Ophthalmic Devices - New Zealand | Statista Market Forecast

The projected revenue in the Ophthalmic Devices market market in New Zealand is expected to reach US$95.03m in 2024.
This indicates a significant growth potential for the market in the country.
Furthermore, it is estimated that the market will experience a steady annual growth rate (CAGR 2024-2029) of 6.13%.
This growth rate will contribute to a market volume of US$127.90m by 2029.
When comparing the global market, it is noteworthy 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 US$14.00bn.
This highlights the dominance of the United States in terms of market size and potential.
New Zealand's ophthalmic devices market is witnessing a surge in demand due to the country's aging population and increasing prevalence of 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 New Zealand is experiencing steady growth due to several key factors.

Customer preferences: Customers in New Zealand have shown a growing preference for technologically advanced ophthalmic devices. They value products that offer accurate diagnosis and treatment options, as well as those that are user-friendly and comfortable for patients. Additionally, there is an increasing demand for devices that are portable and can be easily used in remote areas or smaller clinics.

Trends in the market: One major trend in the Ophthalmic Devices market in New Zealand is the adoption of telemedicine and remote monitoring solutions. This trend has been accelerated by the COVID-19 pandemic, as it has become more important for healthcare providers to minimize in-person visits and reduce the risk of infection. Telemedicine allows patients to receive ophthalmic care remotely, while remote monitoring solutions enable healthcare professionals to track patients' eye health and provide timely interventions when necessary. Another trend in the market is the increasing use of artificial intelligence (AI) and machine learning (ML) in ophthalmic devices. AI and ML algorithms can analyze large amounts of data and assist in the diagnosis of eye conditions, improving the accuracy and efficiency of ophthalmic care. These technologies also have the potential to automate certain tasks, freeing up healthcare professionals' time for more complex procedures.

Local special circumstances: New Zealand has a relatively small population compared to other countries, which means that the market for ophthalmic devices is not as large. However, the country has a strong healthcare system and a high standard of care, which creates opportunities for innovative ophthalmic device manufacturers. Additionally, New Zealand has a well-established network of eye clinics and hospitals, providing a solid infrastructure for the distribution and use of ophthalmic devices.

Underlying macroeconomic factors: New Zealand has a stable economy with a high level of disposable income, which contributes to the growth of the Ophthalmic Devices market. The government also provides public funding for certain eye care services, making ophthalmic devices more accessible to a wider population. Furthermore, the aging population in New Zealand is driving the demand for ophthalmic devices, as age-related eye conditions become more prevalent. In conclusion, the Ophthalmic Devices market in New Zealand is growing steadily due to customer preferences for technologically advanced devices, the adoption of telemedicine and AI/ML technologies, the country's strong healthcare system, and underlying macroeconomic factors such as a stable economy and an aging population. These factors create a favorable environment for the development and adoption of innovative ophthalmic devices in New Zealand.

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.