Ophthalmic Devices - Iceland | Statista Market Forecast

In Iceland, the revenue in the Ophthalmic Devices market market is projected to reach US$9.51m in 2024.
Looking ahead, the market is expected to grow at an annual growth rate (CAGR 2024-2029) of 6.22%, leading to a market volume of US$12.86m by 2029.
It is worth noting that in global comparison, the United States is expected to generate the highest revenue in the market, reaching US$14.00bn in 2024.
The ophthalmic devices market in Iceland is experiencing a surge in demand due to the country's aging population and increasing prevalence of eye-related conditions.

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 Iceland has been experiencing steady growth in recent years.

Customer preferences: Customers in Iceland have shown a growing preference for technologically advanced ophthalmic devices. They are increasingly seeking devices that offer improved accuracy, precision, and ease of use. This preference is driven by the desire for better diagnostic and treatment options, as well as the increasing awareness about the importance of eye health. Additionally, there is a growing demand for devices that are compatible with electronic medical records systems, as healthcare providers in Iceland are adopting digital health solutions.

Trends in the market: One of the key trends in the Ophthalmic Devices market in Iceland is the increasing adoption of telemedicine. Telemedicine allows healthcare providers to remotely diagnose and treat eye conditions, reducing the need for in-person visits and improving access to care, especially in remote areas. This trend is driven by advancements in technology, such as high-speed internet and improved video conferencing capabilities. Telemedicine is particularly beneficial in Iceland, where the population is spread out across a large geographical area. Another trend in the market is the growing demand for refractive surgery devices. Refractive surgery, such as LASIK, is becoming increasingly popular among Icelanders who want to correct their vision without relying on glasses or contact lenses. This trend is driven by the desire for convenience and improved quality of life. Additionally, advancements in refractive surgery technology have made the procedure safer and more effective, further contributing to its popularity.

Local special circumstances: Iceland has a high prevalence of certain eye conditions, such as myopia and dry eye syndrome. This has led to a higher demand for ophthalmic devices that can effectively diagnose and treat these conditions. Additionally, the country's aging population is also driving the demand for devices that can address age-related eye conditions, such as cataracts and macular degeneration. The government of Iceland has recognized the importance of addressing these eye health issues and has implemented policies to improve access to ophthalmic devices and services.

Underlying macroeconomic factors: Iceland has a strong healthcare system and a high level of healthcare expenditure per capita. This provides a favorable environment for the growth of the Ophthalmic Devices market. Additionally, the country's stable economy and high disposable income levels contribute to the affordability of ophthalmic devices for the population. The government of Iceland also plays a key role in supporting the market by providing subsidies and incentives for the adoption of advanced ophthalmic devices. In conclusion, the Ophthalmic Devices market in Iceland is experiencing growth due to customer preferences for technologically advanced devices, the adoption of telemedicine, and the demand for refractive surgery devices. The country's high prevalence of certain eye conditions and aging population further contribute to the market growth. The favorable macroeconomic factors, including the strong healthcare system and high healthcare expenditure, support the development 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.