North America Ophthalmic Devices & Drugs Market - Growth, Trends, and Forecast (2022 - 2027)

North America Ophthalmic Devices & Drugs Market - Growth, Trends, and Forecast (2022 - 2027)

The North America Ophthalmic Devices & Drugs Market is expected to grow with a CAGR of 5% during the forecasted period. Certain factors that are driving the growth of the market include demographic shift, the impact of the prevalence of eye disease, technological advancements in the field of ophthalmology, and rising geriatric population. The aging population is expected to burden all areas of healthcare, and ophthalmologists provide approximately 90% of their procedure-based services to seniors. There has been a rising prevalence of eye diseases, such as glaucoma, cataract, macular degeneration, and diabetic retinopathy in North American countries. For instance As per the statistics published by National Eye Institute, currently, around 1.3 million Americans are blind, and 2.9 million have low vision. An estimated 2.2 million Americans may face vision loss, and 5 million will have low vision by 2030. Hence, an increase in eye disorders will lead to the growing demand for drugs and devices.​

Moreover, In September 2019, Canon Xephilio OCT-A1 Optical Coherence Tomography device received the FDA 510(k) Clearance. This device features automated acquisition functionality, which makes it easy to use, allowing healthcare professionals to obtain high-quality reproducible scans and images.

Key Market TrendsCataract Segment is Expected to Show Better Growth in the Forecast Years

Based on disease, the market is segmented into glaucoma, cataract, age-related macular degeneration, inflammatory diseases, refractive disorders, and other diseases. As per the American Academy of Ophthalmology, it is estimated that by 2050, around 50 million people in the United States are expected to suffer from cataracts, which is one of the leading causes of blindness in the United States. Cataract surgery remains the most effective way to help restore vision for people with cataracts. Hence, with the rising burden of eye disease in North America, the market is expected to grow in the forecast period.

Competitive Landscape

The North America Ophthalmic Devices & Drugs Market is fragmented competitive and consists of several major players. In terms of market share, few of the major players are currently dominating the market. Some of the companies which are currently dominating the market are Alcon Inc., Bausch Health Companies Inc., Carl Zeiss Meditec AG, Essilor International SA, Haag-Streit Group, Johnson & Johnson, Nidek Co. Ltd, Topcon Corporation, Ziemer Group AG

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

Alcon Inc.
Bausch Health Companies Inc.
Carl Zeiss Meditec AG
Essilor International SA
Haag
Streit Group
Johnson & Johnson
Nidek Co. Ltd
Topcon Corporation
Ziemer Group AG

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