United States Ophthalmic Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

United States Ophthalmic Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

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.

Contact lenses, or simply contacts, are thin lenses placed directly on the surface of the eyes. Contact lenses correct most vision problems, including near-sightedness (myopia), blurred vision, farsightedness (hyperopia), and astigmatism. The contact lenses segment is anticipated to witness growth in the United States ophthalmic devices market owing to the factors such as a rise in the prevalence of eye diseases, an increase in the utilization of contact lenses due to convenience, and a rise in product launches. For instance, as per the October 2022 update from right Focus Foundation, more than 3 million Americans are living with glaucoma, 2.7 million of whom (aged 40 and older) are affected by its most common form, open-angle glaucoma.

Furthermore, product launches, collaboration, and partnerships are anticipated to drive market growth over the forecast period. For instance, in September 2022, Johnson & Johnson Vision Care, Inc, launched its newest innovation, ACUVUE OASYS MAX 1-DAY contact lenses and ACUVUE OASYS MAX 1-Day MULTIFOCAL contact lenses for presbyopia. Similarly, in January 2022, Alcon launched its DAILIES TOTAL1 for Astigmatism, the first and only Water Gradient contact lens for patients with astigmatism. This launch extended Alcon’s portfolio of premium, daily disposable lenses, which already include DAILIES TOTAL1 (sphere) and DAILIES TOTAL1 Multifocal, with a high-performing lens designed for astigmatic patients.

As a result of the rise in ocular disorders, the rise in the number of new contact lens products, and the spike in ophthalmology device technological breakthroughs, the contact lens segment is anticipated to boost the market growth over the forecast period.

An ophthalmic laser is a medical device used to target ophthalmic cells to operate ophthalmic disorders. Ophthalmic lasers are used for treating a wide range of eye problems. They are used in various ophthalmic disorder procedures, including cataract surgery, laser trabeculoplasty, retinal photocoagulation, and laser iridotomy. The ophthalmic laser segment is anticipated to witness growth in the United States ophthalmic devices market owing to the factors such as a rise in the prevalence of eye diseases, an increase in the utilization of ophthalmic lasers in ophthalmic surgery, and a rise in product launches. For instance, as per the article published in November 2022 in PubMed, laser refractive surgery is likely to address the amblyogenic refractive error in children, and that it appears to decrease anisometropia.

Furthermore, product launches, collaboration, and partnerships are anticipated to drive market growth over the forecast period. For instance, in December 2021, LASEROPTEK Co., Ltd. received 510(k) clearance from the FDA for its PicoLO Premium picosecond pulse Nd: YAG laser. Similarly, Zeiss introduced new devices and software applications as part of its medical ecosystem. The technology includes the Zeiss-patented Quattro Pump, which delivers chamber stability independent of IOP and flow. The Quatera 700 increases a surgeon's workflow efficiency from the clinic to the operating room, enabling one digitally integrated surgical workflow. In addition, in August 2022, The approvals and launches of such innovative products in the United States are expected to boost the growth of the market during the forecast period.

As a result of the surge in ocular disorders and the rise in the number of laser product launches, the laser segment is anticipated to boost market growth over the forecast period.

The ophthalmic devices market is moderately competitive. Some of the players operating in the market are Alcon Inc., Bausch Health Companies Inc., Carl Zeiss AG, EssilorLuxottica SA, HAAG-Streit Group, Hoya Corporation, Johnson & Johnson, Nidek Co. Ltd., Topcon Corporation, and Ziemer Ophthalmic Systems AG, to name a few.

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