Ophthalmic Devices - Sri Lanka | Statista Market Forecast

The Ophthalmic Devices market market in Sri Lanka is anticipated to witness a significant growth in revenue, projected to reach US$19.59m in 2024.
This market is expected to display a steady annual growth rate (CAGR 2024-2029) of -1.47%, leading to a market volume of US$18.19m by 2029.
In comparison to other countries, the United States is set to generate the highest revenue in this market, with an estimated amount of US$14.00bn in 2024.
Sri Lanka's growing healthcare infrastructure and increasing prevalence of eye diseases are driving the demand for ophthalmic devices in the country.

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 Sri Lanka has been experiencing steady growth in recent years. Customer preferences in the Ophthalmic Devices market in Sri Lanka are largely influenced by global trends. Customers in Sri Lanka, like their counterparts worldwide, are increasingly seeking advanced and innovative ophthalmic devices that offer improved accuracy, precision, and comfort. They are also looking for devices that are easy to use and maintain, as well as those that provide quick and reliable results. Additionally, customers in Sri Lanka are becoming more aware of the importance of regular eye check-ups and are therefore more inclined to invest in ophthalmic devices for personal use. Trends in the market indicate a growing demand for refractive surgery devices, such as LASIK machines, in Sri Lanka. This can be attributed to the increasing number of people opting for corrective eye surgeries to improve their vision. Additionally, there is a rising prevalence of age-related eye diseases, such as cataracts and glaucoma, in the country, which is driving the demand for diagnostic and surgical devices used in the treatment of these conditions. The market is also witnessing a shift towards digital imaging systems and other advanced diagnostic tools, which enable healthcare professionals to accurately diagnose and monitor various eye conditions. Local special circumstances in Sri Lanka, such as the country's aging population and the high prevalence of diabetes, contribute to the growth of the Ophthalmic Devices market. As the population ages, the incidence of age-related eye diseases increases, leading to a higher demand for ophthalmic devices. Additionally, diabetes is a major risk factor for eye diseases, including diabetic retinopathy, which further drives the demand for diagnostic and treatment devices. Underlying macroeconomic factors, such as the steady economic growth and increasing healthcare expenditure in Sri Lanka, also play a significant role in the development of the Ophthalmic Devices market. As the country's economy continues to grow, individuals have more disposable income to spend on healthcare, including ophthalmic devices. Furthermore, the government's focus on improving healthcare infrastructure and services, as well as increasing access to healthcare for all citizens, has created a favorable environment for the growth of the Ophthalmic Devices market. In conclusion, the Ophthalmic Devices market in Sri Lanka is developing due to customer preferences for advanced and innovative devices, increasing demand for refractive surgery and diagnostic tools, local special circumstances such as an aging population and high prevalence of diabetes, and underlying macroeconomic factors including steady economic growth and increasing healthcare expenditure.

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.