Ophthalmic Devices - Baltics | Statista Market Forecast

The Ophthalmic Devices market market in the Baltics is anticipated to achieve a revenue of US$59.68m in 2024.
It is predicted to exhibit a compound annual growth rate (CAGR 2024-2029) of 4.94%, leading to a market volume of US$75.96m by 2029.
When compared globally, the United States is expected to generate the highest revenue of US$14.00bn in 2024.
The Baltics have seen a significant growth in the demand for ophthalmic devices, driven by advancements in healthcare infrastructure and an 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 Baltics is experiencing steady growth and development, driven by various factors such as increasing customer preferences for advanced eye care solutions, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Baltics are shifting towards advanced ophthalmic devices that offer superior diagnostic and treatment capabilities. Patients are becoming more aware of the importance of regular eye check-ups and are seeking advanced solutions to address their vision problems. This has led to an increased demand for ophthalmic devices such as diagnostic equipment, surgical instruments, and vision care products. Additionally, customers are also looking for devices that are user-friendly, cost-effective, and provide accurate results, further driving the market growth. Trends in the Ophthalmic Devices market in the Baltics are aligned with global market trends. One of the key trends is the adoption of digital technology in ophthalmic devices. Digital devices such as digital imaging systems, electronic health records, and telemedicine are gaining popularity in the region. These technologies enable healthcare professionals to provide more accurate diagnoses, improve patient care, and enhance overall efficiency. Another trend in the market is the increasing focus on minimally invasive surgical procedures. Patients are seeking procedures that offer faster recovery times and minimal discomfort, leading to a growing demand for advanced surgical instruments and techniques. Local special circumstances in the Baltics also contribute to the development of the Ophthalmic Devices market. The region has a relatively high prevalence of eye diseases and vision problems, which drives the demand for ophthalmic devices. Additionally, the Baltic countries have well-established healthcare systems with a strong emphasis on preventive care and early diagnosis. This creates a favorable environment for the adoption of ophthalmic devices and encourages patients to seek regular eye check-ups. Underlying macroeconomic factors also play a role in the growth of the Ophthalmic Devices market in the Baltics. The region has experienced steady economic growth in recent years, leading to an increase in disposable income. This enables individuals to afford advanced eye care solutions and drives the demand for ophthalmic devices. Furthermore, the governments in the Baltic countries have implemented various healthcare reforms and initiatives to improve access to quality healthcare services, including eye care. This further supports the growth of the Ophthalmic Devices market. In conclusion, the Ophthalmic Devices market in the Baltics is developing at a steady pace, driven by increasing customer preferences for advanced eye care solutions, emerging market trends, local special circumstances, and underlying macroeconomic factors. The market is expected to continue growing as customers become more aware of the importance of eye health and seek advanced ophthalmic devices to address their vision problems.

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.