Ophthalmic Devices - Jamaica | Statista Market Forecast

The projected revenue in the Ophthalmic Devices market market in Jamaica is estimated to reach US$10.94m in 2024.
This revenue is expected to experience an annual growth rate (CAGR 2024-2029) of 4.77%, leading to a market volume of US$13.81m by 2029.
In comparison to the global market, the majority of revenue will be generated the United States, amounting to US$14.00bn in 2024.
Jamaica's ophthalmic devices market is witnessing a surge in demand due to an aging population and increasing 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 Jamaica is experiencing steady growth due to increasing customer preferences for advanced eye care solutions, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Ophthalmic Devices market in Jamaica are shifting towards advanced technologies and innovative solutions. Customers are increasingly seeking ophthalmic devices that offer improved accuracy, precision, and ease of use. This is driven by the growing awareness about eye health and the desire for better visual outcomes. Additionally, customers are also looking for devices that are cost-effective and provide long-term benefits. These preferences are in line with global trends in the ophthalmic devices market, where there is a strong demand for advanced technologies such as optical coherence tomography (OCT), femtosecond lasers, and advanced intraocular lenses. Trends in the Ophthalmic Devices market in Jamaica are aligned with global market trends. There is a growing adoption of digital technologies and telemedicine solutions in the field of ophthalmology. This allows for remote diagnosis and monitoring of eye conditions, especially in rural areas where access to specialized eye care is limited. Another emerging trend is the increasing use of artificial intelligence (AI) in ophthalmic devices, which enables faster and more accurate diagnosis of eye diseases. These trends are driven by the need to improve efficiency, reduce healthcare costs, and enhance patient outcomes. Local special circumstances in Jamaica also contribute to the development of the Ophthalmic Devices market. The country has a high prevalence of eye diseases such as cataracts, glaucoma, and diabetic retinopathy. This creates a significant demand for ophthalmic devices and services. Additionally, Jamaica has a growing elderly population, which is more prone to age-related eye conditions. This demographic factor further fuels the demand for ophthalmic devices in the country. Underlying macroeconomic factors also play a role in the growth of the Ophthalmic Devices market in Jamaica. The country has been experiencing steady economic growth, which has led to an increase in disposable income and healthcare spending. This allows individuals to invest in better eye care solutions and drives the demand for ophthalmic devices. Furthermore, the government of Jamaica has been focusing on improving healthcare infrastructure and expanding access to specialized eye care services. This supportive regulatory environment contributes to the growth of the Ophthalmic Devices market. In conclusion, the Ophthalmic Devices market in Jamaica is developing due to customer preferences for advanced eye care solutions, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. As customers increasingly seek advanced technologies, the market is witnessing a shift towards digital solutions and AI-enabled devices. The high prevalence of eye diseases and the growing elderly population in Jamaica create a significant demand for ophthalmic devices. Additionally, the country's steady economic growth and supportive regulatory environment contribute to the market's development.

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.