Ophthalmic Devices - North America

The projected revenue in the Ophthalmic Devices market market in North America is estimated to reach US$15.54bn in 2024.
It is expected to demonstrate an annual growth rate (CAGR 2024-2029) of 5.00%, leading to a market volume of US$19.84bn by 2029.
When compared globally, the majority of the revenue is anticipated to be generated the United States, with US$14.00bn in 2024.
The demand for advanced ophthalmic devices in North America is driven by the increasing prevalence of age-related eye diseases.

Definition:
Ophthalmic devices refer to medical devices used for diagnosis of eye diseases, related surgeries, and vision correction.

Additional information:
Market values represent revenues paid to primary vendors at manufacturer price level either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), enterprises (B2B) as well as governments (B2G). Revenues are allocated to the country where the money is spent.

Company examples: Essilor International, Johnson & Johnson, Bausch Health Companies. Further information on the key players can be found in the Market Shares boxes.

Ophthalmology diagnostic & surgical devices
Vision care

Ophthalmology pharmaceuticals
Ophthalmology supplements

The Ophthalmic Devices market in North America is experiencing steady growth due to several key factors. Customer preferences in the region, along with specific trends in the market, local special circumstances, and underlying macroeconomic factors, are all contributing to the development of the market. Customer preferences in North America play a significant role in the growth of the Ophthalmic Devices market. With an aging population and increasing prevalence of eye diseases such as cataracts and glaucoma, there is a growing demand for ophthalmic devices that can diagnose and treat these conditions. Customers in North America are also becoming more aware of the importance of regular eye examinations and are willing to invest in devices that can help them maintain good eye health. Trends in the Ophthalmic Devices market in North America further contribute to its development. Technological advancements have led to the introduction of innovative devices such as optical coherence tomography (OCT) scanners and femtosecond lasers, which provide more accurate and precise diagnoses and treatments. These advancements not only improve patient outcomes but also increase the efficiency and effectiveness of ophthalmic practices. In addition to customer preferences and market trends, there are also local special circumstances that impact the Ophthalmic Devices market in North America. The region has a well-developed healthcare infrastructure, including a large number of ophthalmic clinics and hospitals. This facilitates the adoption of new technologies and encourages healthcare providers to invest in advanced ophthalmic devices. Moreover, the presence of leading ophthalmic device manufacturers in North America enhances the availability and accessibility of these devices in the market. Underlying macroeconomic factors also contribute to the growth of the Ophthalmic Devices market in North America. The region has a high per capita income and a strong healthcare system, which enables individuals to afford and access ophthalmic devices. Additionally, favorable reimbursement policies and insurance coverage for ophthalmic procedures incentivize patients to seek treatment and invest in ophthalmic devices. In conclusion, the Ophthalmic Devices market in North America is developing due to customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. The aging population, increasing prevalence of eye diseases, and technological advancements are driving the demand for ophthalmic devices in the region. The well-developed healthcare infrastructure, presence of leading manufacturers, and favorable reimbursement policies further contribute to the growth of the market.

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.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

Medical technology plays a role in the lives of everyone. It includes most of all, medical devices which simplify the prevention, diagnosis, and treatment of diseases and illnesses. The most well-known medical technology products are, among others, pacemakers, imaging instruments, dialysis machines, and implants. The global medical technology industry was worth over 567 billion U.S. dollars annually. Established centers of this industry include North America and Western Europe. The United States is home to the world’s largest medical technology companies. As of 2022, Abbott Laboratories had the largest global revenue at over 31.2 billion U.S. dollars. The main focus of devices manufactured by the Chicago-based company are diagnostics, cardiovascular, and diabetes care. Two other medtech companies that round off the top three largest companies –Medtronic and Johnson & Johnson – are both based in the United States. Although, industry trends show that Asia, and in particular China, is about to play a more prominent role in the years to come.