Ophthalmic Devices - NAFTA | Statista Market Forecast

The projected revenue in the Ophthalmic Devices market market in the North American Free Trade Agreement (in North American Free Trade Agreement (NAFTA)) is expected to reach US$15.54bn in 2024.
This market is poised to exhibit an annual growth rate (CAGR 2024-2029) of 5.00%, leading to a market volume of US$19.84bn by 2029.
When compared globally, the United States will generate the highest revenue, with US$14.00bn in 2024.
In the NAFTA countries, there is a growing demand for advanced ophthalmic devices due to the increasing prevalence of age-related 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 NAFTA continues to experience steady growth, driven by customer preferences for advanced technology and increasing prevalence of eye disorders.

Customer preferences: Customers in the NAFTA region are increasingly demanding technologically advanced ophthalmic devices that offer improved accuracy, efficiency, and patient comfort. They are willing to invest in devices that provide better diagnostic capabilities and treatment outcomes. Additionally, there is a growing demand for minimally invasive surgical procedures and devices that reduce recovery time and offer better patient experience.

Trends in the market: One of the key trends in the NAFTA ophthalmic devices market is the increasing adoption of laser technology for vision correction procedures. Laser-assisted in situ keratomileusis (LASIK) and photorefractive keratectomy (PRK) are gaining popularity among patients seeking permanent vision correction. These procedures offer quick recovery and high success rates, attracting a large number of customers. Another trend observed in the market is the rising prevalence of age-related eye disorders, such as cataracts and glaucoma. The aging population in the NAFTA region is driving the demand for ophthalmic devices used in the diagnosis and treatment of these conditions. As the number of elderly individuals continues to grow, the market for ophthalmic devices is expected to expand further.

Local special circumstances: The NAFTA region consists of three countries - the United States, Canada, and Mexico - each with its own unique healthcare system and regulations. In the United States, the market for ophthalmic devices is highly regulated by the Food and Drug Administration (FDA), ensuring the safety and efficacy of these devices. In Canada, the market is regulated by Health Canada, while in Mexico, the Federal Commission for the Protection against Sanitary Risk (COFEPRIS) oversees the registration and approval of ophthalmic devices. These regulatory bodies play a crucial role in shaping the market dynamics and ensuring the quality of ophthalmic devices available in the region.

Underlying macroeconomic factors: The growing economy in the NAFTA region is contributing to the development of the ophthalmic devices market. With increasing disposable income and improved healthcare infrastructure, more individuals can afford and access ophthalmic devices and treatments. Additionally, advancements in technology and research and development efforts have led to the introduction of innovative ophthalmic devices, further driving market growth. In conclusion, the ophthalmic devices market in NAFTA is witnessing steady growth due to customer preferences for advanced technology and the increasing prevalence of eye disorders. The adoption of laser technology for vision correction procedures and the rising prevalence of age-related eye disorders are key trends in the market. The unique healthcare systems and regulatory frameworks in each NAFTA country also play a significant role in shaping the market dynamics. The growing economy and advancements in technology are underlying macroeconomic factors driving the development of the market.

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.