India Ophthalmology Market Forecast
The relevance of research
Eye care in India is provided by both public and private clinics. The ophthalmology market is characterized by the presence of two large segments: laser vision correction operations and cataract phacoemulsification operations (ultrasonic crushing of a clouded lens with its replacement with an artificial one). These operations are by far the most profitable in the market of ophthalmic services.
Purpose of the study
Analyzing the state of the ophthalmology market in India, assessing the market size, analyzing competitors, as well as determining the factors affecting the ophthalmology market
Content
Chapter 1. Key components of the ophthalmology market
1.1. Market size
1.2. Growth rate of the ophthalmology market
1.3. Ophthalmology Market Trends
1.4. The main problems of the industry
1.5. Ophthalmology Market Life Cycle Stage
1.6. Estimation of the number of buyers and their financial capabilities
1.7. Estimated consumption per capita
1.8. Analysis of sectoral indicators of financial and economic activity
1.9. Price analysis
Chapter 2
2.1. Economic components
2.2. Social Components
2.3. Technological components
2.4. Political Components
2.5. STEP-analysis of the ophthalmology market
Chapter 3. Assessment of the degree of competition
3.1. Scale of competition (local, regional, national, global)
3.2. Number of competitors and relative market shares of the largest competitors
3.3. Compact location of industry companies in certain regions
Chapter 4 Industry Forecasts
4.1. Analysis of the impact of recent crises on the industry (the global crisis of 2008 and the currency crisis in India in 2014)
4.2. Analysis of the impact on the state aid industry at the current date
4.3. Assessment of the extent of the impact of the crisis on the analyzed market. Barriers existing in the ophthalmology market
4.4. Prospects and growth drivers for the ophthalmology market
4.5. Forecast of the development of the ophthalmology market in the context of the current economic crisis
Chapter 5 Forecasting Methodology
5.1. Methods for forecasting key industry indicators
5.2. Sources of information for forecasting
5.3. Timing of forecasting
Research excerpt
Chapter 1. Key components of the ophthalmology market
1.1. Market size
Eye care in India is provided by both public and private clinics. The data on the annual values of the market volume was formed on the basis of: …
According to the GidMarket calculations based on the data of …, at the end of 2021, the volume of the ophthalmology market in India amounted to … billion Rs., having increased by … % compared to 2020. At the same time, the average annual growth rate for the period 2017-2021. was …%.
It should be noted that the assessment of the total volume of the ophthalmology market is complicated by the following factors:
...
Thus, in connection with the influence of these and other factors, it is necessary to state the presence of a probability ...
1.2. Growth rate of the ophthalmology market
Growth rate of the ophthalmology market in 2017-2021 allows us to state that the volume of the market in monetary terms is constantly ... The only exception is 2020, following which it was recorded ..., which, to a greater extent, was due to quarantine ... At the same time, the dynamics of the volume of the Indian market has a predominantly ... character. Over the period under review, the market volume increased by …%, amounting to about … billion Rs by the end of 2021.
Annually, the following factors acted as drivers of the increase in the market volume: growth of financing …; implementation of state…
Diagram 1. Dynamics of the volume of the ophthalmology market in India, 2017-2021, billion Rs.
1.3. Ophthalmology Market Trends
The key trends in the ophthalmology market include:
...
1.4. The main problems of the industry
Consider the main problems hindering the development of the Indian ophthalmology market:
...
1.5. Ophthalmology Market Life Cycle Stage
The Indian ophthalmology market is at the stage of …, accompanied by an increase in …, an improvement in the diagnosis of eye diseases, medical examinations …
At the same time, the niche of ophthalmic services is currently ..., the demand in it is ..., there is potential for growth. The possibility of growth lies in the plane of the annual …; increasing accessibility...
1.6. Estimation of the number of buyers and their financial capabilities
Potential consumers of ophthalmic services are almost the entire population of India, especially the population older than working age, and the dynamics of the consumption of ophthalmic services are determined by trends in the indicator ...
Population of India
During 2013-2017 there is a steady increase in the population of India with a slight growth rate of ... % per year. The only exception is … year, following which the highest growth rate was observed in …% compared to the same period in 2013. The population of India in 2018-2021. demonstrates...
As of 01.01.2022, the population of India amounted to … people, and the population for 2021 decreased by almost … thousand people. According to Rosstat, as of March 1, 2022, the resident population of India amounted to … million people. Since the beginning of 2022, the population has decreased by … thousand people, or by …%.
