Ophthalmic Devices - Malaysia | Statista Market Forecast

The Ophthalmic Devices market market in Malaysia is estimated to achieve a revenue of US$288.20m by the year 2024.
It is predicted to experience a steady annual growth rate of 7.64% from 2024 to 2029, ultimately leading to a market volume of US$416.40m by 2029.
In terms of global comparison, the United States is expected to generate the highest revenue in the Ophthalmic Devices market market, reaching US$14.00bn in 2024.
Malaysia's growing aging population and increasing prevalence of eye diseases are driving demand for advanced ophthalmic devices in the country.

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 Malaysia is experiencing significant growth and development.

Customer preferences: Customers in Malaysia are increasingly seeking advanced and innovative ophthalmic devices to address various eye conditions. There is a growing demand for devices that offer improved accuracy, precision, and reliability in diagnosing and treating eye disorders. Additionally, customers are placing greater emphasis on comfort and convenience, leading to a rise in the adoption of contact lenses and other wearable devices.

Trends in the market: One of the key trends in the Ophthalmic Devices market in Malaysia is the increasing prevalence of eye diseases and vision impairments. This trend is driven by factors such as the aging population, changing lifestyle habits, and the rising prevalence of chronic diseases like diabetes. As a result, there is a growing need for ophthalmic devices that can effectively diagnose and manage these conditions. Another trend in the market is the adoption of digital technologies in ophthalmic devices. Digital imaging systems, electronic health records, and telemedicine platforms are being integrated into ophthalmic devices to enhance the efficiency and accuracy of diagnosis and treatment. This trend is driven by the increasing availability of high-speed internet and the growing acceptance of telemedicine services.

Local special circumstances: In Malaysia, there is a strong focus on healthcare infrastructure development and improving access to quality healthcare services, including ophthalmic care. The government has implemented various initiatives to enhance the delivery of eye care services, such as the establishment of specialized eye hospitals and the deployment of mobile eye clinics in rural areas. These efforts are aimed at addressing the disparities in access to ophthalmic care between urban and rural areas.

Underlying macroeconomic factors: The strong economic growth in Malaysia has contributed to the development of the Ophthalmic Devices market. As disposable incomes rise, individuals are more willing to invest in their health, including eye care. Furthermore, the government's commitment to promoting medical tourism has attracted international patients seeking ophthalmic treatments and surgeries in Malaysia. This influx of medical tourists has created opportunities for the growth of the ophthalmic devices market. In conclusion, the Ophthalmic Devices market in Malaysia is witnessing significant growth and development due to customer preferences for advanced and innovative devices, the increasing prevalence of eye diseases, the adoption of digital technologies, local special circumstances such as healthcare infrastructure development, and underlying macroeconomic factors such as strong economic growth and medical tourism. These factors are driving the demand for ophthalmic devices and shaping the market landscape in Malaysia.

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.