The United States Ophthalmic Market is Anticipated to Witness High Growth Owing to Increasing Prevalence of Eye Diseases

The United States Ophthalmic Market is Anticipated to Witness High Growth Owing to Increasing Prevalence of Eye Diseases

The United States ophthalmic market comprises products and surgical procedures that help diagnose, prevent and treat various eye diseases and conditions affecting the eye and surrounding tissues. Some of the key product segments in the market include lenses, intraocular lenses, contact lenses, ophthalmic drugs, and surgical equipment like cataract surgery devices, glaucoma surgery devices, refractive surgery devices and vitreoretinal surgery devices. The increasing prevalence of eye diseases like cataract, glaucoma, refractive errors and age-related macular degeneration in the United States is driving the need for advanced ophthalmic products and treatments.

The Global United States Ophthalmic Market Size is estimated to be valued at US$ 15.90 Bn in 2024 and is expected to exhibit a CAGR of 8.6% over the forecast period 2024-2031.

Key Takeaways

Key players operating in the United States ophthalmic market are Novartis AG, AbbVie, Merck & Co., Inc, Bausch Health Companies Inc., Santen Pharmaceutical Co., Ltd. and Among Others. Key players are focusing on developing advanced intraocular lenses, surgical equipment and drugs for treating various eye diseases. For instance, in 2022, Novartis launched Vaulted Intraocular Lens, an advanced aspheric intraocular lens designed for cataract surgery.

The market offers significant opportunities in segments like refractive errors management, rising demand for minimally invasive glaucoma surgery and age-related macular degeneration treatment. Emerging technologies in areas such as presbyopia correction, gene therapy and stem cell therapy are expected to offer new avenues for market growth over the forecast period.Major players are also focused on expanding their presence globally through acquisitions and collaborations. For example, in 2021, Bausch Health acquired Scope Ophthalmics to expand its portfolio of pre-operative cataract services and support its vision to deliver total eye health solutions.

Market Drivers

One of the key drivers for the United States ophthalmic market is the increasing prevalence of eye diseases. As per Bright Focus Foundation report, over 3 million Americans aged 40 and above are affected by cataract and this number is anticipated to reach 30.1 million by 2032. The rising geriatric population and changing lifestyles are contributing to the increasing incidence of age-related macular degeneration, glaucoma and diabetic retinopathy in the country. This is driving the demand for advanced diagnostics, surgical equipment and medications in the market.

Market Restraints

High cost of ophthalmic devices, surgeries and drugs is a major challenge restraining the growth of United States ophthalmic market. For example, a single injection of Eylea or Lucentis, which are used to treat age-related macular degeneration, costs around $1,850. Additionally, stringent regulations for approval of new ophthalmic drugs and devices is also hampering the market growth. The United States FDA has specific requirements for approval of intraocular lenses, diagnostic equipment and surgical devices used in eye care. This increases the development cost and time for companies.

Segment Analysis

The United States ophthalmic market is segmented based on product, disease indication, end user and distribution channel. Based on product, the market is segmented into pharmaceuticals and devices. Pharmaceuticals dominates the market owing to increasing prevalence of eye disorders such as glaucoma, cataract and macular degeneration. Based on disease indication, the market is segmented into glaucoma, cataract, diabetic retinopathy, dry eye syndrome and others. Cataract leads the market due to rise in aging population and associated risks of cataract. Based on end user, the market is segmented into hospitals, eye clinics, diagnostic laboratories and others. Hospitals dominates the market due to availability of advanced diagnostic and surgical facilities for treatment of eye disorders. Based on distribution channel, the market is segmented into online pharmacies, retail pharmacies and hospital pharmacies. Retail pharmacies accounts for the largest market share owing to easy accessibility and wide distribution network.

Global Analysis 

Regionally, North America dominates the United States ophthalmic market owing to rise in incidence of ophthalmic disorders, expanding base of aging population, increasing healthcare expenditure and technological advancements. According to National Institutes of Health (NIH), in U.S., every year around 2.7 million people visit emergency department due to eye injuries whereas around 2.4 million people have vision impairment or are blind due to eye disorders. The Asia Pacific region is anticipated to witness fastest growth during the forecast period owing to increase in healthcare expenditure, rise in awareness regarding eye care and increasing medical tourism sector. China and India are expected to emerge as major revenue generating markets in the region.

What Are The Key Data Covered In This United States Ophthalmic Market Report?

:- Market CAGR throughout the predicted period

:- Comprehensive information on the aspects that will drive the United States Ophthalmic's growth between 2024 and 2031.

:- Accurate calculation of the size of the United States Ophthalmic and its contribution to the market, with emphasis on the parent market

:- Realistic forecasts of future trends and changes in consumer behaviour

:- United States Ophthalmic Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa

:- A complete examination of the market's competitive landscape, as well as extensive information on vendors

:- Detailed examination of the factors that will impede the expansion of United States Ophthalmic vendors

FAQ’s

Q.1 What are the main factors influencing the United States Ophthalmic?

Q.2 Which companies are the major sources in this industry?

Q.3 What are the market’s opportunities, risks, and general structure?

Q.4 Which of the top United States Ophthalmic companies compare in terms of sales, revenue, and prices?

Q.5 Which businesses serve as the United States Ophthalmic’s distributors, traders, and dealers?

Q.6 How are market types and applications and deals, revenue, and value explored?

Q.7 What does a business area’s assessment of agreements, income, and value implicate?

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About Author:

Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)