Ophthalmic Devices - Papua New Guinea

The revenue of the Ophthalmic Devices market market in Papua New Guinea is estimated to reach US$4.37m in 2024.
It is expected to experience an annual growth rate (CAGR 2024-2029) of 4.11%, leading to a market volume of US$5.35m by 2029.
When compared globally, the United States is projected to generate the highest revenue in this market, amounting to US$14.00bn in 2024.
Despite advancements in ophthalmic devices globally, Papua New Guinea lags behind in access to modern eye care technology.

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 Papua New Guinea is experiencing steady growth due to increasing customer preferences for advanced eye care solutions and the country's unique local circumstances.

Customer preferences: Customers in Papua New Guinea are increasingly seeking advanced ophthalmic devices to address various eye care needs. This includes a growing demand for high-quality contact lenses, eyeglasses, and surgical instruments. The preference for these devices is driven by the desire for improved vision and overall eye health. Additionally, customers are increasingly aware of the latest technological advancements in ophthalmic devices, leading to a higher demand for innovative products that offer enhanced comfort, durability, and performance.

Trends in the market: One of the key trends in the Ophthalmic Devices market in Papua New Guinea is the rising popularity of contact lenses. Customers are increasingly opting for contact lenses as a convenient and comfortable alternative to traditional eyeglasses. This trend is driven by factors such as increased awareness about the benefits of contact lenses, advancements in lens materials and designs, and the growing acceptance of contact lenses as a fashion accessory. Additionally, there is a growing trend of customers opting for customized contact lenses to address specific vision correction needs. Another trend in the market is the increasing adoption of advanced surgical instruments for eye surgeries. As the healthcare infrastructure in Papua New Guinea continues to improve, there is a growing demand for ophthalmic surgical procedures. This has led to an increased demand for advanced surgical instruments such as microscopes, phacoemulsification systems, and vitrectomy machines. The trend towards advanced surgical instruments is driven by the need for precise and minimally invasive procedures, resulting in faster recovery times and improved patient outcomes.

Local special circumstances: Papua New Guinea is a country with a diverse population and a unique set of challenges. The country's geographical terrain and limited access to healthcare facilities in remote areas pose challenges for the distribution and availability of ophthalmic devices. However, the government and various non-profit organizations are working towards improving healthcare infrastructure and accessibility in these areas, which is expected to drive the demand for ophthalmic devices.

Underlying macroeconomic factors: The growing economy of Papua New Guinea, coupled with increasing disposable incomes, is contributing to the growth of the Ophthalmic Devices market. As individuals have more purchasing power, they are able to invest in high-quality eye care solutions. Additionally, the government's focus on improving healthcare services and infrastructure is creating a favorable environment for the growth of the Ophthalmic Devices market. In conclusion, the Ophthalmic Devices market in Papua New Guinea is witnessing steady growth due to increasing customer preferences for advanced eye care solutions, such as contact lenses and surgical instruments. The country's unique local circumstances, including the need for improved healthcare infrastructure in remote areas, are also driving the demand for ophthalmic devices. The underlying macroeconomic factors, such as the growing economy and increasing disposable incomes, further contribute to the market's growth.

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.