Ophthalmic Devices - Lithuania | Statista Market Forecast

The Ophthalmic Devices market market in Lithuania is anticipated to witness a significant growth in revenue, with projections indicating it to reach US$24.25m by the year 2024.
This growth is expected to continue at a steady pace, with an estimated annual growth rate (CAGR 2024-2029) of 4.66%.
By 2029, the market volume is projected to reach US$30.45m.
When compared to the global market, it is noteworthy that the United States is expected to generate the highest revenue in the Ophthalmic Devices market market, with a staggering US$14.00bn in 2024.
Lithuania's ophthalmic devices market is witnessing a surge in demand for advanced diagnostic tools and surgical instruments.

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 Lithuania is experiencing steady growth due to a combination of customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors.

Customer preferences: In Lithuania, customers are increasingly seeking advanced ophthalmic devices that offer precise and accurate diagnosis and treatment options. They prefer devices that are user-friendly, portable, and provide quick results. Additionally, there is a growing demand for devices that are compatible with digital platforms, enabling seamless integration with electronic health records and telemedicine systems. Customers also prioritize affordability and value for money when choosing ophthalmic devices.

Trends in the market: One of the key trends in the Ophthalmic Devices market in Lithuania is the adoption of advanced imaging technologies. Optical coherence tomography (OCT) devices, for example, have gained significant popularity among ophthalmologists and optometrists. These devices provide high-resolution cross-sectional images of the retina, allowing for early detection and monitoring of various eye conditions. Similarly, the demand for automated perimeters and tonometers is increasing, as they enable efficient and accurate diagnosis of glaucoma and other eye diseases. Another trend in the market is the rising popularity of refractive surgery procedures. With advancements in laser technology, procedures such as LASIK and PRK have become more accessible and affordable. This has led to an increased demand for devices used in refractive surgeries, such as excimer lasers and femtosecond lasers.

Local special circumstances: Lithuania has a well-developed healthcare system that provides universal access to healthcare services. The government has been actively investing in the modernization of healthcare infrastructure, including ophthalmic facilities. This has created a favorable environment for the growth of the Ophthalmic Devices market in the country. Additionally, Lithuania has a high prevalence of eye diseases, such as cataracts and glaucoma, which further drives the demand for ophthalmic devices.

Underlying macroeconomic factors: The overall economic growth in Lithuania has contributed to the development of the Ophthalmic Devices market. Increasing disposable incomes and improving living standards have led to a higher demand for healthcare services, including ophthalmic care. The government's focus on improving healthcare infrastructure and promoting medical tourism has also played a role in the growth of the market. Furthermore, Lithuania's integration into the European Union has facilitated the import and distribution of ophthalmic devices, allowing for a wider range of options for customers. In conclusion, the Ophthalmic Devices market in Lithuania is growing steadily due to customer preferences for advanced and user-friendly devices, trends such as the adoption of advanced imaging technologies and the popularity of refractive surgeries, local special circumstances including a well-developed healthcare system and high prevalence of eye diseases, and underlying macroeconomic factors such as economic growth and government initiatives.

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.