Ophthalmic Devices - Singapore | Statista Market Forecast

The Ophthalmic Devices market market in Singapore is forecasted to achieve a revenue of US$84.47m in the year 2024.
It is expected that the revenue will experience a compound annual growth rate (CAGR 2024-2029) of 8.96%.
This growth will lead to a market volume of US$129.70m in Singapore by 2029.
In comparison to other countries worldwide, the United States is projected to generate the highest revenue in the Ophthalmic Devices market market, reaching an impressive US$14.00bn in 2024.
Singapore is witnessing a surge in demand for advanced ophthalmic devices, driven by the country's high standard of healthcare and growing elderly population.

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 Singapore is experiencing significant growth and development.

Customer preferences: Customers in Singapore are increasingly seeking advanced and innovative ophthalmic devices to address their eye health needs. They prioritize products that offer accurate and reliable diagnosis, as well as effective treatment options. Additionally, there is a growing demand for ophthalmic devices that are user-friendly and comfortable to use, ensuring a positive patient experience.

Trends in the market: One of the key trends in the Singaporean Ophthalmic Devices market is the adoption of advanced imaging technologies. Optical coherence tomography (OCT) devices, for example, are gaining popularity due to their ability to provide detailed cross-sectional images of the retina. This technology allows for early detection and monitoring of various eye conditions, leading to better patient outcomes. Additionally, there is an increasing demand for minimally invasive surgical devices, such as laser systems, which offer precise and efficient procedures with minimal discomfort for patients.

Local special circumstances: Singapore has a well-developed healthcare infrastructure and is known for its high standards of medical care. This has created a favorable environment for the growth of the Ophthalmic Devices market. The country also has a large aging population, which is more prone to eye-related conditions such as cataracts and age-related macular degeneration. This demographic factor contributes to the increasing demand for ophthalmic devices in Singapore.

Underlying macroeconomic factors: Singapore has a strong economy and high per capita income, which enables its residents to afford quality healthcare services and products. The government of Singapore also places a strong emphasis on healthcare and has implemented various initiatives to improve access to medical services. This supportive regulatory environment and healthcare infrastructure contribute to the growth of the Ophthalmic Devices market in Singapore. In conclusion, the Ophthalmic Devices market in Singapore is experiencing growth and development due to customer preferences for advanced and innovative products, the adoption of advanced imaging technologies, the favorable healthcare infrastructure, and the strong macroeconomic factors. This market is expected to continue to expand as the demand for quality eye care services and products increases in Singapore.

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.