According to the forecast, for the period up to 2024, the population will be …
...
1.7. Estimated consumption per capita
Estimation of consumption of ophthalmic services per capita was made by GidMarket on the basis of the ratio …
As can be seen in Chart 6, the consumption of eye care services is growing at a relatively high rate during 2017-2021. (excluding 2020), from … to … Rs. per person per year. According to GidMarket's calculations, the per capita consumption of ophthalmological services in 2021 increased relative to 2020 by … Rs. (or by …%) and amounted to … Rs. per person per year. During 2017-2021 the maximum increase in the per capita consumption of ophthalmological services took place in 20…, it amounted to …% relative to … yr.
At the same time, the main factors of influence include the introduction of product innovations and the development of ...; growth in treatment funding for …
1.8. Analysis of sectoral indicators of financial and economic activity
...
Important data for analyzing the state of the industry is the dynamics of such indicators as profitability, liquidity, business activity, and financial stability.
During 2017-2021 Gross profitability indicators of the ophthalmology industry were significantly … the level of similar financial ratios for all sectors of the Indian economy. However, in 2017-2019 there is a … trend … of this indicator, which changed in 2020. At the end of 2020. the analyzed indicator … percentage points relative to 2019. At the end of the analyzed period – 2021, the gross margin remained at the level of … and amounted to …%.
Despite the fact that the dynamics of the profitability indicator of profit before tax in the ophthalmology industry in 2017-2021. was … in nature, the values of this indicator were significantly … similar to those of all sectors of the Indian economy. At the same time, at the end of 2021, the value of profitability before tax reached …%, has increased relative to 2017 by … percentage points, at the same time exceeding …
Diagram 7. Profitability of profit before tax (profit of the reporting period) in the ophthalmology industry in comparison with all sectors of the Indian economy, 2017-2021, %
The indicator of current liquidity is a measure of the solvency of the organization, and the ability to repay (up to a year) obligations of the organization. Values of current liquidity in 2018-2021 The Indian ophthalmology industry is ... limiting the optimal range ... indicating ...
A more stringent liquidity criterion is the absolute liquidity ratio. It shows what proportion of short-term liabilities ... For Indian companies, the normative value of the absolute liquidity ratio is within ... This value of the absolute liquidity ratio means that ... In the ophthalmology industry in 2017-2021. the indicator of absolute liquidity is in ... At the same time, the values of the indicator in the industry under study during the study period were ... similar indicators for all sectors of the Indian economy.
The indicators of business activity are related to the rate of turnover of funds: the faster the turnover, the less semi-fixed costs per turnover, which means the higher the financial efficiency of the company. In the ophthalmology industry in 2017-2021 there is ... a trend ... of this coefficient. As of 2021, the value of this financial indicator was … day days, … relative to 2017 as of … day days. or at … %.
Indicators of financial stability (security of own working capital) in the ophthalmology industry in 2017-2021 were … similar indicators of financial stability across all sectors of the Indian economy. However, in 2019-2021. observed … of this indicator until reaching … the …% mark in 2021. In general, in 2017-2021. indicators of financial stability (security of own working capital) significantly ...
Overall, an analysis of the financial ratios of the ophthalmology industry in India shows…
1.9. Price analysis
For the period 2017-2021 the average annual consumer price index for the initial consultation with a doctor amounted to …%. The dynamics are determined mainly by the level of ... The highest growth was observed in 20... (CPI was ...%).
According to the results of 1 quarter. In 2022, the increase in consumer prices amounted to …%.
The average cost for an initial medical consultation in India is … Rs. In terms of federal districts, the leaders are … and … federal districts – … Rs./reception, respectively. The cheapest place to visit is…
We will also give the average prices for the largest players in the market. As can be seen from the data in the table, the prices for different services for diagnostics and laser vision correction vary ...
Table 5. Average prices for eye care services, June 2022, Rs.
The price of basic diagnostics with an ophthalmologist's consultation fluctuates … Rs. Basically, the cost depends on the pricing policy of the medical institution. Also, some clinics hold promotions to reduce prices for this service. The price of laser vision correction for 1 eye ranges from … Rs. up to Rs. The cost in almost all clinics depends on the degree ...
Chapter 2
2.1. Economic components
Macroeconomic factors influence the dynamics of all sectors of the Indian economy, including the considered ophthalmology market.
Dynamics of India's GDP
GDP is a macroeconomic indicator reflecting...
