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Ophthalmic Devices - South America

South America

The Ophthalmic Devices market market in South America is predicted to achieve a revenue of US$2.07bn by the year 2024.
It is projected that the revenue will experience an annual growth rate of 6.15% from 2024 to 2029 (CAGR 2024-2029), leading to a market volume of US$2.79bn by 2029.
In comparison to the global market, the United States is expected to generate the highest revenue of US$14,000.00m in 2024.
In South America, the ophthalmic devices market is experiencing steady growth due to increasing healthcare investments and a growing aging population.

Key regions: Germany, Italy, France, Japan, United Kingdom

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Analyst Opinion

The Ophthalmic Devices market in South America is experiencing steady growth due to several factors.

Customer preferences: Customers in South America have a growing demand for ophthalmic devices, driven by an increasing awareness of eye health and the importance of regular eye check-ups. With the rising prevalence of eye diseases such as cataracts, glaucoma, and age-related macular degeneration, there is a greater need for advanced ophthalmic devices that can aid in diagnosis, treatment, and monitoring of these conditions. Additionally, the region's aging population is also contributing to the demand for ophthalmic devices, as older individuals are more prone to vision problems and require specialized care.

Trends in the market: One notable trend in the South American market is the increasing adoption of advanced ophthalmic surgical devices. Surgeons are now opting for minimally invasive procedures, such as laser-assisted cataract surgery and refractive surgery, which require the use of sophisticated ophthalmic devices. These devices offer improved precision, accuracy, and faster recovery times for patients. The demand for these advanced surgical devices is expected to continue growing as more healthcare providers invest in upgrading their facilities and offering the latest treatment options. Another trend in the market is the rising popularity of contact lenses. South American consumers are increasingly opting for contact lenses as a convenient and comfortable alternative to traditional eyeglasses. Contact lenses offer better visual acuity, a wider field of view, and can be worn during various activities, making them a preferred choice for many individuals. The demand for contact lenses is further fueled by the growing fashion-consciousness among consumers, who see them as a style statement.

Local special circumstances: One of the key special circumstances in the South American market is the presence of a large rural population with limited access to eye care facilities. This presents both challenges and opportunities for the ophthalmic devices market. On one hand, the lack of infrastructure and resources in rural areas hinders the adoption of advanced ophthalmic devices. On the other hand, there is a significant untapped market in these areas, which can be targeted through innovative solutions such as telemedicine and mobile eye clinics. Companies that can effectively cater to the unique needs of the rural population have the potential to gain a competitive edge in the South American market.

Underlying macroeconomic factors: The overall economic growth in South America, coupled with increasing healthcare expenditure, is driving the growth of the ophthalmic devices market. As countries in the region experience economic development, there is a greater focus on improving healthcare infrastructure and accessibility. This includes investments in ophthalmic clinics, hospitals, and specialized eye care centers, which in turn boost the demand for ophthalmic devices. Additionally, favorable government policies and initiatives aimed at promoting eye health and providing affordable healthcare services further contribute to the market growth. In conclusion, the Ophthalmic Devices market in South America is witnessing growth due to increasing customer preferences for advanced ophthalmic devices, such as surgical devices and contact lenses. The market is also influenced by local special circumstances, including the need to cater to the rural population with limited access to eye care facilities. The underlying macroeconomic factors, such as economic growth and government initiatives, are further driving the market expansion.

Methodology

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.