Burlingame, May 20, 2024 (GLOBE NEWSWIRE) -- CoherentMI published a report, titled, United States Ophthalmic Market was valued at US$ 15.90 Billion in the year 2023, and is anticipated to reach a US$ 36.50 Billion by 2031, with growing at a CAGR of 8.6% during forecast period 2023-2031.
Market Dynamics:
The United States Ophthalmic Market is driven by the increasing prevalence of eye diseases such as cataracts, glaucoma, and age-related macular degeneration. Additionally, the growing geriatric population in the United States is also contributing to the rising demand for ophthalmic devices and treatments. Moreover, technological advancements in ophthalmic devices, increasing healthcare expenditure, and a growing awareness about eye health are further fueling the market growth.
Market Report Scope:
| Report Coverage | Details | |
| Study Period | 2023 - 2031 | |
| Base Year of Estimation | 2022 | |
| CAGR | 8.6% | |
| Largest Market | Northeast | |
| Market Concentration | High | |
| Major Players | Novartis AG, AbbVie, Merck & Co., Inc, Bausch Health Companies Inc., Santen Pharmaceutical Co., Ltd. and Among Others. | |
| Segments Covered | By Drug Class, By Dosage Form, By Distribution Channel, By Indication, By Region | |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends | |
| Growth Drivers | • Aging Population and Prevalence of Eye Diseases • Rising awareness and health consciousness among consumers | |
| Restraints & Challenges | • High cost of ophthalmic drugs | |
Key Market Takeaways:
- The United States Ophthalmic Market Size is anticipated to witness a CAGR of 8.6% during the forecast period 2023-2031, owing to the rising demand for advanced eye care treatments and the surge in online pharmacy sales.
- On the basis of drug class, the anti-inflammatory drug segment is expected to hold a dominant position, owing to its effectiveness in treating various eye conditions.
- In terms of dosage form, eye drops are anticipated to lead the market, driven by the convenience and ease of use they offer.
- By indication, dry eye syndrome is expected to dominate the market, highlighting the prevalence of this condition among the population.
- Hospital pharmacies are expected to be the dominant distribution channel, ensuring access to ophthalmic medications for patients across the country.
- North America is expected to hold a dominant position in the region, supported by a well-established healthcare infrastructure and a high demand for eye care products.
- Key players operating in the United States Ophthalmic Market include Novartis AG, AbbVie, Merck & Co., Inc, and other leading pharmaceutical companies. These companies are focusing on product innovation and strategic partnerships to strengthen their market presence and cater to the growing needs of consumers. Overall, the market is poised for significant growth opportunities, driven by technological advancements and changing consumer preferences in the healthcare industry.
Market Trends:
One key trend in the United States Ophthalmic Market is the rising adoption of advanced surgical techniques such as minimally invasive surgeries and laser treatments for eye disorders. These procedures offer quicker recovery times and better outcomes for patients, driving their popularity among healthcare providers and patients alike. Another trend is the increasing focus on personalized medicine in ophthalmology, with the development of customized treatment plans based on patients' genetic factors and disease characteristics. This personalized approach is expected to improve treatment efficacy and patient satisfaction in the ophthalmic market.
Recent Development:
- In August 2023, Astellas Pharma Inc, said that IZERVAY approved by the U.S. Food and Drug Administration to treat geographic atrophy secondary to age-related macular degeneration.
- In March 2023, a strategic alliance was formed between Hovione and Ripple Therapeutics to leverage Ripple Therapeutics Epidel platform for purpose other than eye care.
Read a complete market research report, "United States Ophthalmic Market Size And Share Analysis - Growth Trends And Forecasts (2023 - 2031)", Published by CoherentMI.
Market Opportunities:
The United States Ophthalmic Market presents two key market opportunities that are driving growth and innovation within the industry.
Rising Demand for Anti-inflammatory Drugs in Ophthalmology
With an increasing prevalence of eye diseases and disorders such as uveitis, scleritis, and conjunctivitis, there is a growing demand for anti-inflammatory drugs in ophthalmology. The anti-inflammatory drug segment is expected to dominate the market, owing to its effectiveness in treating inflammation and pain in the eyes. Patients are seeking advanced treatment options for chronic eye conditions, leading to the widespread adoption of these drugs. Pharmaceutical companies are focusing on developing new and improved anti-inflammatory medications to cater to this growing demand.
Surge in Online Pharmacies for Ophthalmic Products
The rise of online pharmacies has revolutionized the way consumers purchase healthcare products, including ophthalmic medications. The eye drop segment is expected to dominate the market, with a significant portion of these products being sold through online pharmacies. Convenience, affordability, and a wide range of options are driving consumers to opt for online platforms to purchase their eye care products. This trend is expected to continue, with online pharmacies gaining traction in the market and offering a seamless shopping experience for customers.
United States Ophthalmic Market Segmentation:
- By Drug Class
- Anti-inflammatory Drugs
- Anti-infective Drugs
- Anti-glaucoma Drugs
- Anti-VEGF Agents
- Others (Lubricants and Artificial Tears, etc.)
- By Dosage Form
- Eye Drops
- Ointments
- Gels
- Solutions
- Injections
- Others (Tablets, Suspension, etc.)
- By Indication
- Dry Eye Syndrome
- Glaucoma
- Allergic Conjunctivitis
- Retinal Disorders
- Others (Inflammatory Eye Conditions, etc.
- By Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
- Others
- By Region
- Northeast
- West
- South
- Midwest
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Top Questions Answered in this Report:
- What factors are impeding the growth of the United States Ophthalmic Market?
- What are the primary drivers fueling the growth of the United States Ophthalmic Market?
- Which segment stands out as the leading component in the United States Ophthalmic Market?
- Who are the key players actively participating in the United States Ophthalmic Market?
- Which region is poised to take the lead in the United States Ophthalmic Market?
- What is the projected CAGR for the United States Ophthalmic Market?
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