Ophthalmic Devices - Nigeria | Statista Market Forecast

The projected revenue in the Ophthalmic Devices market market in Nigeria is expected to reach US$49.02m in 2024.
It is anticipated that there will be a steady annual growth rate (CAGR 2024-2029) of 10.79%, leading to a market volume of US$81.81m by 2029.
When compared globally, the United States is projected to generate the highest revenue of US$14.00bn in 2024.
Nigeria's ophthalmic devices market is experiencing a surge in demand due to the country's increasing prevalence of eye-related 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 Nigeria is experiencing significant growth and development.

Customer preferences: Customers in Nigeria are increasingly demanding high-quality and advanced ophthalmic devices. They are seeking products that offer accurate diagnosis and effective treatment options for various eye conditions. Additionally, there is a growing preference for devices that are easy to use and maintain, as well as those that provide efficient and cost-effective solutions.

Trends in the market: One of the key trends in the Nigerian Ophthalmic Devices market is the increasing adoption of advanced imaging technologies. This includes devices such as optical coherence tomography (OCT) and fundus cameras, which enable detailed and precise examination of the eye. These technologies are being widely used for diagnosing and monitoring conditions such as glaucoma, diabetic retinopathy, and age-related macular degeneration. Another trend in the market is the rising demand for refractive surgery devices. With an increasing number of people seeking vision correction procedures, devices such as excimer lasers and intraocular lenses are in high demand. The availability of these devices has made it easier for individuals to undergo procedures such as LASIK and cataract surgery, resulting in improved vision outcomes.

Local special circumstances: Nigeria has a large population with a high prevalence of eye diseases and conditions. This, coupled with a lack of access to quality eye care services in many parts of the country, has created a significant demand for ophthalmic devices. The government and various non-profit organizations are working towards improving access to eye care services and increasing awareness about eye health, which is further driving the demand for ophthalmic devices.

Underlying macroeconomic factors: The Nigerian economy has been growing steadily in recent years, leading to an increase in disposable income among the population. This has resulted in a higher affordability for healthcare services, including eye care. Additionally, the government has been investing in the healthcare sector, including the expansion of healthcare infrastructure and the improvement of medical facilities. These factors have contributed to the growth of the ophthalmic devices market in Nigeria. In conclusion, the Ophthalmic Devices market in Nigeria is witnessing significant growth due to the increasing demand for high-quality and advanced devices. The adoption of advanced imaging technologies and the rising demand for refractive surgery devices are key trends driving the market. The large population, high prevalence of eye diseases, and efforts to improve access to eye care services are local special circumstances that are contributing to the growth of the market. The overall economic growth and government investments in the healthcare sector are underlying macroeconomic factors that are supporting 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.