Ophthalmic Devices - Taiwan | Statista Market Forecast

The Ophthalmic Devices market market in Taiwan is forecasted to achieve a revenue of US$207.70m by 2024.
It is anticipated that this revenue will exhibit an annual growth rate (CAGR 2024-2029) of 5.69%, leading to a market volume of US$273.80m by 2029.
When compared globally, the United States is expected to generate the highest revenue of US$14.00bn in 2024.
Taiwan is emerging as a hub for ophthalmic device manufacturing, attracting global companies due to its advanced technology and skilled workforce.

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 Taiwan has been experiencing steady growth in recent years.

Customer preferences: Taiwanese consumers are increasingly aware of the importance of eye health and are willing to invest in ophthalmic devices to maintain good vision. With a growing aging population, the demand for ophthalmic devices, such as contact lenses, spectacles, and surgical instruments, has been on the rise. Additionally, there is a preference for technologically advanced devices that offer better accuracy and comfort.

Trends in the market: One of the key trends in the Ophthalmic Devices market in Taiwan is the increasing popularity of contact lenses. Contact lenses offer convenience and improved aesthetics compared to traditional spectacles. As a result, there has been a significant increase in the demand for contact lenses, both for vision correction and cosmetic purposes. This trend is expected to continue as manufacturers introduce innovative contact lens designs and materials. Another trend in the market is the growing adoption of advanced surgical instruments for ophthalmic procedures. Taiwan has a well-developed healthcare infrastructure, and there is a high demand for ophthalmic surgeries, such as cataract surgery and refractive surgery. Surgeons are increasingly using advanced instruments and techniques to improve surgical outcomes and minimize post-operative complications. This trend is driving the growth of the surgical instruments segment in the Ophthalmic Devices market in Taiwan.

Local special circumstances: Taiwan has a high prevalence of myopia, especially among children and young adults. This has led to an increased demand for vision correction devices, such as spectacles and contact lenses. The government has implemented various initiatives to address the issue of myopia, including promoting outdoor activities and providing subsidies for vision correction devices. These initiatives have further fueled the demand for ophthalmic devices in the country.

Underlying macroeconomic factors: Taiwan has a strong economy and a well-developed healthcare system, which has contributed to the growth of the Ophthalmic Devices market. The government has been investing in healthcare infrastructure and promoting medical tourism, attracting patients from neighboring countries for ophthalmic procedures. Additionally, the increasing disposable income and changing lifestyle patterns of the Taiwanese population have also played a role in driving the demand for ophthalmic devices. In conclusion, the Ophthalmic Devices market in Taiwan is experiencing growth due to increasing customer preferences for technologically advanced devices, such as contact lenses and surgical instruments. The local special circumstances, such as the high prevalence of myopia and government initiatives to address the issue, have further fueled the demand for ophthalmic devices. The underlying macroeconomic factors, including a strong economy and a well-developed healthcare system, have also contributed to the growth of the market.

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.