portable, and provide quick results. Additionally, there is a rising demand for devices that are cost-effective and offer long-term durability.

Trends in the market: One of the key trends in the APAC market is the increasing adoption of digital ophthalmic devices. Digital devices, such as optical coherence tomography (OCT) scanners and fundus cameras, provide high-resolution images of the eye, allowing for better diagnosis and treatment planning. These devices are being widely used by ophthalmologists and optometrists in the region. Another trend is the growing popularity of refractive surgery devices, such as LASIK machines. With the increasing prevalence of refractive errors, such as myopia and astigmatism, in the APAC region, there is a rising demand for devices that can correct these conditions. Refractive surgery devices offer a safe and effective solution for vision correction, and their adoption is expected to continue to grow in the coming years.

Local special circumstances: One of the unique aspects of the APAC market is the large population and the high prevalence of eye diseases and conditions. Countries like China and India have a significant number of people with vision problems, which has led to a higher demand for ophthalmic devices. Additionally, the aging population in many APAC countries is also contributing to the growth of the market, as age-related eye diseases, such as cataracts and glaucoma, become more common.

Underlying macroeconomic factors: The economic growth in the APAC region has led to an increase in disposable income, allowing more people to afford ophthalmic devices. Additionally, advancements in healthcare infrastructure and the availability of skilled healthcare professionals have also contributed to the growth of the market. Government initiatives and policies promoting eye health and the development of the healthcare sector have further supported the market growth. In conclusion, the Ophthalmic Devices market in APAC is witnessing growth and development due to the increasing customer preferences for advanced and cost-effective devices, the adoption of digital ophthalmic devices, the rising demand for refractive surgery devices, the high prevalence of eye diseases and conditions, and the favorable macroeconomic factors in the region.

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.

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Medical technology industry - statistics & facts

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.