USA OPTHALMIC DEVICES MARKET IS ESTIMATED TO REACH USD XX BILLION BY 2033: SPER MARKET RESEARCH
Ophthalmic devices are the equipment that allows the ophthalmologist to determine the refractive errors of the eye, visualisation and the magnification structures of the eye. It allows detecting any kind of muscular imbalances in the eyes. These devices facilitate the ophthalmologist to recommend contact lenses to the patients for a better visual acuity. They act as a solution in treating diseases related to eye such as glaucoma, presbyopia, dry eye, cataracts, retinal disease and others.
According to SPER Market Research, ‘USA Ophthalmic Devices Market Size- By Device Type- Regional Outlook, Competitive Strategies and Segment Forecast till 2033’ states that the USA Ophthalmic Devices Market is estimated to reach USD XX billion by 2033 with a CAGR of 7.16%.
One of the primary drivers in the expansion of ophthalmic devices market is the rise in the number of patients suffering from diseases related to eye such as diabetic retinopathy, myopia, macular degeneration, cataract and other ocular disorders. An increase in the use of digital devices, including smartphones, laptops, computers, e-readers has increased the number of peoples suffering from ocular disorder, this contributes in ophthalmic devices market growth. Rise in fast-food consumptions results in low nutrients to eyes, leading to rising eye disease and use of ophthalmic devices. The new micro- invasive glaucoma surgical implants have been developed as one of the fast-growing technologies for the treatment of mild to moderate glaucoma.
The primary restraint associated with the ophthalmic devices market is the high cost of the ophthalmic devices and procedures. These devices need skilled personnels advanced technologies to be operated which make it expensive than the traditional methods. The high cost limits the patients from making a purchase and the market growth is hindered. Inadequate healthcare infrastructure and trained professionals act as a challenge for the growth of market. Strict regulatory guidelines for approving the new medical devices could be time- consuming and costly, which limit new entrants into the market.
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Due to COVID-19 lockdown, restrictions were imposed on the import and export of medical devices which created a significant impact on the USA Ophthalmic Devices market, leading to delayed ophthalmic consultation and less availability of ophthalmic devices. A significant decline on revenues was seen observed by market players due to the decline in the number of surgical procedures. Amid COVID-19 pandemic, a sharp decline was recorded in the sales of contact lenses, which was remunerated by the increase in the sales of ocular health products such as eye-drops. An increased demand was seen in ocular health products due to uncertainty in national lockdowns, supply chains, etc.
North America accounted for highest market share in terms of healthcare spending rates, which interprets large investment in ophthalmic technology. The region was dominant due to the prevalence of patients related to diabetic retinopathy, vision loss and blindness. Some of the major players in the USA Ophthalmic Devices Market are Alcon Inc., Bausch Health Companies Inc., Carl Zeiss AG, EssilorLuxottica SA, HAAG-Streit Group, Hoya Corporation, Johnson and Johnson, Nidek Co. Ltd, Topcon Corporation, Ziemer Ophthalmic Systems AG.
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USA Ophthalmic Devices Market Size
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