ECOWAS: Ophthalmic Instruments Market 2024

Ophthalmic Instruments Market Size in ECOWAS

The ECOWAS ophthalmic instruments market reduced to $X in 2021, shrinking by -2% against the previous year. Overall, consumption, however, posted a resilient expansion. As a result, consumption attained the peak level of $X. From 2018 to 2021, the growth of the market failed to regain momentum.

Ophthalmic Instruments Production in ECOWAS

In value terms, ophthalmic instruments production dropped to $X in 2021 estimated in export price. Over the period under review, production, however, showed a strong expansion. The pace of growth was the most pronounced in 2017 with an increase of 103% against the previous year. As a result, production attained the peak level of $X. From 2018 to 2021, production growth remained at a lower figure.

Ophthalmic Instruments Exports

Exports in ECOWAS

In 2021, after two years of growth, there was significant decline in overseas shipments of ophthalmic instruments and appliances, when their volume decreased by -9.4% to X tons. Over the period under review, exports, however, posted a perceptible expansion. The most prominent rate of growth was recorded in 2015 when exports increased by 123%. The volume of export peaked at X tons in 2020, and then shrank in the following year.

In value terms, ophthalmic instruments exports contracted remarkably to $X in 2021. In general, exports showed a noticeable curtailment. The growth pace was the most rapid in 2017 when exports increased by 78%. The level of export peaked at $X in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

Exports by Country

Mali represented the key exporting country with an export of around X kg, which finished at 68% of total exports. Burkina Faso (X kg) ranks second in terms of the total exports with a 15% share, followed by Nigeria (8.3%). Cote d'Ivoire (X kg), Ghana (X kg) and Niger (X kg) followed a long way behind the leaders.

Mali was also the fastest-growing in terms of the ophthalmic instruments and appliances exports, with a CAGR of +49.6% from 2012 to 2021. At the same time, Burkina Faso (+26.8%) and Cote d'Ivoire (+1.9%) displayed positive paces of growth. By contrast, Nigeria (-10.9%), Ghana (-16.1%) and Niger (-28.9%) illustrated a downward trend over the same period. While the share of Mali (+66 p.p.) and Burkina Faso (+12 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Ghana (-9.6 p.p.), Nigeria (-23.1 p.p.) and Niger (-43.9 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mali ($X) remains the largest ophthalmic instruments supplier in ECOWAS, comprising 68% of total exports. The second position in the ranking was held by Burkina Faso ($X), with a 12% share of total exports. It was followed by Ghana, with a 7.5% share.

In Mali, ophthalmic instruments exports expanded at an average annual rate of +47.8% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Burkina Faso (+33.7% per year) and Ghana (+0.1% per year).

Export Prices by Country

In 2021, the export price in ECOWAS amounted to $X per ton, dropping by -9.5% against the previous year. Over the period under review, the export price continues to indicate a deep downturn. The most prominent rate of growth was recorded in 2016 when the export price increased by 90% against the previous year. The level of export peaked at $X per ton in 2018; however, from 2019 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Ghana ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+19.5%), while the other leaders experienced more modest paces of growth.

Ophthalmic Instruments Imports

Imports in ECOWAS

After nine years of growth, overseas purchases of ophthalmic instruments and appliances decreased by -5% to X tons in 2021. Overall, imports, however, continue to indicate a significant expansion. The most prominent rate of growth was recorded in 2020 when imports increased by 90%. As a result, imports attained the peak of X tons, and then fell in the following year.

In value terms, ophthalmic instruments imports reduced to $X in 2021. In general, imports, however, saw a significant expansion. The most prominent rate of growth was recorded in 2014 with an increase of 105% against the previous year. Over the period under review, imports reached the maximum at $X in 2020, and then fell in the following year.

Imports by Country

Nigeria dominates imports structure, reaching X tons, which was near 71% of total imports in 2021. Ghana (X tons) took the second position in the ranking, followed by Cote d'Ivoire (X tons). All these countries together took near 13% share of total imports. Senegal (X tons), Mali (X tons), Burkina Faso (X tons) and Benin (X tons) held a minor share of total imports.

Nigeria was also the fastest-growing in terms of the ophthalmic instruments and appliances imports, with a CAGR of +71.0% from 2012 to 2021. At the same time, Benin (+46.4%), Senegal (+28.1%), Burkina Faso (+26.8%), Cote d'Ivoire (+21.7%), Ghana (+12.9%) and Mali (+11.6%) displayed positive paces of growth. While the share of Nigeria (+62 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Burkina Faso (-2 p.p.), Senegal (-2.3 p.p.), Cote d'Ivoire (-9.2 p.p.), Mali (-12.6 p.p.) and Ghana (-28.3 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported ophthalmic instruments and appliances in ECOWAS, comprising 55% of total imports. The second position in the ranking was held by Cote d'Ivoire ($X), with a 13% share of total imports. It was followed by Ghana, with a 10% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Nigeria amounted to +58.4%. The remaining importing countries recorded the following average annual rates of imports growth: Cote d'Ivoire (+30.7% per year) and Ghana (+11.5% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2021, which is down by -3.6% against the previous year. Over the period under review, the import price saw a pronounced setback. The pace of growth appeared the most rapid in 2014 when the import price increased by 29% against the previous year. As a result, import price reached the peak level of $X per ton. From 2015 to 2021, the import prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was Cote d'Ivoire ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+7.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform