Ophthalmic Devices - Bangladesh | Statista Market Forecast

The Ophthalmic Devices market market in Bangladesh is expected to witness a significant growth in revenue, with projections indicating that it will reach US$25.35m in 2024.
Furthermore, a steady annual growth rate (CAGR 2024-2029) of 9.99% is anticipated, resulting in a market volume of US$40.81m by 2029.
When compared globally, it is worth noting that the United States will generate the highest revenue in this market, with an estimated US$14.00bn in 2024.
Bangladesh is experiencing a growing demand for ophthalmic devices due to an increasing prevalence of eye diseases and a rising awareness about the importance of eye care.

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 Bangladesh is experiencing significant growth and development due to various factors. Customer preferences in the Ophthalmic Devices market in Bangladesh are driven by the increasing prevalence of eye-related disorders and the growing awareness about the importance of eye health. With a large population and limited access to healthcare facilities, there is a high demand for ophthalmic devices that can diagnose and treat eye conditions effectively. Customers in Bangladesh are looking for affordable and accessible ophthalmic devices that can provide accurate and reliable results. They also prefer devices that are easy to use and maintain, as well as those that offer advanced features and technologies. Trends in the Ophthalmic Devices market in Bangladesh include the adoption of telemedicine and digital health solutions. With the advancement of technology and the increasing penetration of internet and smartphones, telemedicine has become a popular option for accessing healthcare services in remote areas. This trend is particularly relevant in the ophthalmic field, where teleophthalmology allows patients to receive eye care consultations and diagnosis without the need for physical visits to healthcare facilities. The use of digital health solutions, such as mobile apps and wearable devices, is also on the rise in Bangladesh, enabling individuals to monitor their eye health and receive personalized recommendations. Local special circumstances in Bangladesh, such as the lack of trained ophthalmologists and limited healthcare infrastructure in rural areas, have contributed to the development of the Ophthalmic Devices market. These circumstances have created a need for innovative and accessible solutions that can bridge the gap in eye care services. In response, various organizations and companies have introduced initiatives to train healthcare professionals in ophthalmology and provide affordable ophthalmic devices to underserved areas. Additionally, partnerships between international and local organizations have been formed to improve the accessibility and affordability of ophthalmic devices in Bangladesh. Underlying macroeconomic factors, such as the steady economic growth and increasing disposable income in Bangladesh, have also played a role in the development of the Ophthalmic Devices market. As the economy continues to grow, more individuals are able to afford healthcare services and invest in their overall well-being, including eye health. The government of Bangladesh has also recognized the importance of eye care and has implemented policies and initiatives to improve access to quality eye care services and ophthalmic devices. In conclusion, the Ophthalmic Devices market in Bangladesh is experiencing growth and development driven by customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The increasing prevalence of eye-related disorders, growing awareness about eye health, and the adoption of telemedicine and digital health solutions are all contributing to the expansion of the market. Additionally, the lack of trained ophthalmologists and limited healthcare infrastructure in rural areas, as well as the steady economic growth and increasing disposable income, are factors that are shaping the Ophthalmic Devices market in Bangladesh.

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.