Ophthalmic Devices - Guatemala | Statista Market Forecast

The projected revenue in the Ophthalmic Devices market market in Guatemala is expected to reach US$37.28m in 2024.
This indicates a positive growth trend in the market.
The revenue is projected to continue growing at an annual growth rate of 7.03% from 2024 to 2029.
By 2029, the market is estimated to reach a volume of US$52.34m.
When compared to other countries, the United States is expected to generate the highest revenue in the global market.
In 2024, the United States is projected to generate US$14.00bn in revenue.
This demonstrates the dominant position of the United States in the Ophthalmic Devices market market.
The demand for ophthalmic devices in Guatemala is expected to grow rapidly due to an aging population and increasing prevalence of eye diseases.

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 Guatemala has been experiencing significant growth in recent years.

Customer preferences: Guatemalan consumers have shown a growing preference for high-quality and technologically advanced ophthalmic devices. They are willing to invest in devices that offer superior performance and durability. Additionally, there is an increasing demand for devices that are comfortable to wear and easy to use, as well as those that offer a wide range of customization options to suit individual needs.

Trends in the market: One of the key trends in the Ophthalmic Devices market in Guatemala is the rising adoption of contact lenses. Contact lenses provide a convenient and comfortable alternative to traditional eyeglasses. They offer better vision correction and are particularly popular among younger consumers who value aesthetics and freedom of movement. The market has witnessed a significant increase in the availability and variety of contact lenses, including daily disposable lenses, colored lenses, and specialty lenses for specific eye conditions. Another trend in the market is the growing demand for surgical ophthalmic devices. Guatemala has seen an increase in the number of eye surgeries being performed, including cataract surgeries and refractive surgeries such as LASIK. This has led to a higher demand for surgical instruments and equipment used in these procedures. The market is witnessing the introduction of advanced surgical devices that offer improved precision and safety, leading to better surgical outcomes.

Local special circumstances: Guatemala has a large population with a high prevalence of vision problems, including refractive errors and cataracts. This has created a significant demand for ophthalmic devices in the country. Additionally, the government has been actively promoting eye health and providing access to affordable eye care services, which has further contributed to the growth of the market.

Underlying macroeconomic factors: The economic growth in Guatemala has led to an increase in disposable income levels, allowing consumers to spend more on healthcare and eye care services. This has positively impacted the Ophthalmic Devices market, as consumers are more willing to invest in high-quality devices to improve their vision and overall eye health. Moreover, the government's focus on improving healthcare infrastructure and increasing access to eye care services has also played a role in driving the market growth. In conclusion, the Ophthalmic Devices market in Guatemala is experiencing growth due to customer preferences for high-quality and technologically advanced devices, the rising adoption of contact lenses, and the increasing demand for surgical ophthalmic devices. The local special circumstances, including a high prevalence of vision problems and government initiatives to promote eye health, have further contributed to the market's development. The underlying macroeconomic factors, such as economic growth and increased disposable income levels, have also played a significant role in driving the market growth. Overall, the future of the Ophthalmic Devices market in Guatemala looks promising, with continued growth expected 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.