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Ophthalmic Devices - Southern Africa

Southern Africa

The Ophthalmic Devices market market in Southern Africa is expected to witness significant growth in the coming years.
By 2024, the revenue is projected to reach US$255.90m, showcasing the increasing demand for these devices in the region.
Furthermore, the market is anticipated to exhibit a steady annual growth rate of 4.75% between 2024 and 2029 (CAGR 2024-2029).
This growth trajectory is expected to result in a market volume of US$322.70m by 2029, indicating a promising future for the Ophthalmic Devices market market in Southern Africa.
It is worth noting that in a global comparison, the United States is forecasted to generate the highest revenue in the Ophthalmic Devices market market.
In 2024, the revenue the United States is projected to reach a staggering US$14,000.00m, highlighting its dominance in the industry.
The demand for advanced ophthalmic devices in Southern Africa is increasing due to the rising prevalence of eye diseases and the growing geriatric population.

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

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Analyst Opinion

The Ophthalmic Devices market in Southern Africa is experiencing significant growth due to various factors.

Customer preferences: Customers in Southern Africa are increasingly seeking advanced and innovative ophthalmic devices to address their eye health needs. They are looking for devices that provide accurate diagnosis and effective treatment options for various eye conditions. Additionally, customers are also becoming more conscious about the aesthetics of eyewear and are demanding stylish and fashionable frames.

Trends in the market: One of the key trends in the Ophthalmic Devices market in Southern Africa is the increasing adoption of contact lenses. Contact lenses offer convenience and flexibility compared to traditional eyeglasses, making them popular among customers. Moreover, advancements in contact lens technology, such as the development of silicone hydrogel lenses, have improved comfort and extended wear time, further driving their demand in the region. Another trend in the market is the growing demand for refractive surgery procedures. Southern Africa has seen an increase in the number of people opting for procedures like LASIK and PRK to correct refractive errors and reduce dependence on eyeglasses or contact lenses. This trend can be attributed to the advancements in surgical techniques and the growing awareness among customers about the benefits of refractive surgery.

Local special circumstances: Southern Africa has a high prevalence of eye diseases and vision impairment, which has contributed to the growth of the Ophthalmic Devices market. Conditions like cataracts, glaucoma, and diabetic retinopathy are common in the region, leading to a higher demand for ophthalmic devices such as intraocular lenses, surgical instruments, and diagnostic equipment. Furthermore, the region has a large population of young individuals, who are more likely to be affected by refractive errors. This demographic factor has also fueled the demand for eyeglasses, contact lenses, and refractive surgery procedures.

Underlying macroeconomic factors: The economic growth in Southern Africa has resulted in an increase in disposable income, enabling more individuals to afford ophthalmic devices. Additionally, the expanding middle-class population in the region has contributed to the growth of the market, as they are more likely to invest in their eye health. Moreover, the improving healthcare infrastructure and the presence of skilled ophthalmologists in Southern Africa have facilitated the adoption of advanced ophthalmic devices. This has further boosted the market growth as customers have access to quality eye care services and a wide range of ophthalmic devices. In conclusion, the Ophthalmic Devices market in Southern Africa is experiencing growth due to the increasing customer preference for advanced and innovative devices, such as contact lenses and refractive surgery procedures. The high prevalence of eye diseases and vision impairment, along with the region's economic growth and improving healthcare infrastructure, are also contributing factors.

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.