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Ophthalmic Devices - BRICS

BRICS

The Ophthalmic Devices market market in BRICS, consisting of Brazil, Russia, India, China, and South_Africa, is forecasted to witness a substantial increase in revenue.
It is projected to reach a staggering US$6.78bn by 2024.
Furthermore, the market is expected to display a steady annual growth rate (CAGR 2024-2029) of 7.29%.
This growth trajectory is anticipated to propel the market volume to a remarkable US$9.64bn by the year 2029.
In terms of global comparison, the United States is expected to dominate the market, generating the highest revenue of US$14,000.00m by 2024.
In Brazil, the demand for ophthalmic devices is rising due to the country's aging population and increased access to healthcare.

Key regions: Germany, Italy, France, Japan, United Kingdom

Market

Region

Region comparison

Currency

Analyst Opinion

The Ophthalmic Devices market in BRICS is experiencing significant growth, driven by customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Ophthalmic Devices market in BRICS are evolving, with a growing demand for advanced technologies and innovative solutions. Customers are increasingly seeking devices that offer improved accuracy, precision, and ease of use. They are also looking for devices that are cost-effective and provide long-term value. Additionally, there is a rising demand for personalized and customized solutions to meet the specific needs of individual patients. These customer preferences are driving the development and adoption of new technologies and products in the market. Trends in the market are also contributing to the growth of the Ophthalmic Devices market in BRICS. One of the key trends is the increasing prevalence of eye diseases and disorders, such as cataracts, glaucoma, and age-related macular degeneration. This is primarily due to factors such as an aging population, changing lifestyles, and increasing exposure to environmental factors. As a result, there is a growing need for ophthalmic devices that can diagnose and treat these conditions effectively. Another trend is the rising adoption of telemedicine and remote monitoring solutions, which enable healthcare professionals to remotely diagnose and manage eye conditions. This trend is driven by factors such as improved connectivity, advancements in digital health technologies, and the need for efficient and accessible healthcare services in remote areas. Local special circumstances also play a role in the development of the Ophthalmic Devices market in BRICS. Each country in the BRICS group has its own unique healthcare system, regulatory environment, and economic conditions. These factors influence the demand for ophthalmic devices and the ability of market players to enter and operate in the market. For example, Brazil has a large population with a high prevalence of eye diseases, creating a significant market opportunity for ophthalmic device manufacturers. Russia, on the other hand, has a growing middle class with increasing disposable incomes, driving the demand for high-quality ophthalmic devices. India and China have large populations and rapidly expanding healthcare sectors, presenting immense growth potential for the market. South Africa has a well-developed healthcare system and a growing demand for advanced ophthalmic devices. Underlying macroeconomic factors also contribute to the growth of the Ophthalmic Devices market in BRICS. Factors such as economic growth, government initiatives to improve healthcare infrastructure, increasing healthcare expenditure, and favorable reimbursement policies are driving the demand for ophthalmic devices. Additionally, advancements in manufacturing technologies, research and development activities, and collaborations between market players are also fueling market growth. In conclusion, the Ophthalmic Devices market in BRICS is experiencing significant growth due to evolving customer preferences, emerging market trends, local special circumstances, and underlying macroeconomic factors. The market is expected to continue expanding as the demand for advanced ophthalmic devices and solutions increases 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.