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Ophthalmology market size in the United States will surpass approximately $$$

Burlingame, May 20, 2024 (GLOBE NEWSWIRE) — CoherentMI published a report titled: United States Ophthalmic Market was valued at $15.90 billion by the year 2023and is expected to be a $36.50 billion by 2031with a growth of a CAGR of 8.6% during the forecast period 2023-2031.

Market dynamics:

The ophthalmology market in the United States 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 also contributes to the rising demand for ophthalmic devices and treatments. Moreover, technological advancements in ophthalmic equipment, rising healthcare expenditure, and growing awareness about eye health are further fueling the market growth.

Scope of the Market Report:

Report Coverage Details
Study period 2023 – 2031
Base year of estimate 2022
CAGR 8.6%
Largest market Northeast
Market concentration High
Big players Novartis AG, AbbVie, Merck & Co., Inc, Bausch Health Companies Inc., Santen Pharmaceutical Co., Ltd. and among others.
Segments covered Per drug class, per dosage form, per distribution channel, per indication, per region
Report Coverage Revenue forecast, competitive landscape, growth drivers and trends
Growth engines • Aging population and prevalence of eye diseases
• Rising awareness and health consciousness among consumers
Limitations and challenges • High costs of eye medications

Key Market Takeaways:

  • The ophthalmology market size in the United States is expected to witness a CAGR of 8.6% during the forecast period 2023-2031, driven by the rising demand for advanced eye care treatments and the surge in online pharmacy sales.
  • Based on drug class, the anti-inflammatory drug segment is expected to occupy a dominant position due to its effectiveness in treating various eye conditions.
  • In terms of dosage form, eye drops are expected to lead the market, driven by the convenience and ease of use they offer.
  • Dry eye syndrome is expected to dominate the market, highlighting the prevalence of this condition in the population.
  • Hospital pharmacies are expected to be the dominant distribution channel, ensuring access to ophthalmic medicines for patients across the country.
  • North America is expected to take a dominant position in the region, supported by an established healthcare infrastructure and strong demand for eye care products.
  • Key players operating in the ophthalmic market in the United States include: Novartis AG, AbbVie, Merck & Co., Inc and others leading pharmaceutical companies. These companies focus on product innovation and strategic partnerships to strengthen their market presence and meet the growing needs of consumers. Overall, the market is poised for significant growth opportunities, driven by technological advancements and changing consumer preferences in healthcare.

Market trends:

A major trend in the United States ophthalmology market is the increasing adoption of advanced surgical techniques, such as minimally invasive surgeries and laser treatments for eye conditions. These procedures provide faster recovery times and better outcomes for patients, making them more popular among healthcare providers and patients alike. Another trend is the increasing attention to 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 effectiveness and patient satisfaction in the ophthalmology market.

Recent development:

  • In August 2023, Astellas Pharma Inc. said. that IZERVAY was approved by the U.S. Food and Drug Administration for the treatment of geographic atrophy secondary to age-related macular degeneration.
  • In March 2023, a strategic alliance was formed between Hovione and Ripple Therapeutics to use the Ripple Therapeutics Epidel platform for purposes other than eye care.

Read a full market research report, »Analysis of the US Ophthalmology Market Size and Share – Growth Trends and Forecasts (2023 – 2031)“, Published by CoherentMI.

Market opportunities:

The United States ophthalmology market offers two key market opportunities that are driving growth and innovation within the sector.

Increasing demand for anti-inflammatory drugs in ophthalmology

With an increasing prevalence of eye diseases and conditions such as uveitis, scleritis and conjunctivitis, there is a growing demand for anti-inflammatory drugs in ophthalmology. The anti-inflammatory drugs segment is expected to dominate the market due 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 medications. Pharmaceutical companies are focusing on developing new and improved anti-inflammatory drugs to meet this growing demand.

Increase 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 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 customers a seamless shopping experience.

Geographic Segmentation of the United States Ophthalmic Market:

  • By drug class
    • Anti-inflammatory drugs
    • Anti-infectious drugs
    • Anti-glaucoma drugs
    • Anti-VEGF agents
    • Other (lubricants and artificial tears, etc.)
  • Via dosage form
    • Eye drops
    • Anointing
    • Gels
    • Solutions
    • Injections
    • Others (tablets, suspension, etc.)
  • On indication
    • Dry eye syndrome
    • Glaucoma
    • Allergic conjunctivitis
    • Retinal disorders
    • Other (inflammatory eye conditions, etc.
  • Via distribution channel
    • Hospital pharmacies
    • Retail Pharmacies
    • Online pharmacies
    • Others
  • Per region
    • Northeast
    • West
    • south
    • Midwest

Buy the latest edition of this research report @ https://www.coherentmi.com/industry-reports/united-states-ophthalmic-market/buyNow

Key questions answered in this report:

  1. What factors hinder the growth of the ophthalmology market in the United States?
  2. What are the key drivers driving the growth of the ophthalmology market in the United States?
  3. Which segment stands out as the leading part of the United States ophthalmology market?
  4. Who are the key players actively participating in the ophthalmic market in the United States?
  5. Which region is poised to take the lead in the United States ophthalmology market?
  6. What is the expected CAGR for the ophthalmic market in the United States?

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About us:

At CoherentMI, we are a leading global market intelligence company committed to providing comprehensive insights, analytics and strategic solutions to support businesses and organizations around the world. Moreover, CoherentMI is a subsidiary of Coherent Market Insights Pvt Ltd., a market intelligence and advisory organization that helps companies with critical business decisions. With our cutting-edge technology and experienced team of industry experts, we deliver actionable intelligence that helps our customers make informed decisions and stay ahead in today’s rapidly changing business landscape.