by The United States ophthalmic market involves the manufacturing and sales of medical equipment, pharmaceuticals, and surgical procedures to treat medical conditions related to eyes. The market comprises products such as eye exams, medications, diagnostics devices and surgical equipment used for cataracts, glaucoma, refractive errors, and other eye diseases. With rising cases of eye disorders, there is a growing need for ophthalmic treatments that can deliver faster and effective results with minimum side effects.
The 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 are Novartis AG, AbbVie, Merck & Co., Inc, Bausch Health Companies Inc., Santen Pharmaceutical Co., Ltd. and Among Others. Key players are focusing on new product launches and strategic collaborations to expand their product portfolio and market share. For instance, in 2021, Novartis launched Vyxol eye drops to provide relief from itching associated with allergic conjunctivitis.
The market provides significant opportunities for players involved in developing advanced ophthalmic surgical equipment, technologies for refractive surgeries and innovative drug therapies. Growing awareness about eye care and availability of medical reimbursement schemes are encouraging more people to seek professional eye care.
The U.S. ophthalmic market has witnessed steady growth over the past few years due to growing geriatric population, increasing prevalence of eye disorders and rising healthcare expenditure. Major players are investing in research and development to come up with new product variants. The market is also expanding into other regions through collaborations and acquisitions.
Market Drivers
Increasing prevalence of eye diseases mainly due to growing geriatric population, lifestyle changes and excessive screen time is a key driver for the United States ophthalmic market. As per CDC, more than 120 million Americans use some form of vision correction. Rising cases of diabetes and high blood pressure leading to retinal issues is also driving the demand. Growing awareness through health campaigns and availability of medical reimbursements are further supporting market growth.
PEST Analysis
Political: The changes in healthcare policies and regulations impact the medical devices industry in the United States. Upcoming elections could influence future healthcare reforms.
Economic: Rising healthcare expenditure and growing disposable incomes have been driving the demand for advanced ophthalmic devices and drugs in the US. Ageing population has further boosted market growth.
Social: Increasing incidence of eye diseases and vision correction treatments are majorly impacting the industry. Growing health awareness and acceptance of corrective surgeries are key social factors.
Technological: Continuous R&D and innovations in ophthalmology have led to development of novel drugs, surgical equipment and other devices. 3D printing, artificial intelligence and digital health solutions are transforming eye care.
Geographical Regions with High Market Concentration
The United States ophthalmic market is concentrated majorly in regions with high population density and developed healthcare infrastructure. California, Texas, New York and Florida account for over 35% of the total market value. The availability of skilled professionals, advanced hospital facilities and presence of leading manufacturers have contributed to high growth prospects in these states.
Fastest Growing Regional Market
The South region of the United States is emerging as the fastest growing market for ophthalmic devices and drugs. States like Georgia, North Carolina, Tennessee and South Carolina are experiencing rising incidences of eye disorders due to aging. Expanding healthcare accessibility through initiatives like Medicaid expansion have boosted patient volumes in this region. Growing medical tourism and presence of research institutes are also supporting market growth in the South.
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?
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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)
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.