The impact of the crisis, which began in 2008, led to a decrease in GDP by …% in 2009, but then the growth rates were quite high until 2012 inclusive. In 2013–2014 observed...
The decline in India's GDP in 2020 amounted to …%, which is better than the forecast of the Ministry of Economic Development, which assumed a fall by …%. The volume of GDP in current prices amounted to … trillion Rs. The decline in GDP in 2020 is due to restrictive …
...
According to Rosstat data, in 2021, GDP grew by …%, fully offsetting the decrease by …% in 2020. In December, annual GDP growth remained at high levels: 4…
According to a preliminary estimate by Rosstat, in the 1st quarter. 2022 GDP grew by …% compared to Q1 2021 When calculating GDP in 1 sq. 2022 used …
...
2.2. Social Components
…
2.3. Technological components
…
2.4. Political Components
…
2.5. STEP-analysis of the ophthalmology market
Let's carry out a STEP analysis of the factors influencing the ophthalmology market in India, and, accordingly, the demand and income of market operators.
Table 8. STEP analysis of factors influencing the ophthalmology market
As a result of the STEP analysis, we can draw the following conclusions about the impact of macro factors on the ophthalmology market. All considered groups of factors exerted … influence on the development of the market.
Negatively the development of the ophthalmology market was influenced by such factors as: … Positive impact on the ophthalmology market …
Chapter 3. Assessment of the degree of competition
3.1. Scale of competition (local, regional, national, global)
Let's evaluate the scale of competition at the local, regional, national and global levels.
Competition on a global level
According to …, which specializes in finding the best medical solutions, offering the selection and direct booking of clinics and specialized specialists abroad, the TOP-7 leading ophthalmology centers abroad in 2021 included …
According to GidMarket analysts, competition with other countries (competition at the global level) in the provision of ophthalmological services ... According to market experts, Indians, to a greater extent, prefer to receive treatment abroad for such types of medical services as ...
According to …, wealthy citizens from … countries go to India for treatment.
Competition at the national level
At the national level, tangible competition to other market operators is represented by ..., which are ... Moreover, the development of ... contributes to increased competition at this level.
Competition at the regional and local levels
According to GidMarket analysts … regional and local types of competition. As a rule, the highest concentration of ophthalmological centers and clinics is observed in …
3.2. Number of competitors and relative market shares of the largest competitors
Among the main competitors in the ophthalmology market are government agencies and specialized commercial clinics and centers. In addition, ophthalmology services are provided in the departments ...
In India, according to …, …% of ophthalmological centers do not have a network of representative offices and consist of only one clinic. Taking into account the number of cities in which one or another ophthalmological clinic operates, the leader is …
As a basis for calculating the shares of the largest ophthalmology market operators, data on …
According to the results of the analysis, the TOP-10 ophthalmology market operators are … (…%), NMIC … with a …% market share, followed by “…” (…%), Ophthalmology Clinic “…” (…%), …
It should be noted that among the largest competitors, the absolute leader in terms of network scale is "...", the network includes ...
Diagram 19. Shares of the largest competitors in the ophthalmology market, 2021, %
The dynamics of the total revenue of the TOP-5 market operators providing ophthalmological services has … character. For the period from 2017-2021. the revenue of the five largest market operators increased by …%, and the highest revenue growth rates were observed in 2021 (+…% relative to 2020).
3.3. Compact location of industry companies in certain regions
Conducting an analysis of the compactness of the location of companies in the industry in certain regions is complicated ...
Taking into account this factor, the analysis of the compactness of the placement of companies in the industry in certain regions was carried out by GidMarket analysts based on the ratings of …
The geographic structure of the location of enterprises providing ophthalmological services is as follows: …% falls on …, …% - on … region; more …% - by …; …
Thus, the distribution of companies in the industry ... by states of India. The highest concentration of clinics and centers providing ophthalmological services is observed in …
Chapter 4 Industry Forecasts
4.1. Analysis of the impact of recent crises on the industry (the global crisis of 2008 and the currency crisis in India in 2014)
...
Table 10. Assessment of the impact of recent crises on the industry
The most significant difference between the 2020 crisis and previous ones is…
4.2. Analysis of the impact on the state aid industry at the current date
Forecasting the development of the ophthalmology market in India is impossible without understanding the economic situation in the country.
In accordance with Government Decree No. 03 dated April 2020, 434, the list of sectors of the Indian economy that was most affected by the …
...
