Ophthalmic Devices - Ireland | Statista Market Forecast

The Ophthalmic Devices market market in Ireland is forecasted to achieve a revenue of US$89.79m in 2024.
It is anticipated that the revenue will exhibit a compound annual growth rate (CAGR 2024-2029) of 3.52%, leading to a market volume of US$106.70m by 2029.
In terms of global comparison, the United States will generate the highest revenue, amounting to US$14.00bn in 2024.
Ireland's ophthalmic devices market is thriving due to its robust healthcare infrastructure and strong government support for medical technology innovation.

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 Ireland has experienced significant growth in recent years, driven by customer preferences for advanced technology and a growing aging population.

Customer preferences: Customers in Ireland have shown a strong preference for ophthalmic devices that offer advanced technology and improved outcomes. With the increasing prevalence of eye diseases such as cataracts, glaucoma, and age-related macular degeneration, there is a growing demand for innovative devices that can provide early detection, accurate diagnosis, and effective treatment. Customers are willing to invest in high-quality ophthalmic devices that can help improve their vision and overall quality of life.

Trends in the market: One of the key trends in the Ophthalmic Devices market in Ireland is the adoption of minimally invasive surgical procedures. Customers are increasingly opting for procedures such as laser-assisted cataract surgery and minimally invasive glaucoma surgery, which offer faster recovery times, fewer complications, and better visual outcomes. This trend is driven by advancements in technology, such as femtosecond lasers and micro-invasive glaucoma devices, which enable surgeons to perform precise and effective procedures with minimal disruption to the eye. Another trend in the market is the increasing use of telemedicine and remote monitoring in ophthalmology. With the advancements in digital technology, customers can now receive remote consultations, monitor their eye health from home, and even receive treatment through telemedicine platforms. This trend has become particularly relevant in the context of the COVID-19 pandemic, as it allows patients to access ophthalmic care without the need for in-person visits, reducing the risk of exposure to the virus.

Local special circumstances: Ireland has a rapidly aging population, which is driving the demand for ophthalmic devices. As people age, the risk of developing eye diseases increases, leading to a higher demand for ophthalmic devices such as intraocular lenses, retinal implants, and diagnostic devices. Additionally, the Irish government has implemented various initiatives to improve access to ophthalmic care, including the provision of free eye exams for certain age groups. This has further contributed to the growth of the market by increasing awareness and encouraging regular eye check-ups.

Underlying macroeconomic factors: The strong economic growth in Ireland has contributed to the growth of the Ophthalmic Devices market. With a robust healthcare system and increasing disposable income, customers in Ireland have the financial means to invest in high-quality ophthalmic devices. Additionally, the presence of multinational companies and research institutions in Ireland has fostered innovation in the field of ophthalmic devices, leading to the development of advanced technologies and products. In conclusion, the Ophthalmic Devices market in Ireland is experiencing significant growth due to customer preferences for advanced technology, the adoption of minimally invasive procedures, the increasing use of telemedicine, the aging population, and the strong macroeconomic factors. This trend is expected to continue in the coming years as the demand for ophthalmic devices continues to rise.

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.