$4.0bn
$XXX.Xm
11,434
156
$XXX.Xm
Demand for ophthalmic instruments has grown over recent years. As the population of the United States ages, the number of consumers suffering from eye conditions will rise. Older individuals are more susceptible to developing macular degeneration, cataracts, glaucoma and diabetic retinal disease. Thus, demand for ophthalmology procedures rises as the domestic population ages, boosting ophthalmic instrument sales. Improving economic conditions and rising disposable income are likely to continue driving revenue growth, as consumers can allocate more resources toward non-essential procedures. As a result, revenue has been growing at an estimated CAGR of 1.6% to $4.0 billion over the five years to 2023, including a 3.1% jump in 2023 alone. Demand for ophthalmic instruments was negatively impacted by the pandemic, as both doctors and patients aimed to lower their risk of exposure to the virus by postponing non-essential procedures. The rising unemployment rate also influences demand for eye-related procedures since many consumers get health and vision insurance through their employers. The industry has fully recovered from pandemic-related losses, making imported products the biggest threat to the industry. The globalized nature of the industry results in prominent competition from foreign producers, which was enhanced by the appreciation of the US dollar, making domestic instruments comparatively more expensive. Although imports satisfy a large portion of domestic demand, the popularity and perceived quality of US-produced instruments will continue to drive growth. Producers are expected to benefit from the depreciation of the US dollar, as it will make domestic products more affordable for domestic and foreign buyers. Technological advancements in surgical techniques, such as minimally invasive direct energy-based laser procedures, have made eye surgery quicker and less painful with shorter recovery times. Thus, modern surgical techniques and more affordable eyecare have also prompted increased visits to ophthalmologists and optometrists, boosting demand for ophthalmic equipment and making manufacturers more profitable. The rising average age of the population is likely to lead to rising demand for ophthalmology procedures, supporting manufacturers' performance. These trends are expected to cause revenue to grow at an estimated CAGR of 1.8% to $4.4 billion over the years to 2028.
Industry revenue has grown at a CAGR of 1.6 % over the past five years, to reach an estimated $4.0bn in 2023.
Market size is projected to grow over the next five years.
Company | Market Share (%)
2023 | Revenue ($m)
2023 | Profit ($m)
2023 | Profit Margin (%)
2023 |
---|---|---|---|---|
Alcon inc. | 1,634.8 | 314.3 | 19.2 | |
Johnson & Johnson | 637.9 | 203.0 | 31.8 | |
Carl Zeiss Meditec Group | 239.3 | 48.2 | 20.1 |
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Industry revenue is measured across several distinct product and services lines, including Surgical systems and instruments, Diagnostic equipment and Laser surgical equipment. Surgical systems and instruments is the largest segment of the Ophthalmic Instrument Manufacturing in the US.
Some buyers prefer to import diagnostic equipment
This industry manufactures ophthalmic diagnostic instruments and surgical equipment used in eye-related medical procedures. Examples of diagnostic equipment include optical coherence tomography scanners, ophthalmic ultrasound systems, cameras, scopes, tonometers and lighting equipment. Examples of surgical equipment include ophthalmic lasers, as well as cataract, glaucoma, refractive and other surgery devices.
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NAICS 33911 - Ophthalmic Instrument Manufacturing in the US
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
The aging population supports demand for producers. Individuals over the age of 40 are susceptible to eye-related conditions, boosting ophthalmic equipment sales.
Learn about an industry's products and services, markets and trends in international trade.
Diagnostic equipment is a crucial tool for medical professionals. However, little technological innovation and standardized products have made these products vulnerable to be...
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Highly populated regions attract more manufacturers. The geographic proximity to major buyers enables producers to establish strong relationships with buyers and lower transp...
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
The industry prioritizes technology and product range over price competition. Manufacturers invest in research and development to introduce innovative products or enhance exi...
Learn about the performance of the top companies in the industry.
Major manufacturers acquire smaller producers. This is a common trend across the industry, as companies like Alcon aim to expand their product range.
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Multiple agencies regulate medical instrument producers. This leads to strict quality standards and requirements that aim to ensure the safety of the patient.
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Input price volatility led to higher purchase costs. Supply chain disruptions and higher demand for inputs caused purchase costs to rise, harming profit.
Including values and annual change:
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Key data sources in the US include:
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The market size of the Ophthalmic Instrument Manufacturing in the US industry in United States is $4.0bn in 2024.
There are 156 businesses in the Ophthalmic Instrument Manufacturing in the US industry in United States, which has declined at a CAGR of 0.1 % between 2018 and 2023.
The market size of the Ophthalmic Instrument Manufacturing in the US industry in United States has been growing at a CAGR of 1.6 % between 2018 and 2023.
Over the next five years, the Ophthalmic Instrument Manufacturing in the US industry in United States is expected to grow.
The biggest companies operating in the Ophthalmic Instrument Manufacturing market in United States are Alcon inc., Johnson & Johnson and Carl Zeiss Meditec Group
Manufacturing of surgical systems and instruments and Manufacturing of eye-care diagnostic equipment are part of the Ophthalmic Instrument Manufacturing in the US industry.
The company holding the most market share in United States is Alcon inc..
The level of competition is high and steady in the Ophthalmic Instrument Manufacturing in the US industry in United States.