Market Insights Health Medical Technology Medical Devices

Ophthalmic Devices - United States

United States

In the United States, the projected revenue for the Ophthalmic Devices market market is expected to reach €12.98bn by 2024.
Looking ahead, the market is forecasted to experience a steady annual growth rate (CAGR 2024-2029) of 5.16%, which would result in a market volume of €16.69bn by 2029.
It is worth noting that in global comparison, the in the United States is anticipated to generate the highest revenue in the Ophthalmic Devices market market, with €12.98bn projected for 2024.
The United States is witnessing a growing demand for advanced ophthalmic devices, driven by technological advancements and an aging population.

Key regions: Germany, Italy, France, Japan, United Kingdom

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Analyst Opinion

The Ophthalmic Devices market in the United States is experiencing steady growth due to increasing customer preferences for advanced eye care solutions, along with several local special circumstances and underlying macroeconomic factors. Customer preferences in the Ophthalmic Devices market in the United States are shifting towards more advanced and innovative eye care solutions. Customers are increasingly seeking devices that offer improved accuracy, precision, and convenience in diagnosing and treating various eye conditions. This preference for advanced technology is driving the demand for ophthalmic devices such as optical coherence tomography (OCT) machines, refractive surgery devices, and diagnostic devices. Additionally, there is a growing demand for contact lenses and spectacles with enhanced features such as blue light filters and UV protection, as customers become more aware of the potential harm caused by digital screens and sunlight. The market is also witnessing a trend towards personalized eye care solutions, as customers seek products that cater to their specific needs and preferences. This trend is driving the development of customized ophthalmic devices, including personalized contact lenses and spectacle lenses. Advancements in technology, such as 3D printing, are enabling manufacturers to produce these customized devices at a larger scale, further fueling market growth. Local special circumstances in the United States, such as an aging population and a high prevalence of eye diseases, are contributing to the growth of the Ophthalmic Devices market. The aging population is more susceptible to eye conditions such as cataracts, glaucoma, and age-related macular degeneration, leading to an increased demand for ophthalmic devices for diagnosis and treatment. Furthermore, the United States has a high prevalence of myopia, which is driving the demand for corrective devices such as contact lenses and spectacle lenses. Underlying macroeconomic factors, such as increasing healthcare expenditure and favorable reimbursement policies, are also driving the growth of the Ophthalmic Devices market in the United States. Rising healthcare expenditure allows for increased investment in advanced eye care technologies and treatments. Additionally, favorable reimbursement policies ensure that patients have access to affordable eye care solutions, further stimulating market growth. In conclusion, the Ophthalmic Devices market in the United States is experiencing steady growth due to increasing customer preferences for advanced eye care solutions, local special circumstances such as an aging population and a high prevalence of eye diseases, and underlying macroeconomic factors such as increasing healthcare expenditure and favorable reimbursement policies. As technology continues to advance and customer awareness regarding eye health increases, the market is expected to witness further growth in the coming years.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on medical devices and IVD revenues allocated to the country where the money is spent at manufacturer price levels excluding VAT.

Modeling approach / Market size:

Modeling employs a top-down approach with a bottom-up validation, using financial information of the key players by market. Market sizes are determined by a top-down approach, based on a specific rationale for each market market and allocated to the covered countries according to the global market shares. As a basis for evaluating markets, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare system, and regulations concerning medical products. Next, we use further relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare payer system, and regulations concerning medical products. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.