Ophthalmic Devices - Namibia | Statista Market Forecast

The Ophthalmic Devices market market in Namibia is anticipated to achieve a revenue of NAD US$8.75m by 2024.
This projection indicates a positive annual growth rate (CAGR 2024-2029) of 4.66%, leading to a market volume of NAD US$10.99m by 2029.
When compared globally, the United States is expected to generate the highest revenue in this market, with an estimated amount of US$14.00bn in 2024.
Namibia's ophthalmic devices market is rapidly growing due to the increasing demand for eye care services 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 Namibia is experiencing steady growth due to increasing customer preferences for advanced eye care solutions.

Customer preferences: Customers in Namibia are increasingly seeking high-quality eye care products and services to address various vision-related issues. With the rising prevalence of eye diseases and disorders, there is a growing demand for ophthalmic devices that can provide accurate diagnoses and effective treatment options. Customers are also showing a preference for technologically advanced devices that offer enhanced precision and comfort during eye examinations and surgeries. Additionally, there is a growing awareness among customers about the importance of regular eye check-ups, leading to increased demand for ophthalmic devices in Namibia.

Trends in the market: One of the key trends in the Ophthalmic Devices market in Namibia is the adoption of advanced imaging technologies. Optical coherence tomography (OCT) devices, for example, are gaining popularity among eye care professionals due to their ability to provide detailed cross-sectional images of the eye. This technology enables early detection and diagnosis of various eye conditions, leading to better treatment outcomes. Another trend in the market is the increasing use of minimally invasive surgical techniques. Customers are opting for procedures such as laser eye surgery and micro-incision cataract surgery, which offer faster recovery times and minimal scarring. This trend is driving the demand for ophthalmic devices that support these advanced surgical techniques.

Local special circumstances: Namibia has a relatively small population compared to other countries, which can limit the size of the Ophthalmic Devices market. However, the country has a growing middle class with increasing disposable income, which is contributing to the demand for high-quality eye care products and services. Additionally, Namibia has a high prevalence of certain eye conditions, such as cataracts and glaucoma, which further drives the need for ophthalmic devices.

Underlying macroeconomic factors: The overall economic development of Namibia plays a significant role in the growth of the Ophthalmic Devices market. As the country continues to develop and improve its healthcare infrastructure, there is an increasing focus on eye care services. Government initiatives to enhance healthcare facilities and increase accessibility to eye care services are also contributing to the growth of the market. Furthermore, the presence of international ophthalmic device manufacturers in Namibia is boosting the availability and affordability of these devices in the market. In conclusion, the Ophthalmic Devices market in Namibia is witnessing growth due to increasing customer preferences for advanced eye care solutions. The adoption of advanced imaging technologies and minimally invasive surgical techniques are key trends in the market. The local special circumstances, such as the growing middle class and the high prevalence of eye conditions, are driving the demand for ophthalmic devices. The overall economic development and government initiatives to improve healthcare facilities are also contributing to the growth 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.