Ophthalmic Devices - Guinea | Statista Market Forecast

The Ophthalmic Devices market market in Guinea is expected to generate revenue of US$2.67m in 2024.
It is projected to experience a compound annual growth rate (CAGR 2024-2029) of 6.94%, leading to a market volume of US$3.74m by 2029.
When compared globally, the United States is anticipated to generate the highest revenue in this market, with US$14.00bn in 2024.
The demand for ophthalmic devices in Guinea is steadily increasing due to the rising 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 Guinea is experiencing steady growth due to increasing customer preferences for advanced eye care and treatment options.

Customer preferences: Customers in Guinea are increasingly seeking advanced ophthalmic devices and treatments to address various eye conditions and improve visual health. There is a growing demand for diagnostic devices such as optical coherence tomography (OCT) and fundus cameras, which enable early detection and accurate diagnosis of eye diseases. Additionally, there is a rising preference for minimally invasive surgical procedures, such as laser-assisted cataract surgery and refractive surgeries, which offer quicker recovery times and better outcomes.

Trends in the market: One of the key trends in the Ophthalmic Devices market in Guinea is the adoption of teleophthalmology. This technology allows remote diagnosis and treatment of eye conditions, particularly in rural areas where access to specialized eye care is limited. Teleophthalmology enables ophthalmologists to provide consultations and monitor patients' eye health through digital platforms, reducing the need for physical visits to clinics or hospitals. This trend is driven by advancements in telecommunication infrastructure and the increasing availability of smartphones and internet connectivity in the country. Another trend in the market is the growing focus on preventive eye care. With a greater awareness of the importance of maintaining good eye health, customers in Guinea are seeking regular eye examinations and early intervention to prevent or manage eye conditions. This has led to an increased demand for devices such as tonometers for measuring intraocular pressure and pachymeters for assessing corneal thickness, which are crucial in the early detection of glaucoma and other eye diseases.

Local special circumstances: Guinea, like many other developing countries, faces challenges in terms of healthcare infrastructure and accessibility. The distribution of ophthalmic devices and specialized eye care services is concentrated in urban areas, leaving rural communities with limited access to eye care. This has prompted the government and non-governmental organizations to focus on expanding healthcare services to underserved regions, including eye care. Initiatives such as mobile eye clinics and outreach programs have been implemented to reach remote areas and provide basic eye care services.

Underlying macroeconomic factors: The economic growth in Guinea has contributed to the increasing demand for ophthalmic devices. As the country's economy improves, individuals have more disposable income to spend on healthcare, including eye care. This has led to an increased affordability of ophthalmic devices and treatments, driving market growth. Additionally, the government's focus on improving healthcare infrastructure and services has created a conducive environment for the development of the Ophthalmic Devices market. Investments in healthcare facilities, training of healthcare professionals, and the implementation of health insurance schemes have further fueled the growth of the market.

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.