Market Insights Health Medical Technology Medical Devices

Ophthalmic Devices - Hong Kong

Hong Kong

The projected revenue for the Ophthalmic Devices market market in Hong Kong is estimated to reach US$59.30m by 2024.
It is expected that the revenue will experience an annual growth rate (CAGR 2024-2029) of 6.43%, resulting in a market volume of US$80.98m by 2029.
When compared globally, the United States is anticipated to generate the highest revenue of US$14,000.00m in 2024.
Hong Kong is experiencing a surge in demand for advanced ophthalmic devices, driven by its aging population and high prevalence of eye diseases.

Key regions: Germany, Italy, France, Japan, United Kingdom

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Analyst Opinion

The Ophthalmic Devices market in Hong Kong is experiencing steady growth due to increasing customer preferences for advanced eye care solutions.

Customer preferences: Customers in Hong Kong are increasingly seeking advanced ophthalmic devices to address their eye care needs. This includes a growing demand for innovative contact lenses, spectacles, and surgical devices. The preference for these advanced devices is driven by the desire for improved visual clarity, comfort, and convenience. Additionally, customers are becoming more aware of the importance of regular eye examinations and are willing to invest in devices that can help diagnose and treat various eye conditions.

Trends in the market: One of the key trends in the Ophthalmic Devices market in Hong Kong is the rising popularity of contact lenses. Contact lenses offer a range of benefits such as improved peripheral vision, reduced distortion, and enhanced comfort. As a result, customers are increasingly opting for contact lenses over traditional spectacles. Furthermore, advancements in contact lens technology, such as the development of silicone hydrogel lenses, have further fueled the demand for contact lenses in the market. Another trend in the market is the growing adoption of surgical devices for various eye conditions. Hong Kong has a well-developed healthcare infrastructure, and customers have access to advanced surgical procedures for conditions such as cataracts, glaucoma, and refractive errors. This has led to an increased demand for surgical devices such as intraocular lenses, laser systems, and surgical instruments.

Local special circumstances: Hong Kong has a high prevalence of myopia, or nearsightedness, among its population. This has created a significant market for corrective eyewear such as spectacles and contact lenses. The high myopia rate can be attributed to factors such as prolonged near work, limited outdoor activities, and genetic predisposition. As a result, customers in Hong Kong have a higher demand for ophthalmic devices compared to other regions.

Underlying macroeconomic factors: Hong Kong has a strong economy and a high standard of living, which has contributed to the growth of the Ophthalmic Devices market. The increasing disposable income of customers has allowed them to invest in high-quality eye care solutions. Additionally, the government of Hong Kong has implemented various initiatives to promote eye health and raise awareness about the importance of regular eye examinations. These factors have created a favorable environment for the growth of the Ophthalmic Devices market in Hong Kong. In conclusion, the Ophthalmic Devices market in Hong Kong is witnessing steady growth driven by customer preferences for advanced eye care solutions. The increasing demand for contact lenses and surgical devices, coupled with the high prevalence of myopia, has contributed to the expansion of the market. Additionally, the strong economy and government initiatives have created a favorable environment for the growth of the market in Hong Kong.

Methodology

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.