North America Ophthalmic Devices & Drugs Market Size

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.