Ophthalmic Devices - Honduras | Statista Market Forecast

The Ophthalmic Devices market market in Honduras is expected to achieve a revenue of US$14.61m by 2024.
The market is projected to demonstrate an annual growth rate (CAGR 2024-2029) of 8.31%, leading to a market volume of US$21.78m by 2029.
When compared globally, the United States is forecasted to generate the highest revenue of US$14.00bn in 2024.
Honduras is experiencing a growing demand for ophthalmic devices due to an increase in eye diseases and an aging 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 Honduras is experiencing significant growth and development due to several key factors. Customer preferences for advanced and innovative ophthalmic devices, along with local special circumstances and underlying macroeconomic factors, are driving the trends in the market. Customer preferences in Honduras are shifting towards more advanced and innovative ophthalmic devices. With increasing awareness about eye health and the importance of regular eye check-ups, consumers are seeking high-quality and technologically advanced devices to address their vision needs. The demand for devices such as contact lenses, spectacle frames, and intraocular lenses is on the rise as customers look for products that offer improved comfort, durability, and visual acuity. Additionally, there is a growing preference for devices that are aesthetically appealing and customizable to individual preferences. Trends in the market reflect the increasing demand for ophthalmic devices in Honduras. The market is witnessing a surge in the adoption of contact lenses, especially among the younger population. Contact lenses offer convenience and freedom from wearing glasses, making them a popular choice among individuals with active lifestyles. Moreover, advancements in lens materials and design have resulted in improved comfort and breathability, further driving the demand for contact lenses. In addition to contact lenses, there is a growing trend towards the use of specialized ophthalmic devices for the diagnosis and treatment of various eye conditions. This includes devices such as optical coherence tomography (OCT) scanners, which provide detailed images of the eye for accurate diagnosis, and laser systems for refractive surgeries. Local special circumstances in Honduras also contribute to the development of the Ophthalmic Devices market. The country has a large population with a significant proportion of individuals suffering from vision problems. This creates a strong demand for ophthalmic devices and services, driving market growth. Additionally, the government's initiatives to improve healthcare infrastructure and increase accessibility to eye care services have further stimulated the market. The establishment of specialized eye clinics and the availability of affordable ophthalmic devices have made it easier for individuals to seek timely and effective treatment for their vision problems. Underlying macroeconomic factors also play a role in the development of the Ophthalmic Devices market in Honduras. The country's economic growth and rising disposable incomes have increased the affordability of ophthalmic devices for a larger segment of the population. As individuals have more purchasing power, they are able to invest in high-quality ophthalmic devices that offer better vision correction and comfort. Additionally, the presence of a competitive market with both local and international manufacturers has led to a wider range of options for consumers, further driving market growth. In conclusion, the Ophthalmic Devices market in Honduras is experiencing growth and development due to customer preferences for advanced and innovative devices, local special circumstances, and underlying macroeconomic factors. The increasing demand for ophthalmic devices, such as contact lenses and specialized diagnostic tools, reflects the evolving needs of consumers. The government's initiatives to improve healthcare infrastructure and accessibility to eye care services have also contributed to market growth. With a growing population and rising disposable incomes, 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.