The Ophthalmology Devices Market size in North America has been projected at USD 17.46 Billion in 2023. It is estimated to reach USD 22.83 Billion markets by 2028, growing at a compound annual growth rate (CAGR) of 5.1% between 2023 to 2028.
The increase in eye diseases among people due to exposure to various environments drove the market for ophthalmic devices. Ophthalmic devices help in diagnosis and treatment methods. The increasing eye conditions in geriatric patients were enhancing the market demand. People are experiencing vision-related problems with an increase in age. Most senior people are diagnosed with the diabetes-mellitus, where vision issues are commonly observed. Diabetic patients experience eye diseases such as diabetic retinopathy, cataracts, and glaucoma, which all lead to vision loss; early detection and treatment help in the protection of vision. The adoption of these devices was increasing with rising glaucoma and cataract cases. The technological advancements in the devices were boosting the market demand.
Trauma cases are increasing worldwide due to many reasons, such as accidents, sports injuries, violence, and natural disasters. Traumatic head injuries are the most seen cases, which also include the damage of optic nerves leading to disorders. The traumatic cases are increasing with the increase in the population. The increase in traumatic cases was propelling the market growth. Traumatic head injury may lead to the rise of various issues related to nerves, including the vision-loss condition. Many manufacturers are investing in research and development for innovative methods in treatment updating with the advanced technology, which is prompting the market demand. The increasing cases of glaucoma and cataracts propounded the market revenue in ophthalmic devices. The demand for ophthalmic devices was projected to increase over the forecast period.
The increasing healthcare expenditure, with its high growth rate due to various social and economic factors, was creating lucrative opportunities for the market demand. The disposable incomes of the people in various countries were increasing, making them invest in the healthcare system. The government and healthcare organizations are taking initiatives to accomplish the people's requirements, which is expected to boost the market growth. They are conducting several campaigns and educational programs to bring awareness among people regarding eye disorders.
The advanced development in medical products was significantly affecting the economic status of the healthcare sector; therefore, the surge in healthcare expenditure was projected as an opportunity for market growth over the forecast period.
The cost of treatment for various eye disorders was huge, acting as the restraining factor. The prevalence of eye disorders was rising, which increased the demand for equipment cost, leading to an increase in treatment costs, which hindered the market demand over the years. The increased risks occur because of the various surgery procedures and medications, which will hamper the market demand. Steroids are taken as medications for various eye disorders, which show several adverse effects hampering the market growth.
Another factor hampering the market growth was the need for more skilled professionals. The count of ophthalmologists in emerging and developed countries was low. The increasing number of eye disease cases in the elderly population who need more ophthalmic care was hampering the market growth. It was required to train the eye care teams to meet the requirements of ophthalmologists worldwide, which will help the patients in a fast treatment process.
The increasing risks associated with eye surgeries are a challenging factor for the growth of ophthalmic devices. Even a tiny mistake during surgery leads to loss of vision for the patient. These complications are addressed carefully during the surgery.
COVID-19 Impact on the North American Ophthalmology Devices Market:
The Pandemic greatly impacted the Ophthalmology device market due to the disruption of the supply chain of North America for operating, diagnosis, and vision care products. The end-user requirement had been impacted due to the supply and sales of the product. The first half of 2020 saw a massive decrease in the sales and revenue of the market. However, the second half of COVID-19 had a significant increase in sales as people are in the surge to get operated after the Pandemic. The hospitals had taken care of only emergency patients during the lockdown due to low medical staff and to avoid the spread of the Pandemic. Manufacturing was also slowed down due to low labor count, and the supply of raw materials was stopped due to the inhibition of import and export businesses.
This research report on the North America Ophthalmology Devices Market has been segmented and sub-segmented into the following categories:
North American region dominated the ophthalmic devices market as it has seen most cataract cases in the recent period. The developing advancements in technology were driving the North American regional market. The increase in geriatric patients with eye disorders and the increased burden of eye diseases influenced the market demand. According to Cleveland's 2021 update, the most frequent surgery was the cataract surgery performed in the United States, the safest process worldwide. With the rising burden of eye disease in North America, the market was projected to grow with the highest CAGR during the forecast period.
The U.S was dominating the ophthalmic devices market with an increase in the research and development activities in the healthcare sector was driving the market growth and is projected to dominate over the forecast period. The increasing number of diabetic eye disorders was influencing the market demand. The presence of key players and their investment in the research and development sector propelled the market demand in the United States. The increased technology in devices helps in treatment and diagnosis with better results.
Canada was projected to have significant growth in the ophthalmic devices market revenue due to the increase in disposable incomes of the people, which was propelling them to invest in expensive surgeries and treatment processes. The increase in traumatic patients was leading to influence the market growth.
Companies playing a dominant role in the North America Ophthalmology Device Market profiled in this report are Johnson & Johnson, Abbott Medical Optics Inc., Carl Zeiss Meditec, Hoya Corporation, Essilor International, Alcon Inc., Topcon Corporation, HAAG-Streit Group, Ziemer Ophthalmic System, Bausch and Lomb Inc., and Nidek Co Ltd.
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