The US ophthalmic market is primarily driven by the growing prevalence of eye disorders. Factors such as the rising geriatric population, increasing sugar consumption, high usage of digital displays and growing awareness about eye care are fueling the incidence of eye diseases. In addition, ongoing technological advancements in ophthalmic devices like retinal implants, miniature contact lenses and smart contact lenses are creating new growth avenues.

The ophthalmic market in the US comprises products and therapies used for treating eye-related disorders. Some key segments are vision care products, ophthalmic surgical devices, ophthalmic drugs and others. Vision care products include contact lenses, lenses solutions and spectacles. The segment dominates the market owing to high usage of contact lenses and spectacles for vision correction. Ophthalmic surgical devices segment involves intraocular lenses, cataract surgery devices, vitreoretinal surgery devices and glaucoma surgery devices. These devices are majorly used for cataract surgery, glaucoma surgery and retinal surgery.

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 US ophthalmic market are Novartis AG, AbbVie, Merck & Co., Inc, Bausch Health Companies Inc., Santen Pharmaceutical Co., Ltd. and Among Others. These companies collectively account for a significant share of the market. Key players are focusing on new product launches and acquisitions to strengthen their market position.

The US ophthalmic market is witnessing high demand for advanced ophthalmic surgical devices and drugs due to rising prevalence of eye disorders. Cataract surgeries account for a major share of total eye surgeries performed annually in the country. In addition, increasing cases of diabetic retinopathy, age-related macular degeneration and glaucoma are propelling the demand.

Technological advancements are also contributing significantly to market growth. Miniature contact lenses embedded with digital sensors, artificial intelligence-based tonometers and portable retinal imaging devices are some emerging technologies augmenting the delivery of eye care. Smart contact lenses with drug eluting capabilities can revolutionize glaucoma and dry eye treatment.

Market Trends

Growing popularity of minimally invasive ophthalmic surgeries - Procedures like LASIK surgery and small-incision cataract surgery are gaining traction due to faster recovery. This is expected to positively impact the adoption of minimally invasive devices in the coming years.

Rise of tele-ophthalmology - The COVID-19 pandemic has accelerated the integration of digital healthcare. Tele-ophthalmology services allowing remote screening and post-operative monitoring are becoming more common.

Market Opportunities

Increasing demand for eye drop formulations - With the aging population and rise in chronic eye diseases, there is scope for novel eye drop formulations with improved efficacy, stability and comfort.

Integration of artificial intelligence - AI-based diagnostic technologies can facilitate faster screening for retinal diseases. AI assistants can also help optimize workflow in ophthalmology clinics.

Impact of COVID-19 on United States Ophthalmic Market Growth

The COVID-19 pandemic has significantly impacted the growth of the United States ophthalmic market. During the initial months of the pandemic, as lockdowns were imposed and people avoided non-essential visits to hospitals and clinics, the demand and sales of ophthalmic products witnessed a sharp decline. However, as lockdowns eased and elective surgeries resumed with strict safety guidelines, the market started recovering gradually. Telehealth and online consultations played a crucial role in keeping eye care services accessible for patients during the peak months.

As the pandemic situation persists, extra care is taken to maintain hygiene standards in ophthalmic facilities and clinics. Social distancing norms are diligently followed during patient appointments. While demand may remain somewhat subdued due to lingering fears of infection, the emphasis is growing on preventive eye care and chronic disease management through regular checkups, screenings and adherence to medication schedules. Eyecare professionals are focusing on educating patients about the importance of continued care to avoid long term complications.

Going forward, partnerships between industry players and digital healthcare platforms can help expand access to affordable eye care consultations and services across geographical locations. Stocking adequate inventory of essential medicines, devices and equipment, implementation of flexible payment options for patients, and investments in high-quality online training programs for eyecare professionals will be critical for the sector's recovery and future growth.

United States Ophthalmic Market: Regional Concentration

In terms of value, the western region accounts for the largest share of the United States ophthalmic market. States like California, Washington and Colorado have emerged as major hubs for eyecare due to their large and aging population base, high healthcare expenditure capability, widespread insurance coverage and concentration of leading hospitals, medical institutes and skilled ophthalmologists. This region is expected to retain its growth dominance driven by continued investments in healthcare infrastructure and technology advancements.

The southern region, comprising states such as Texas, Florida and North Carolina, has been witnessing rapid market expansion over the past decade on account of growing affluence, rising incidence of diabetes and increasing medical tourism. With its warm weather conditions attracting large-scale migration every year, the region presents lucrative prospects for eyecare companies to tap new customer segments and strengthen their regional presence. The accessibility of services across smaller towns and cities in the south will be a key market driver going forward.

United States Ophthalmic Market: Fastest Growing Region

The midwestern region is poised to be the fastest growing market for ophthalmic products and services in the United States over the forecast period. States like Illinois, Ohio and Michigan have a combined population of over 35 million people, including a substantial aging demographic that is more prone to eye diseases. Ophthalmic conditions linked to diabetes and obesity are also widespread here due to prevalent lifestyle disorders.

Propelled by initiatives to expand health insurance access and strengthen primary care networks throughout small towns, the midwestern region is emerging as an innovation hub for digitally-enabled and affordable models of eye examination and chronic disease management. Rising health awareness, growing discretionary income levels and increasing focus on preventive healthcare further augment the region's market attractiveness. Strategic collaborations between eyecare service providers, digital solution developers, pharmaceutical companies and independent physicians can help unlock its high growth potential over the coming years.

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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Author Bio:

Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)