Market Trends of Saudi Arabia Ophthalmic Devices Industry
This section covers the major market trends shaping the Saudi Arabia Ophthalmic Devices Market according to our research experts:
Surgical Devices are Expected to Register a High CAGR in the Saudi Arabia Ophthalmic Devices Market During the Forecast Period
The surgical devices segment is expected to witness significant growth in the Saudi Arabia ophthalmic devices market over the forecast period owing to the factors such as the rising prevalence of eye diseases such as cataracts, glaucoma, myopia, and others, increasing geriatric population in the country as well as raising awareness among the population related to eye diseases. For instance, according to a cross-sectional study published in November 2020, titled 'The prevalence of refractive errors among Saudi adults in Riyadh, Saudi Arabia', it was observed that 48.7% of the adults were found to have myopia, 25.2% with hyperopia and 66.3% has astigmatism. Thus, the high burden of astigmatism among Saudis followed by myopia and hyperopia is expected to increase the demand for surgical devices for treating refractive errors, thereby propelling the market growth.
In addition, the increasing aging population in the country is also expected to increase the demand for ophthalmic devices as they are more prone to develop age-related eye diseases such as cataracts, glaucoma, age-related macular degeneration, diabetic retinopathy, and presbyopia. For instance, according to the 2022 statistics published by the United Nations Population Fund, in Saudi Arabia, a large proportion of the living population is aged 15-64 and accounts for 72% in 2022. In addition, as per the same source, 4% of the population is aged 65 years and above in 2022.
Thus, owing to the aforementioned factors, the studied market is expected to grow over the forecast period.
