Saudi Arabia Ophthalmic Equipment Market to grow with a CAGR of 4.87%
Increasing
healthcare infrastructure and a supportive regulatory environment are the major
drivers for the Saudi Arabia Ophthalmic Equipment Market.
According
to TechSci Research report, “Saudi Arabia Ophthalmic Equipment Market
Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2018-2028”, Saudi Arabia Ophthalmic
Equipment Market has valued at USD 1.06 billion in 2022 and is anticipated to
witness an impressive growth in the forecast period with a CAGR of 4.87%
through 2028. This can be due to collaborations
and partnerships among leading companies with a diverse approach to merge the
expertise of individual companies and to strengthen their position in the
market.
Access to healthcare is a significant driver
of the demand for ophthalmic equipment. Improved access to healthcare services
allows individuals to have regular eye check-ups and screenings, leading to the
early detection of eye conditions. Early diagnosis often requires the use of
diagnostic ophthalmic equipment. When people have access to healthcare
facilities, they are more likely to seek eye care services, including
comprehensive eye examinations. This leads to a higher demand for ophthalmic
equipment for diagnostic purposes. Access to healthcare facilitates the
management of chronic eye conditions, such as glaucoma and diabetic
retinopathy. Ophthalmic equipment is essential for monitoring these conditions
and ensuring effective treatment. Access to healthcare enables elderly
individuals to access cataract surgery and other treatments for age-related eye
conditions. This, in turn, drives the demand for surgical ophthalmic equipment
and intraocular lenses. People with access to healthcare are more likely to
seek vision correction services, such as eyeglasses or contact lenses. The
fitting and prescription of corrective lenses require the use of ophthalmic
equipment.
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In February 2023, Al Rushaid, a global leader in
providing personalized health, security risk management, and well-being
solutions, has recently inaugurated the International SOS Medical Complex in Al
Khobar. International SOS – Al Rushaid is a collaborative effort between the
prominent Saudi corporation, Al Rushaid Group, and International SOS, a
trailblazer in international health and security risk management based in
London. The new healthcare facility offers a comprehensive array of services,
including dental care, obstetrics, gynecology, pediatric care, internal
medicine, family medicine, and ophthalmology.
Supply
chain disruptions present challenges in the Saudi Arabia Ophthalmic Equipment
Market, as they can in any sector. Unforeseen global events such as natural
disasters, pandemics, geopolitical issues, and trade disputes can disrupt the
global supply chain for ophthalmic equipment. These disruptions can lead to
delays in equipment delivery and impact inventory levels. Saudi Arabia may rely
on imports for a significant portion of its medical equipment, including
ophthalmic devices. Any disruptions in the global supply chain, such as
transportation delays or customs issues, can affect the availability of
equipment in the local market. Supply chain disruptions can lead to increased
costs associated with equipment procurement, transportation, and customs clearance.
These higher costs can strain the budgets of healthcare facilities and
potentially lead to price increases for patients. When the supply chain is
disrupted, it can result in equipment shortages. This, in turn, can impact the
ability of healthcare facilities to provide timely and comprehensive eye care
services.
Saudi Arabia Ophthalmic Equipment Market is
segmented based on Products, Application, End User, and by region.
Based on the Application, Saudi Arabia Ophthalmic
Equipment Market is segmented into Glaucoma, Amblyopia, Cataract, Retinal
Detachment, Others.
Amblyopia, commonly known as lazy eye,
is a vision disorder that typically occurs in childhood and can lead to reduced
vision in one eye. It is not related to any eye health problems but rather
results from the brain and the eyes not working well together. The most prominent feature of amblyopia is a
significant reduction in the clarity and sharpness of vision in one eye
compared to the other. The affected eye, known as the lazy eye, may have poorer
visual acuity. Amblyopia is typically a unilateral condition, meaning it
affects one eye. In most cases, the other eye has normal or better vision. The
affected eye may have a refractive error (e.g., nearsightedness,
farsightedness, or astigmatism) or a structural issue (e.g., misaligned eyes)
that results in visual impairment. Amblyopia often develops in early childhood when the visual system is
still developing and is most responsive to treatment. If left untreated, the
reduced vision in the affected eye can persist into adulthood.
Based on Region, Northern & Central region held the largest share in the Saudi Arabia
Ophthalmic Equipment Market. The Saudi government has been investing in
healthcare infrastructure and services, and this investment is often
concentrated in major cities and regions, including the Central region.
Government initiatives can boost the availability of ophthalmic equipment in
these areas. The availability and extent of health insurance coverage are
generally better in urban areas like Riyadh and Jeddah. This can increase
access to eye care services, encouraging the demand for ophthalmic equipment.
Saudi Arabia attracts medical tourists from neighboring countries.
International patients often seek specialized eye care services in major
cities, contributing to the demand for advanced ophthalmic equipment.
Some
of the major companies operating in the Saudi
Arabia Ophthalmic Equipment Market include:
- Alcon
Inc.
- Johnson
& Johnson
- CooperVision,
Inc.
- Bausch
Health Companies, Inc.
- Carl
Zeiss, Inc.
- Glaukos
Corporation
- STAAR
Surgical Company
- Heidelberg
Engineering, Inc.
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“Certain areas, particularly in North
America, are projected to exert significant demand for Ophthalmic Equipment.
The growth in the competitive landscape and the presence of well-established
companies in the market, committed to enhance the overall wellbeing of people
each year, are expected to contribute to a remarkable growth of the Saudi
Arabia Ophthalmic Equipment Market in the forecast period," said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based Global
management consulting firm.
Saudi Arabia
Ophthalmic Equipment Market by Product (Vision Care Products, Ophthalmology
Surgical Devices, Diagnostic & Monitoring Devices, Others), By Application
(Glaucoma, Amblyopia, Cataract, Retinal Detachment, Others), By End User
(Hospitals & Clinics, Ambulatory Care Centers, Others), By
Region, By Competition Forecast
& Opportunities, 2018-2028F has
evaluated the future growth potential of Saudi Arabia Ophthalmic Equipment
Market and provides statistics & information on market size, structure, and
future market growth. The report intends to provide innovative market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in Saudi Arabia Ophthalmic
Equipment Market.
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