July 25, 2024
United States Ophthalmic Market

United States Ophthalmic Market Is Poised To Surge By 8.6% CAGR By 2031

The United States ophthalmic market consists of various products used to treat diseases and disorders associated with the eyes and vision. Contact lenses, intraocular lenses, ophthalmic drugs, and surgical equipment form an integral part of the market. Growing demand for corrective and diagnostic procedures has driven investments in advanced devices and therapies.

The Global United States Ophthalmic Market Size is estimated to be valued at US$ 15.90 Billion 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. Novartis is a global leader in ophthalmic pharmaceuticals while Bausch Health controls a major share of the surgical equipment segment.

The rising prevalence of eye disorders among the aging US population has driven strong demand for ophthalmic drugs and devices in recent years. Conditions like cataracts, glaucoma, diabetic retinopathy and dry eye syndrome are increasing at an alarming rate. This has encouraged pharmaceutical companies to invest in new drug launches.

Growing awareness about eye care and vision correction has also widened the market for contact lenses and refractive surgery. Several US states have passed legislation to expand insurance coverage for routine eye exams and medications. This is encouraging more people to seek early diagnosis and treatment.

Major companies are actively pursuing acquisitions and partnerships to gain access to new territories and technologies. This allows them to offer comprehensive eye care services to a larger patient base. Market leaders are also shifting focus to emerging economies in Latin America and Asia Pacific with growing unmet needs.

Market Key Trends

One of the key trends in the United States ophthalmic market is the rising adoption of minimally invasive glaucoma surgery devices. Glaucoma is a leading cause of blindness but many patients are reluctant to undergo traditional surgery due to its invasive nature. This has prompted researchers to develop new MIGS tools that help lower eye pressure through small incisions using stents and shunts. Their advantages over conventional methods like fewer complications and faster recovery are driving their increasing usage.

Porter’s Analysis

Threat Of New Entrants: There is moderate threat of new entrants in the US ophthalmic market as it requires high investment to build manufacturing infrastructure and R&D facilities to develop innovative drugs and devices. The entry is easier for generics manufacturers as the requirement is lower.

Bargaining Power Of Buyers: The bargaining power of buyers is high in the US ophthalmic market as products are differentiated and buyers can negotiate on price and purchase large volumes to get higher discounts. Organized buyers further increase their negotiation power.

Bargaining Power Of Suppliers: The bargaining power of suppliers is moderate as key raw material suppliers for active pharmaceutical ingredients and medical device components are limited which gives them an edge in pricing. However, established drug makers can source from multiple suppliers to avoid dependence.

Threat Of New Substitutes: Threat of new substitutes is low as ophthalmic drugs and devices have limited substitutes for treating eye disorders. Generic versions pose threat once patents expire on branded products.

Competitive Rivalry: The competitive rivalry is high among established players due to their widespread product portfolio and penetration in the US market.

Geographical Regions: The United States accounts for over 40% of the global market value currently owing to high consumer awareness, aging population and good reimbursement structure. Nearly 70-75% of the US market demand comes from this region currently.

The Asia Pacific region is growing at the fastest pace supported by factors like rising aging population, growing middle class, increasing healthcare spending and expansion of key players in emerging countries of India and China. It is expected to surpass Europe as the second largest ophthalmic market globally by early 2030s.

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

About Author:

Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)