Ophthalmic Devices - Estonia | Statista Market Forecast

The Ophthalmic Devices market market in Estonia is forecasted to achieve a revenue of US$16.41m in 2024.
This revenue is projected to experience a compound annual growth rate (CAGR 2024-2029) of 4.69%, ultimately leading to a market volume of US$20.63m by 2029.
It is worth noting that in a global context, the United States is expected to generate the highest revenue, amounting to US$14.00bn in 2024.
Estonia's ophthalmic devices market is witnessing a surge in demand due to the country's advanced healthcare infrastructure and growing elderly 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 Estonia is experiencing steady growth due to increasing customer preferences for advanced and innovative eye care solutions.

Customer preferences: Customers in Estonia are increasingly seeking ophthalmic devices that offer improved accuracy, efficiency, and comfort in diagnosing and treating various eye conditions. They prefer devices that provide precise measurements and deliver accurate results, allowing for better diagnosis and treatment planning. Additionally, there is a growing demand for devices that are user-friendly and easy to operate, as well as those that offer enhanced patient comfort during procedures.

Trends in the market: One of the key trends in the Ophthalmic Devices market in Estonia is the adoption of advanced technologies such as optical coherence tomography (OCT), which provides high-resolution cross-sectional images of the retina and is widely used for diagnosing and monitoring eye conditions such as age-related macular degeneration and glaucoma. The increasing prevalence of these eye diseases has contributed to the growing demand for OCT devices in the country. Another trend in the market is the rising popularity of refractive surgery procedures, such as LASIK and PRK, for the correction of vision problems. These procedures are gaining traction among customers in Estonia who are looking for long-term solutions to reduce their dependence on glasses or contact lenses. The demand for ophthalmic devices used in refractive surgeries, such as excimer lasers and femtosecond lasers, is consequently increasing.

Local special circumstances: Estonia has a well-developed healthcare system with a focus on providing high-quality and accessible healthcare services to its population. The government has implemented various initiatives to improve eye care services, including the establishment of specialized eye clinics and the introduction of screening programs for early detection of eye diseases. These initiatives have created a favorable environment for the growth of the Ophthalmic Devices market in the country.

Underlying macroeconomic factors: The growing economy of Estonia, coupled with increasing disposable incomes, has contributed to the growth of the Ophthalmic Devices market. As people have more purchasing power, they are willing to invest in advanced eye care solutions to maintain good vision and overall eye health. Additionally, the aging population in Estonia is also driving the demand for ophthalmic devices, as age-related eye conditions become more prevalent. In conclusion, the Ophthalmic Devices market in Estonia is witnessing steady growth due to increasing customer preferences for advanced and innovative eye care solutions. The adoption of advanced technologies, such as OCT, and the rising popularity of refractive surgery procedures are key trends driving the market. The country's well-developed healthcare system and government initiatives to improve eye care services create a favorable environment for market growth. The growing economy and aging population also contribute to the increasing demand for ophthalmic devices in Estonia.

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.