Ophthalmic Devices - Australia | Statista Market Forecast

The projected revenue for the Ophthalmic Devices market market in Australia in 2024 is estimated to be US$524.50m.
It is expected to exhibit an annual growth rate (CAGR 2024-2029) of 6.51%, leading to a market volume of US$718.80m by 2029.
When compared globally, the United States is anticipated to generate the highest revenue, amounting to US$14.00bn in 2024.
Australia is experiencing a growing demand for advanced ophthalmic devices, driven by an aging population and increasing prevalence of eye diseases.

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 Australia is experiencing steady growth due to various factors.

Customer preferences: Australian consumers 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 user-friendly and provide quick and accurate results. Additionally, there is a growing demand for devices that are portable and can be used in remote areas, catering to the needs of the rural population.

Trends in the market: One of the major trends in the Ophthalmic Devices market in Australia is the adoption of digital imaging technology. This technology allows for detailed and precise imaging of the eye, aiding in the diagnosis of various eye conditions. Digital imaging devices such as optical coherence tomography (OCT) scanners and fundus cameras are gaining popularity among ophthalmologists and optometrists in Australia. These devices provide high-resolution images and enable early detection of eye diseases, leading to better treatment outcomes. Another trend in the market is the increasing use of laser technology in ophthalmic surgeries. Laser-assisted surgeries, such as LASIK and cataract surgery, offer numerous benefits over traditional surgical methods, including reduced pain, faster recovery, and improved precision. Australian patients are increasingly opting for laser-assisted surgeries, driving the demand for ophthalmic laser devices.

Local special circumstances: Australia has a high prevalence of eye diseases, such as cataracts, glaucoma, and age-related macular degeneration. The aging population in the country is particularly susceptible to these conditions, leading to a higher demand for ophthalmic devices. Additionally, Australia has a well-developed healthcare infrastructure and a robust reimbursement system, which further supports the growth of the Ophthalmic Devices market.

Underlying macroeconomic factors: The Australian economy has been growing steadily, resulting in increased disposable income among consumers. This has led to a higher willingness to spend on healthcare, including ophthalmic devices. Moreover, the government has implemented various initiatives to improve access to eye care services, which has further boosted the demand for ophthalmic devices. The presence of key market players and ongoing research and development activities in the country also contribute to the growth of the market. In conclusion, the Ophthalmic Devices market in Australia is witnessing growth due to customer preferences for advanced and user-friendly devices, the adoption of digital imaging technology, and the increasing use of laser technology in surgeries. The high prevalence of eye diseases, well-developed healthcare infrastructure, and favorable macroeconomic factors also play a significant role in driving 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.