Ophthalmic Devices - China | Statista Market Forecast

The Ophthalmic Devices market market in China is expected to achieve a revenue of US$4.85bn by 2024.
This projection indicates that the market is poised for significant growth in the coming years.
Furthermore, it is anticipated that the market will experience a compound annual growth rate (CAGR 2024-2029) of 7.62%.
This growth rate will result in a market volume of US$7.00bn by 2029.
When considering the global landscape, it is noteworthy that the United States is predicted to generate the highest revenue in the Ophthalmic Devices market market.
In 2024, the United States is projected to generate a revenue of US$14.00bn.
This highlights the dominance of the United States in this market.
China's growing aging population is driving increased demand for ophthalmic devices to address age-related eye conditions.

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 China has been experiencing significant growth in recent years, driven by a combination of 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 China have been shifting towards more advanced and innovative ophthalmic devices. With the growing awareness about eye health and the increasing prevalence of eye disorders, customers are seeking high-quality and technologically advanced devices to address their eye care needs. They are particularly interested in devices that offer accurate diagnosis, effective treatment, and improved patient outcomes. This has led to a rise in demand for devices such as optical coherence tomography (OCT) machines, phacoemulsification systems, and femtosecond lasers. Trends in the market also play a significant role in the development of the Ophthalmic Devices market in China. The country has been witnessing a rise in the number of eye care clinics and hospitals, leading to an increased demand for ophthalmic devices. Additionally, there is a growing trend of medical tourism in China, with patients from other countries seeking eye care treatment in the country. This has further fueled the demand for ophthalmic devices, as healthcare providers strive to offer cutting-edge technologies and treatments to attract international patients. Local special circumstances in China have contributed to the growth of the Ophthalmic Devices market. The country has a large population, and the prevalence of eye disorders such as cataracts and glaucoma is relatively high. This has created a significant market opportunity for ophthalmic device manufacturers, who are catering to the needs of the growing patient population. Moreover, the Chinese government has been actively promoting the development of the healthcare sector, including eye care, which has further boosted the market for ophthalmic devices. Underlying macroeconomic factors have also played a role in the growth of the Ophthalmic Devices market in China. The country's economy has been growing steadily, leading to an increase in disposable income and healthcare expenditure. As a result, more individuals are able to afford advanced eye care solutions and are willing to invest in their eye health. Additionally, the government's focus on healthcare reforms and the expansion of health insurance coverage have made eye care more accessible to the general population, further driving the demand for ophthalmic devices. In conclusion, the Ophthalmic Devices market in China is experiencing significant growth due to increasing customer preferences for advanced eye care solutions, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. With the rising awareness about eye health and the growing demand for high-quality eye care, the market is expected to continue its upward trajectory in the coming years.

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.