Ophthalmic Devices - LATAM

LATAM

Highlights

The Ophthalmic Devices market market in LATAM is estimated to achieve a revenue of US$3.32bn by 2024.
It is anticipated that the revenue will witness a steady annual growth rate (CAGR 2024-2029) of 5.82%, leading to a market volume of US$4.40bn by 2029.
When compared globally, the United States is projected to generate the highest revenue of US$14.00bn in 2024.
In LATAM, there is a growing demand for advanced ophthalmic devices as the region strives to improve access to quality eye care.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Ophthalmic Devices market in LATAM is experiencing significant growth and development. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors are all contributing to this positive trend. Customer preferences in the LATAM region are driving the demand for ophthalmic devices. With an increasing aging population and a growing awareness of eye health, consumers are seeking innovative and advanced solutions to address their vision needs. There is a strong preference for devices that offer accurate and precise results, as well as those that are comfortable and easy to use. Additionally, affordability is a key consideration for consumers in this region, leading to a demand for cost-effective options. Trends in the market further support the growth of the Ophthalmic Devices market in LATAM. Technological advancements in the field of ophthalmology have led to the development of cutting-edge devices that offer improved diagnosis and treatment options. For example, the introduction of advanced imaging technologies has revolutionized the way eye conditions are diagnosed, leading to earlier detection and more effective treatment. In addition, there is a growing trend towards minimally invasive procedures, which require specialized ophthalmic devices. Local special circumstances also play a role in the development of the Ophthalmic Devices market in LATAM. The region has a high prevalence of eye diseases and conditions, such as cataracts and glaucoma, which require regular monitoring and treatment. This creates a significant demand for ophthalmic devices, as healthcare providers strive to meet the needs of their patients. Furthermore, the region's healthcare infrastructure is expanding, with an increasing number of hospitals and clinics offering specialized ophthalmic services. This creates a favorable environment for the growth of the market. Underlying macroeconomic factors also contribute to the growth of the Ophthalmic Devices market in LATAM. The region is experiencing economic growth, which has led to an increase in disposable income and healthcare spending. As a result, consumers have greater access to healthcare services and are more willing to invest in their eye health. Additionally, government initiatives and policies aimed at improving healthcare access and quality are driving the demand for ophthalmic devices. In conclusion, the Ophthalmic Devices market in LATAM is developing at a rapid pace due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The region's aging population, growing awareness of eye health, and demand for innovative and cost-effective solutions are driving the market growth. Technological advancements, expanding healthcare infrastructure, and favorable macroeconomic conditions further contribute to this positive trend.

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.

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Medical technology industry - statistics & facts

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.