Ophthalmic Devices - Portugal | Statista Market Forecast

The Ophthalmic Devices market market in Portugal is expected to achieve a revenue of US$183.90m by 2024.
This projection indicates a positive trend in the market's growth.
Furthermore, it is projected that the market will witness an annual growth rate (CAGR 2024-2029) of 4.84%, leading to a substantial increase in market volume, which is estimated to reach US$232.80m by 2029.
When comparing in Portugal's revenue to other countries on a global scale, it is noteworthy that the United States is projected to generate the highest revenue in the Ophthalmic Devices market market, amounting to a staggering US$14.00bn in 2024.
This highlights the dominant position of the United States in this market.
Portugal's ophthalmic devices market is experiencing a surge in demand for advanced diagnostic and surgical equipment.

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 Portugal is experiencing steady growth due to several factors.

Customer preferences: Customers in Portugal have shown a growing preference for technologically advanced ophthalmic devices. This can be attributed to the increasing awareness and understanding of the benefits of these devices, such as improved accuracy and efficiency in diagnosing and treating eye conditions. Additionally, customers are seeking devices that are comfortable to use and offer a high level of convenience.

Trends in the market: One of the key trends in the Ophthalmic Devices market in Portugal is the rising demand for refractive surgery devices. With an increasing number of people opting for corrective eye surgeries such as LASIK, there is a growing need for devices that can accurately measure and correct refractive errors. This trend is driven by the desire for improved vision without the need for glasses or contact lenses. Another trend in the market is the growing adoption of digital imaging devices for the diagnosis and monitoring of eye conditions. These devices allow for detailed and accurate imaging of the eye, enabling healthcare professionals to detect and track changes in eye health over time. This trend is fueled by advancements in imaging technology and the increasing availability of digital imaging devices in the market.

Local special circumstances: Portugal has a rapidly aging population, which is contributing to the growth of the Ophthalmic Devices market. As people age, the risk of developing age-related eye conditions such as cataracts and macular degeneration increases. This has led to a higher demand for ophthalmic devices that can diagnose and treat these conditions effectively. Additionally, the government of Portugal has implemented policies to improve access to eye care services, further driving the demand for ophthalmic devices.

Underlying macroeconomic factors: The economic stability and growth in Portugal have played a significant role in the development of the Ophthalmic Devices market. A stable economy provides consumers with the confidence and financial means to invest in healthcare and medical devices. Additionally, advancements in technology and research have contributed to the development of innovative ophthalmic devices, further fueling market growth. In conclusion, the Ophthalmic Devices market in Portugal is experiencing steady growth due to customer preferences for technologically advanced devices, such as refractive surgery devices and digital imaging devices. The country's aging population and government initiatives to improve access to eye care services are also contributing to market growth. The stable economy and advancements in technology are underlying macroeconomic factors that are 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.