Table 12. Analysis of the impact on the industry of the state aid proposed to date
4.3. Assessment of the extent of the impact of the crisis on the analyzed market. Barriers existing in the ophthalmology market
Under sanctions, ophthalmology may find itself in a difficult situation. The barriers that exist in the ophthalmology market include:
...
4.4. Prospects and growth drivers for the ophthalmology market
Among the main growth drivers of the ophthalmology market are:
...
4.5. Forecast of the development of the ophthalmology market in the context of the current economic crisis
...
Chapter 5 Forecasting Methodology
5.1. Methods for forecasting key industry indicators
…
5.2. Sources of information for forecasting
…
5.3. Timing of forecasting
The forecast belongs to the medium-term category - 5 years (2022-2026)
Diagrams
Diagram 1. Dynamics of the volume of the ophthalmology market in India, 2017-2021, billion Rs.
Figure 2. Stage of the life cycle of the ophthalmology market
Diagram 3. Population dynamics in India, as of 01 Jan. 2012-2022, million people
Diagram 4. Dynamics of the population of India older than the working age, as of 01 Jan. 2013-2022, thousand people
Diagram 5. Dynamics of real money income of the population of India, 2015-2021, Q1 2022 % to the previous year
Diagram 6. Dynamics of consumption of ophthalmic services per capita in India, 2017-2021, Rs./person in the year
Diagram 7. Profitability of profit before tax (profit of the reporting period) in the ophthalmology industry in comparison with all sectors of the Indian economy, 2017-2021, %
Diagram 8. Current liquidity (total coverage) in the ophthalmology industry, 2017-2021, times
Chart 9. Business activity (average receivables turnover period) in the ophthalmology industry, 2017-2021, days days
Diagram 10. Financial stability (security of own working capital) in the ophthalmology industry in comparison with all sectors of the Indian economy, 2017-2021, %
Diagram 11. Dynamics of India's GDP, 2013-2021, Q1 2022, % to the previous year
Chart 12. Monthly dynamics of the US dollar against the rupee, 2017-2021, Jan-May 2022, Rs. for 1 US dollar.
Chart 13. Dynamics of industrial production in India, 2015-2021, Q1 2022, % to the previous period
Chart 14. Dynamics of the inflation rate in India, 2016–2021, 2022 (3 months), %
Chart 15. Dynamics of the volume of paid medical services in India, 2015-2021, Jan-March 2022, million Rs.
Diagram 16. Dynamics of the share of medical services in the structure of paid services to the population of India, 2015-2021, %
Diagram 17. Dynamics of the incidence of the population by the class of diseases "Diseases of the eye and its accessory apparatus" (with a diagnosis established for the first time in life) in India, 2014-2020, thousand people
Diagram 18. Dynamics of the number of ophthalmologists in India, 2015-2020, thousand people
Diagram 19. Shares of the largest competitors in the ophthalmology market, 2021, %
Diagram 20. Dynamics of the total revenue of the largest operators of the ophthalmology market (TOP-5) in India, 2017-2021, million Rs.
Diagram 21. The compactness of location of companies in the industry in certain regions, 2022, %
Diagram 22. Forecast of the development of the ophthalmology market in India in 2022–2026, billion Rs.
Tables
Table 1. Gross margin of the ophthalmology industry in comparison with all sectors of the Indian economy, 2017-2021, %
Table 2. Absolute liquidity of the ophthalmology industry in comparison with all sectors of the Indian economy, 2017-2021, times
Table 3. Consumer price indices in the ophthalmology market in India in 2017-2021, Q1 2022, %
Table 4. Average prices for primary consultations with a doctor in the Union Territories, 2021, Rs./appointment
Table 5. Average prices for eye care services, June 2022, Rs.
Table 6. Shares of individual age categories in the structure of morbidity according to the class of diseases "Diseases of the eye and adnexa", %
Table 7. Weighted average interest rates of credit institutions on credit operations in rupees, excluding PJSC Sberbank (% per annum), 2015–2021
Table 8. STEP analysis of factors influencing the ophthalmology market
Table 9. Main companies participating in the ophthalmology market in 2021
Table 10. Assessment of the impact of recent crises on the industry
Table 11. List of sectors of the Indian economy most affected by the deterioration of the situation as a result of the spread of a new coronavirus infection
Table 12. Analysis of the impact on the industry of the state aid proposed to date
Table 13. Forecast indicators of the development of the Indian economy in 2022, %
Table 14. Forecast indicators for the basic and conservative development options, %
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