Ophthalmic Devices - GCC

GCC

Highlights

The Ophthalmic Devices market market in the Gulf Cooperation Council (in Gulf Cooperation Council (GCC)) is anticipated to achieve a revenue of US$971.80m by 2024.
This projection indicates a promising growth potential for the region's Ophthalmic Devices market industry.
Furthermore, it is estimated that the market will experience a steady annual growth rate (CAGR 2024-2029) of 6.36%, leading to a market volume of US$1.32bn by 2029.
These numbers highlight the positive trajectory and market opportunities for Ophthalmic Devices market in the in Gulf Cooperation Council (GCC).
When compared globally, it is noteworthy that the United States is predicted to generate the highest revenue in the Ophthalmic Devices market market in 2024, with an estimated amount of US$14.00bn.
This emphasizes the significant market presence and dominance of the United States in the Ophthalmic Devices market industry.
In the GCC, the demand for advanced ophthalmic devices is rising rapidly due to the prevalence of eye-related disorders and the region's focus on improving healthcare infrastructure.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Ophthalmic Devices market in GCC is experiencing significant growth due to several factors. Customer preferences for advanced technology and increasing prevalence of eye disorders are driving the demand for ophthalmic devices in the region. Additionally, local special circumstances and underlying macroeconomic factors are contributing to the development of the market. Customer preferences in the GCC region are shifting towards advanced technology in ophthalmic devices. Patients are increasingly seeking innovative and efficient solutions for their eye-related problems. This has led to a growing demand for devices such as optical coherence tomography (OCT) machines, which provide high-resolution images of the eye and aid in the diagnosis of various eye conditions. In addition, there is a rising demand for contact lenses and intraocular lenses (IOLs) that offer improved vision correction and comfort. The preference for advanced technology is driving manufacturers to develop new and innovative ophthalmic devices to cater to the evolving needs of customers in the region. The prevalence of eye disorders in the GCC region is another key driver of the Ophthalmic Devices market. With an aging population and changing lifestyle patterns, the incidence of eye diseases such as cataract, glaucoma, and age-related macular degeneration is increasing. This has created a significant demand for ophthalmic devices that aid in the diagnosis, treatment, and management of these conditions. The growing awareness about the importance of regular eye check-ups and early detection of eye diseases is also contributing to the market growth. Trends in the Ophthalmic Devices market in the GCC region include the increasing adoption of minimally invasive surgical procedures. Patients are opting for procedures such as laser eye surgeries and minimally invasive glaucoma surgeries, which offer faster recovery times and fewer complications. This trend is driving the demand for ophthalmic devices such as laser systems and surgical instruments that are used in these procedures. Additionally, there is a growing trend towards personalized medicine in ophthalmology, with the development of customized ophthalmic devices that cater to the unique needs of individual patients. Local special circumstances in the GCC region, such as the high prevalence of diabetes and the hot climate, also contribute to the development of the Ophthalmic Devices market. Diabetes is a major risk factor for eye diseases such as diabetic retinopathy, and the high prevalence of diabetes in the region has led to an increased demand for ophthalmic devices for the diagnosis and management of this condition. The hot climate in the GCC region also increases the risk of dry eye syndrome, leading to a higher demand for devices such as artificial tears and ocular lubricants. Underlying macroeconomic factors such as increasing healthcare expenditure and government initiatives to improve healthcare infrastructure are driving the growth of the Ophthalmic Devices market in the GCC region. Governments in the region are investing in the development of healthcare facilities and promoting medical tourism, which is expected to boost the demand for ophthalmic devices. Additionally, the growing disposable income and changing lifestyle patterns of the population are contributing to the market growth. In conclusion, the Ophthalmic Devices market in the GCC region is experiencing significant growth due to customer preferences for advanced technology, increasing prevalence of eye disorders, local special circumstances, and underlying macroeconomic factors. The market is expected to continue growing as manufacturers develop new and innovative ophthalmic devices to cater to the evolving needs of customers in the region.

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.