North America Ophthalmic Devices & Drugs Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

North America Ophthalmic Devices & Drugs Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The North America Ophthalmic Devices & Drugs Market is expected to grow with a CAGR of 5% during the forecasted period.

The North America ophthalmic devices & drugs market was significantly impacted by COVID-19. For instance, as per the article published in 2021 under the title “The coronavirus pandemic impact: perceptions and actions of the members of the Mexican Society of Ophthalmology”, many ophthalmologists had ceased all activities. The main reason for stopping clinical work was the fear that the practices would become transmission hubs. Less than a third of participants continued their surgical activities whereas the bulk continued their clinical practice. Furthermore, as per the article published in November 2021 by Fighting Blindness Canada, the impact of the COVID-19 pandemic on Eye Health in Canada reported estimated 1,437 Canadians experienced vision loss due to delayed eye examinations and delayed treatment in 2020. There were almost 3 million fewer optometry visits in 2020 compared to 2019, putting millions of Canadians at serious risk of losing vision. Hence as per the aforementioned factors, COVID-19 had a significant impact on the North America ophthalmic devices & drugs market.

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 the rising geriatric population. 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 on June 2020 by Centers for Disease Control and Prevention (CDC), approximately 12 million people 40 years and over in the United States have vision impairment, including 1 million who are blind, 3 million who have vision impairment after correction, and 8 million who have vision impairment due to uncorrected refractive error. Hence, an increase in eye disorders is likely to lead to the growing demand for drugs and devices.

Moreover, research and development, the presence of competitors, product launches, patents, and approvals in the field of ophthalmic devices & drugs in North America boost the market growth. For instance, in September 2021, Norlase, a leader in ultraportable laser treatment devices for retina and glaucoma disease received the United States patent for voice control in ophthalmic laser treatment systems.

Therefore, owing to the aforementioned factors the studied market is anticipated to witness growth over the analysis period. However, the higher cost of ophthalmic devices and strict regulatory approval processes restrain the market growth.

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

The cataract segment is likely to see growth over the forecast period owing to the factors such as an increase in the geriatric population, increased burden of eye disease, and technological advancements in the ophthalmology sector. For instance, as per the Cleveland 2020 update, one of the most frequent surgeries performed in the United States and around the world, cataract surgery is highly safe. If the eye is otherwise healthy, the surgeon will usually replace the clouded lens during surgery with a clear plastic lens to restore normal vision. 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.

Furthermore, increased product launches, advancements in cataract surgeries, and the presence of competitors foster market growth. For instance, in June 2022, Lensar eyes launched its AR-assisted cataract surgery system after the United States Food and Drug Administration (FDA) clearance. Typically, a laser suite and an operating room are used in laser-assisted cataract surgery. Lensar focused on developing an all-in-one system that might enable the surgery to take place in a single location, and the company was rewarded for that ambition with an FDA clearance. Furthermore, in April 2021, Johnson & Johnson Vision received the FDA 510(k) clearance and CE mark for its new-generation phacoemulsification device VERITAS Vision System. VERITAS Vision System is a modular ophthalmic microsurgical system designed to aid anterior segment ophthalmic surgery (cataract surgery).

Hence as per the factors mentioned above, the cataract segment is likely to witness a growth in the North America ophthalmic devices & drugs market over the forecast period.

United States is Likely to Witness a Growth Over the Forecast Period

The United States is likely to grow over the forecast period in the North America region owing to the facts such as increasing incidence rates of eye diseases and the rising aged population, highly developed healthcare infrastructure, and the presence of key market players in the region. For instance, as per the Centers for Disease Control and Prevention (CDC) 2020 report, the projected prevalence of Diabetic Retinopathy is likely to be 10,938,504 by 2032. This number is estimated to rise to 13,190,538 by 2050. Similarly, the estimated prevalence of blindness in 2032 is 2,161,164. This rising prevalence is a major factor in the adoption of Ophthalmic devices & drugs and thereby boosting the market growth in the United States.

Furthermore, increased awareness, research, and development, product launches in the studied area are likely to promote market growth. For example, the American Academy of Ophthalmology celebrated Glaucoma Awareness Month in January 2022. During Glaucoma Awareness Month in January, the American Academy of Ophthalmology advised the public that the best defense against developing glaucoma-related blindness is by having routine, comprehensive eye exams. Such awareness initiatives boost public education to adopt ophthalmology devices and drugs for achieving better eye health. Furthermore, as per the news published in June 2022 in National Eye Institute (NEI), researchers from the National Eye Institute (NEI) have identified a new disease that affects the macula, a small part of the light-sensing retina needed for sharp, central vision. Scientists reported their findings on the novel macular dystrophy, which is yet to be named. Hence these types of research increase the adoption of ophthalmic devices thereby boosting the market growth.

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

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