USA Ophthalmic Devices Market Size

USA Ophthalmic Devices Market Analysis

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.