Market Size of North America Ophthalmic Devices & Drugs Industry
Study Period | 2021 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
Historical Data Period | 2021 - 2022 |
CAGR | 5.00 % |
Market Concentration | Medium |
Major Players*Disclaimer: Major Players sorted in no particular order |
North America Ophthalmic Drugs and Devices Market Analysis
The North America ophthalmic devices & drugs market is expected to grow with a CAGR of 5.0% during the forecasted period.
The COVID-19 pandemic significantly impacted the North American ophthalmic devices & drugs market. For instance, as per the data from the National Institute of Health published in 2021, many ophthalmologists 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 that an 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 the previous years, putting millions of Canadians at serious risk of losing vision. Hence as per the factors above, COVID-19 had a significant negative impact on the North American ophthalmic devices & drugs market. However, the market has reached its pre-pandemic nature in terms of procedural volume and the demand for ophthalmic devices. It is expected to witness substantial growth during the forecast period.
Certain factors driving the market's growth 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, the incidence and prevalence of bacterial keratitis vary with the geographical location and local environmental and climatic risk factors. There is a vast disparity among populations in the incidence of bacterial keratitis in developed countries like the United States and Canada compared to developing countries like India, Nepal, Pakistan, and Bangladesh, according to an article, 'Bacterial Keratitis' published in June 2021. Hence, an increasing prevalence of various eye disorders and a high treatment rate are likely to lead to a growing demand for drugs and devices.
Moreover, research & development activities, 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 market studied 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.
North America Ophthalmic Drugs and Devices Industry Segmentation
Ophthalmology devices are the equipment used to diagnose and treat various ophthalmic diseases, such as cataracts, glaucoma, and refractive errors. Ophthalmic drugs treat eye infections and some of the diseases mentioned above.
The North America Ophthalmic Devices & Drugs Market is Segmented By Product (Devices (Surgical Devices and Diagnostic Devices) and Drugs (Glaucoma Drugs, Retinal Disorder Drugs, Dry Eye Drugs, Allergic Conjunctivitis and Inflammation Drugs, and Other Drugs)), Disease (Glaucoma, Cataract, Age-Related Macular Degeneration, Inflammatory Diseases, Refractive Disorders, Other Diseases), and Geography (United States, Canada, and Mexico). The report offers value (in USD million) for the above segments.
By Product | ||||||||
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By Disease | |
Glaucoma | |
Cataract | |
Age-Related Macular Degeneration | |
Inflammatory Diseases | |
Refractive Disorders | |
Other Diseases |
By Geography | |
United States | |
Canada | |
Mexico |
North America Ophthalmic Devices & Drugs Market Size Summary
The North America ophthalmic devices and drugs market is poised for significant growth, driven by a combination of demographic shifts, technological advancements, and an increasing prevalence of eye diseases. The market, which experienced a downturn due to the COVID-19 pandemic, has rebounded to pre-pandemic levels in terms of procedural volume and demand. Factors such as the rising geriatric population and the prevalence of conditions like glaucoma, cataracts, and diabetic retinopathy are contributing to the market's expansion. Technological innovations and research activities, along with the presence of key market players, are further propelling the market forward. However, challenges such as the high cost of ophthalmic devices and stringent regulatory approval processes continue to pose obstacles to market growth.
The cataract segment, in particular, is expected to see robust growth due to the increasing burden of eye diseases and advancements in ophthalmology technology. The United States, with its highly developed healthcare infrastructure and a growing aged population, is anticipated to be a major contributor to the market's expansion. Awareness initiatives and ongoing research, such as those by the American Academy of Ophthalmology and the National Eye Institute, are enhancing public education and adoption of ophthalmic devices. The market is characterized by fragmentation, with several key players like Alcon Inc., Bausch Health Companies Inc., and Johnson & Johnson dominating the landscape. Recent product launches and regulatory approvals, such as those by Lensar and Johnson & Johnson Vision, underscore the dynamic nature of the market.
North America Ophthalmic Devices & Drugs Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Demographic Shift and Impact of Prevalence of Eye Disease
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1.2.2 Technological Advancements in the Field of Ophthalmology
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1.3 Market Restraints
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1.3.1 Higher Cost of the Ophthalmic Devices and Strict FDA Guidelines for Drug Approval
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value in USD Million)
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2.1 By Product
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2.1.1 Devices
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2.1.1.1 Surgical Devices
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2.1.1.1.1 Intraocular Lenses
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2.1.1.1.2 Ophthalmic Lasers
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2.1.1.1.3 Other Surgical Devices
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2.1.1.2 Diagnostic Devices
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2.1.2 Drugs
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2.1.2.1 Glaucoma Drugs
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2.1.2.2 Retinal Disorder Drugs
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2.1.2.3 Dry Eye Drugs
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2.1.2.4 Allergic Conjunctivitis and Inflammation Drugs
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2.1.2.5 Other Drugs
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2.2 By Disease
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2.2.1 Glaucoma
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2.2.2 Cataract
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2.2.3 Age-Related Macular Degeneration
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2.2.4 Inflammatory Diseases
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2.2.5 Refractive Disorders
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2.2.6 Other Diseases
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2.3 By Geography
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2.3.1 United States
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2.3.2 Canada
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2.3.3 Mexico
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North America Ophthalmic Devices & Drugs Market Size FAQs
What is the current North America Ophthalmic Devices & Drugs Market size?
The North America Ophthalmic Devices & Drugs Market is projected to register a CAGR of 5% during the forecast period (2024-2029)
Who are the key players in North America Ophthalmic Devices & Drugs Market?
Alcon Inc., Carl Zeiss Meditec AG, Haag-Streit Group, Johnson & Johnson and Bausch Health Companies Inc. (Bausch + Lomb) are the major companies operating in the North America Ophthalmic Devices & Drugs Market.