Market Size of USA Ophthalmic Devices Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 6.90 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
US Ophthalmic Devices Market Analysis
The United States ophthalmic devices market is expected to register a CAGR of 6.9% over the forecast period.
COVID-19 had a significant impact on the United States ophthalmic devices market owing to the delayed ophthalmic consultation and less availability of sophisticated ophthalmic devices due to the restriction on medical device import and export due to the lockdown. For instance, as per the article published in May 2021 in PubMed, the most loss of vision occurred in eyes with Neovascular Age-Related Macular Degeneration (nAMD) when therapy was postponed, and nAMD and RVO eyes were less likely to regain baseline vision when treatment was resumed. Furthermore, as per the article published in December 2021 in PubMed, during COVID-19, missed appointments at the clinic significantly increased, especially for elderly patients. However, the United States ophthalmic devices market is anticipated to witness growth in the coming years due to the rise in complications of eye diseases, increase in product launches, and surge in the development of ophthalmic devices in the United States.
Factors such as the rise in ophthalmic diseases and the increase in technological advancements in ophthalmic devices boost market growth over the forecast period. For instance, as per the 2022 update from the National Eye Institute, 5.4 million people are likely to be affected by age-related macular degeneration in 2050 in the United States of America. Thus, the high prevalence of eye diseases is anticipated to utilize ophthalmic devices more and thereby boosting the market growth over the forecast period. Additionally, the launch of new products in the market is also contributing to the growth of the market segment. For instance, in July 2022, Bausch + Lomb Corporation launched Revive custom soft contact lenses, a new family of customizable soft contact lenses in the United States. Revive custom soft lenses are designed to meet the vision needs of patients, especially those having high or unique prescriptions. Such launches are propelling the growth of the market segment. Moreover, technological advancements in the field have boosted the adoption rate in the US. For instance, in May 2021, Lumenis Ltd. received the FDA De Novo authorization for Lumenis' newest intense pulsed light device for improving signs of dry eye disease due to meibomian gland dysfunction (MGD).
Thus, due to the rise in ophthalmic diseases, the increase in ophthalmic device product launches, and the surge in technological advancements in ophthalmology devices, the studied market is anticipated to boost market growth over the forecast period. However, risks associated with ophthalmic procedures are likely to restrain the market growth.
US Ophthalmic Devices Industry Segmentation
As per the scope of the report, ophthalmic devices are medical equipment designed for diagnosis, surgical, and vision correction purposes. The United States Ophthalmic Devices Market is Segmented by Devices (Surgical Devices (Glaucoma Drainage Devices, Glaucoma Stents and Implants, Intraocular Lenses, Lasers, and Other Surgical Devices), Diagnostic and Monitoring Devices (Autorefractors and Keratometers, Corneal Topography Systems, Ophthalmic Ultrasound Imaging Systems, Ophthalmoscopes, Optical Coherence Tomography Scanners, Other Diagnostic, and Monitoring Devices) and Vision Correction Devices (Spectacles, Contact Lenses)). The report offers the value (in USD million) for the above segments.
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USA Ophthalmic Devices Market Size Summary
The United States ophthalmic devices market is poised for significant growth, driven by an increasing prevalence of eye diseases and advancements in technology. The market is expected to expand steadily over the forecast period, despite the initial setbacks caused by the COVID-19 pandemic, which led to delayed consultations and limited availability of sophisticated devices. The rise in complications from eye diseases, coupled with a surge in product launches and technological innovations, is anticipated to propel market growth. Notable developments include the introduction of customizable contact lenses and advanced ophthalmic lasers, which are enhancing treatment options and patient outcomes. The market's expansion is further supported by the growing adoption of new devices and the strategic collaborations among key industry players.
The contact lens and ophthalmic laser segments are particularly expected to contribute to the market's growth trajectory. The increasing utilization of contact lenses, driven by their convenience and the high prevalence of eye conditions, is a key factor in this segment's expansion. Similarly, the ophthalmic laser segment is witnessing growth due to its application in various surgical procedures and the introduction of innovative products. The market's competitive landscape features prominent companies such as Alcon Inc., Bausch Health Companies Inc., and Johnson & Johnson, which are actively involved in product development and strategic partnerships. These dynamics, along with regulatory approvals for new technologies, are set to enhance the market's growth prospects in the coming years.
USA Ophthalmic Devices Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Demographic Shift and Increasing Prevalence of Eye Diseases
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1.2.2 Rising Geriatric Population
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1.2.3 Technological Advancements in Ophthalmic Devices
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1.3 Market Restraints
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1.3.1 Risk Associated with Ophthalmic Procedures
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1.4 Porter Five Forces
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - USD Million)
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2.1 By Devices
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2.1.1 Surgical Devices
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2.1.1.1 Glaucoma Drainage Devices
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2.1.1.2 Glaucoma Stents and Implants
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2.1.1.3 Intraocular Lenses
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2.1.1.4 Lasers
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2.1.1.5 Other Surgical Devices
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2.1.2 Diagnostic and Monitoring Devices
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2.1.2.1 Autorefractors and Keratometers
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2.1.2.2 Corneal Topography Systems
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2.1.2.3 Ophthalmic Ultrasound Imaging Systems
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2.1.2.4 Ophthalmoscopes
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2.1.2.5 Optical Coherence Tomography Scanners
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2.1.2.6 Other Diagnostic and Monitoring Devices
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2.1.3 Vision Correction Devices
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2.1.3.1 Spectacles
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2.1.3.2 Contact Lenses
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USA Ophthalmic Devices Market Size FAQs
What is the current USA Ophthalmic Devices Market size?
The USA Ophthalmic Devices Market is projected to register a CAGR of 6.90% during the forecast period (2024-2029)
Who are the key players in USA Ophthalmic Devices Market?
Alcon Inc, Bausch Health Companies Inc, Johnson and Johnson, Ziemer Ophthalmic Systems and Carl Zeiss AG are the major companies operating in the USA Ophthalmic Devices Market.
