The United States ophthalmic has witnessed significant growth over the past few years driven by the rising prevalence of eye diseases and disorders in the country. This article explores the key factors influencing the growth along with analyzing the performance of different product segments.
Rising Prevalence of Eye Diseases
One of the major reasons for the growth of the US ophthalmic is the increasing prevalence of various eye diseases among the American population. As per recent estimates by the CDC, over 120 million Americans are affected by some form of eye disease or visual impairment. Some of the most common eye diseases include cataracts, age-related macular degeneration (AMD), diabetic retinopathy, glaucoma, and refractive errors. The rising geriatric population, increasing lifestyle diseases like diabetes and obesity along with growing environmental pollution have contributed to the rising disease burden. It is estimated that by 2050, around 3 million Americans will be affected by AMD alone. This growing prevalence of ophthalmic conditions is directly fueling the demand for treatments and devices.
Growth of Ophthalmic Surgeries
In line with the increasing caseload of eye diseases, the number of ophthalmic surgeries performed in the US has also witnessed a marked rise over the past decade. Surgeries like cataract extraction, refractive procedures like LASIK and different glaucoma procedures are being commonly performed. According to estimates, over 4 million cataract surgeries are performed annually in the US currently. The rising acceptance of minimally invasive surgeries, growing affordability of procedures and favorable reimbursement policies have collectively boosted the growth of ophthalmic surgeries. This has positively impacted the sales of surgically implanted devices and equipment.
Rising Geriatric Population
The growth in the geriatric population, categorized as people aged 65 years and above, is another major macro trend spurring demand. Age-related ocular conditions are highly prevalent with increasing age. As per Census Bureau projections, the US geriatric population is expected to double from 46 million to over 98 million between 2015 and 2060. The growing senior population that is more susceptible to ophthalmic diseases will continue to present a sizable customer base for ophthalmic drugs, devices and surgical procedures in the coming years.
Advancements in Diagnostic and Treatment Technologies
Technological advancements have transformed the diagnostics and treatment landscape for eye care. Introduction of newer imaging modalities, pharmaceutical drugs, surgical equipment and minimally invasive procedures have expanded treatment options and improved clinical outcomes. Some of the notable advances include introduction of optical coherence tomography (OCT) for detailed retinal imaging, BioSim for simulating complex cataract cases, femtosecond lasers for precision cataract and refractive surgery. New drugs for wet AMD like Eylea and port delivery systems like Susvimo are also gaining popularity. Such innovation and development of novel technologies have bolstered the value and growth prospects
Growth of Ambulatory Surgery Centers
An increasing number of ophthalmic surgeries and procedures are shifting from hospitals to ambulatory surgery centers (ASCs) owing to their better convenience and relatively lower costs. In the US, there are over 5,000 Medicare-certified ASCs currently providing same-day care for a variety of short procedures. Common ophthalmic procedures performed in ASCs include cataract surgery, eyelid procedures, glaucoma surgery and laser procedures. The number of outpatient facilities is anticipated to grow further with shift towards minimally invasive products and reimbursement incentives. This shift is expected to create more growth opportunities for ophthalmic surgical products segment.
Expansion of Product Segments
Different product segments within the US ophthalmic have exhibited varied growth trajectories based on their performance and demand patterns. The surgical devices segment dominates currently owing to high volume of cataract and other refractive surgeries. The vision care products segment comprising eyeglasses and contact lenses has grown steadily over the years driven by refractive error correction needs. Among therapeutics, glaucoma and anti-VEGF drugs are high growth categories due to launch of novel drugs and large addressable population. Contact lens sales are also rising with growing popularity of daily disposable and multifocal lenses. The diagnostics segment has expanded with newer OCT devices, fundus cameras and ultrasound biomicroscopes becoming fixtures in eye clinics. Overall, each segment presents ample opportunities for sustained growth.
Future Outlook
The US ophthalmic landscape is highly consolidated with top 10 players accounting for around 60-70% of the overall revenues. Major players include Alcon (Novartis), Johnson & Johnson Vision, Bausch + Lomb, Carl Zeiss Meditec and Hoya Group with a mix of American and European companies competing in the space. Mergers and acquisitions along with collaboration with ASCs are important strategies adopted by players. New product launches, strong commercialization capabilities and expansion into emerging are vital for continued leadership.
In conclusion, factors such as the rising disease prevalence, growing geriatric demography, surge in eye care procedures, technological advancements and expansion of ambulatory facilities indicate a prosperous future outlook for the US ophthalmic. Overall, the large customer base, active R&D environment and accessibility of quality care provide a conducive ecosystem for sustained growth in the United States.