United States Ophthalmic Market: The US Ophthalmic Industry Registers Robust Growth

United States Ophthalmic Market: The US Ophthalmic Industry Registers Robust Growth

United States Ophthalmic Market Trends

The United States ophthalmic devices market has seen steady growth over the past decade, driven by an aging population and increased rates of eye diseases like diabetes. Some key market trends include:

- Cataract surgery devices continue to dominate the market, accounting for around 40% of total sales. New multifocal and toric lenses are fueling growth in this segment by improving visual outcomes and reducing dependence on glasses.

- Glaucoma drainage devices and implants are another fast growing segment. As glaucoma rates increase with the aging population, new minimally invasive MIGS (mini invasive glaucoma surgery) devices are becoming more popular for treating early to moderate stage glaucoma and lowering medication usage.

- Refractive surgery like LASIK and PRK make up around 15% of the market. The availability of advanced laser systems and wavefront guided treatments is allowing more people to gain freedom from glasses and contact lenses.

- Retinal disease treatments like anti-VEGF injections, implants, and laser systems generate billions in annual sales. As treatments evolve, they are extending the sight of millions with wet AMD and other retinal diseases.

- Emerging/developing areas like dry eye, cornea, and ocular surface treatments continue growing at a double-digit pace annually. Novel products addressing underlying causes versus just symptoms are driving interest.

- Telemedicine and digital health tools are gaining traction, especially post COVID, helping connect more patients living in remote areas to specialty eye care. Remote diagnostic tools, virtual consults, and digital follow ups are being adopted.

Private Equity Investment Increasing

With strong projected future growth, private equity firms and investment groups have taken notice of opportunities within the United States Ophthalmic space. Venture capital and private equity funding reached over $2.5 billion invested in 2021 alone for startups and established companies.

Some notable private equity backed transactions in the past year include:

- Auven Therapeutics acquiring DryEye Doctor, a leading eye care practice management company, to expand digital offerings.

- VisionCare buying AcuFocus, developer of the small aperture corneal inlay, to market the treatment for presbyopia.

- FFL Partners injecting additional capital into Johnson & Johnson Vision, allowing further R&D and M&A activity.

- KKR and Vestar acquiring eye care supplies provider Ophthalmic Associates to drive organic growth.

As profits and dealflow remains high, private investment is anticipated to remain strong, fueling further consolidation, product innovation, and market expansion initiatives. Upcoming VC backed IPOs are also expected to attract additional mainstream investor interest in public ophthalmic companies.

United States Ophthalmic Market

The United States has one of the highest ratios of ophthalmologists and optometrists per capita worldwide. Around 12,000 ophthalmologists and 36,000 optometrists currently service the vision needs of Americans. A growing aging population and increased life expectancies means demand for eye care services will continue rising.

Ophthalmology practice dynamics are changing as physician preferences and patient expectations evolve. Younger eye doctors want flexible career options and are less interested in traditionally large overhead private practices. This has led to the rise of:

- Employment models where ophthalmologists work as associates or partners for larger practice management groups or hospitals. This reduces start-up costs and non-clinical burdens.

- ASC (Ambulatory Surgery Center) ownership. More ophthalmologists are investing in or founding surgery centers to gain full control over the surgical experience from staff to equipment while capturing more revenue.

- Optometry partnership. Ophthalmologists are increasingly collaborating with or acquiring the practices of optometrists. This stabilizes referral pipelines and eases capacity constraints on the MD side.

- Technology integration. Digital health records, online scheduling, EMR, practice management software and remote monitoring tools are being widely adopted to streamline operations.

As the eye care professional market transitions, new service delivery and payment models will continue balancing independent decision making with scalable overhead savings trends. Ophthalmic group practices and multi-specialty eye centers employing optics, retina specialists and more will predominate going forward.

Regional Shifts Impacting Device Manufacturers

Geographically, the ophthalmic medical device manufacturing industry is consolidating activities within the United States. Large multi-national companies are repatriating development, machining and assembly work back from Asia and Europe. Tax policy changes, supply chain risks and talent availability are driving this reshoring.

Some areas seeing expansions and new facilities includes:

- Massachusetts - Home to Bausch + Lomb, Alcon and Johnson & Johnson Vision headquarters, R&D hubs and manufacturing plants in cities like Bridgewater, Framingham and Westborough.

- California - Allergan, Abbvie and Glaukos have production in Santa Ana and Irvine alongside design engineering in places like San Francisco and San Diego.

- North Carolina - Research Triangle Park area is attracting startups and contract manufacturers like Micromedical to tapping local engineering graduates.

- Florida - Mako Surgical setting up additive manufacturing technology center in Fort Lauderdale.

- Pennsylvania - Drawn to Philadelphia's optical cluster, Coopervision is expanding a plant in Bryn Mawr.

In Summary, as global companies secure their domestic supply footprints, emerging states are attracting new opto-medtech ventures and contract service providers. Continued investment in STEM education will be important to sustaining future device innovations.

Get more insights on this topic: https://www.dailyprbulletin.com/united-states-ophthalmic-market-the-growth-of-ophthalmology-specialty-in-united-states-healthcare-system/