Ophthalmic Devices - Lesotho | Statista Market Forecast

Lesotho's Ophthalmic Devices market market is anticipated to witness a significant increase in revenue, with projections indicating a reach of US$1.44m in 2024.
This growth is expected to continue at a stable pace, with an estimated annual growth rate (CAGR 2024-2029) of 6.77%.
By 2029, the market is predicted to expand further, resulting in a market volume of US$2.00m.
In the global context, it is worth noting that the United States is expected to generate the highest revenue in the Ophthalmic Devices market market.
In 2024, the projected revenue for the United States is estimated to be US$14.00bn.
Lesotho's ophthalmic devices market is poised for growth with an increasing demand for advanced eye care technologies.

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 Lesotho is experiencing steady growth due to increasing customer preferences for advanced eye care solutions and the presence of local special circumstances that drive the demand for ophthalmic devices. Customer preferences in Lesotho are shifting towards more advanced eye care solutions, leading to an increased demand for ophthalmic devices. Customers are becoming more aware of the importance of regular eye check-ups and are seeking advanced diagnostic and treatment options for various eye conditions. This has resulted in a growing demand for ophthalmic devices such as diagnostic equipment, surgical instruments, and vision correction devices. The market trends in Lesotho reflect the global trend of technological advancements in ophthalmic devices. There is a growing demand for devices that offer higher precision, accuracy, and ease of use. Customers in Lesotho are looking for ophthalmic devices that can provide accurate diagnosis and effective treatment options for various eye conditions. This has led to the development and adoption of advanced technologies such as optical coherence tomography (OCT), laser-assisted cataract surgery, and minimally invasive surgical techniques. Local special circumstances in Lesotho contribute to the growth of the ophthalmic devices market. Lesotho has a high prevalence of eye diseases and conditions such as cataract, glaucoma, and refractive errors. This creates a significant demand for ophthalmic devices that can help in the diagnosis and treatment of these conditions. Additionally, the lack of access to specialized eye care services in remote areas of Lesotho further drives the demand for portable and easy-to-use ophthalmic devices that can be used in primary healthcare settings. Underlying macroeconomic factors also play a role in the development of the ophthalmic devices market in Lesotho. The country's healthcare infrastructure has been improving over the years, with increased investment in healthcare facilities and the training of healthcare professionals. This has resulted in better access to eye care services and increased awareness about the importance of regular eye check-ups. Additionally, Lesotho has seen economic growth and an increase in disposable income, which has contributed to the affordability of ophthalmic devices for a larger segment of the population. In conclusion, the Ophthalmic Devices market in Lesotho is growing due to increasing customer preferences for advanced eye care solutions, the adoption of global market trends in ophthalmic devices, local special circumstances that drive the demand for these devices, and underlying macroeconomic factors that support the development of the healthcare sector in the country.

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.