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Ophthalmic Devices - South Korea

South Korea

The Ophthalmic Devices market market in South Korea is anticipated to achieve a revenue of US$0.56bn in 2024.
Furthermore, it is expected that the revenue will experience a compound annual growth rate (CAGR 2024-2029) of 7.39%, leading to a market volume of US$0.80bn by 2029.
It is worth mentioning that in a global context, the United States will generate the highest revenue, amounting to US$14,000.00m in 2024.
South Korea's ophthalmic devices market is experiencing a surge in demand due to the country's aging population and increasing prevalence of eye diseases.

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

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Analyst Opinion

The Ophthalmic Devices market in South Korea has been experiencing significant growth in recent years.

Customer preferences: South Korean consumers have shown a strong preference for technologically advanced ophthalmic devices. They are willing to invest in high-quality products that offer cutting-edge features and superior performance. This preference for advanced technology is driven by the country's highly developed healthcare infrastructure and the increasing awareness of the importance of eye health. South Koreans are also known for their fashion-consciousness, and this extends to their choice of eyewear. The demand for stylish and fashionable eyeglasses and contact lenses is on the rise, driving the growth of the ophthalmic devices market.

Trends in the market: One of the key trends in the South Korean ophthalmic devices market is the increasing adoption of laser-assisted in situ keratomileusis (LASIK) surgery. LASIK is a popular refractive surgery procedure that corrects vision problems such as nearsightedness, farsightedness, and astigmatism. The growing acceptance of LASIK surgery among South Korean consumers is driving the demand for ophthalmic devices such as excimer lasers and femtosecond lasers. These devices are used in the surgical process to reshape the cornea and improve vision. Another trend in the market is the rising demand for contact lenses. South Koreans are increasingly opting for contact lenses as a convenient and fashionable alternative to eyeglasses. The market for contact lenses is expanding rapidly, with a wide range of options available, including daily disposables, extended wear lenses, and colored lenses. The demand for contact lenses is further fueled by the growing prevalence of myopia in South Korea, especially among younger individuals.

Local special circumstances: South Korea has a rapidly aging population, which is contributing to the growth of the ophthalmic devices market. Age-related eye conditions such as cataracts, glaucoma, and age-related macular degeneration are becoming more prevalent, leading to an increased demand for ophthalmic devices such as intraocular lenses and surgical instruments. The government of South Korea has implemented various initiatives to address the healthcare needs of the elderly population, including providing coverage for cataract surgeries and promoting regular eye check-ups. This has further boosted the demand for ophthalmic devices in the country.

Underlying macroeconomic factors: South Korea has a strong economy and a well-developed healthcare system, which provides a favorable environment for the growth of the ophthalmic devices market. The country's high disposable income levels and increasing healthcare expenditure contribute to the affordability and accessibility of ophthalmic devices. Furthermore, the government's focus on healthcare innovation and technology-driven initiatives has created a conducive environment for the development and adoption of advanced ophthalmic devices. In conclusion, the Ophthalmic Devices market in South Korea is witnessing significant growth due to customer preferences for technologically advanced products, the increasing adoption of LASIK surgery and contact lenses, the aging population, and the favorable macroeconomic factors. The market is expected to continue its upward trajectory in the coming years, driven by the increasing demand for ophthalmic devices and the government's commitment to healthcare innovation.

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.