The ability to see clearly is a fundamental human right and a cornerstone of a fulfilling life. The US vision care devices market plays a critical role in ensuring this right, offering a vast array of products and technologies to diagnose, correct, and enhance vision for millions of Americans. This market is experiencing dynamic growth, driven by several key factors.
According to the UnivDatos Market Insights analysis, the rising awareness of eye disorders will drive the global scenario of the Vision Care Devices Market, as per their report, the global market was valued at USD 23547.77 Million in 2022, growing at a CAGR of 8% during the forecast period from 2023 - 2030 to reach USD Million by 2030.
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Market Growth Propelled by Rising Demand
North America is expected to hold a significant market share in the studied market over the forecast period, owing to an increase in vision-related disorders, high adoption of new technologies and products in the healthcare sector, and a surge in demand for better healthcare facilities. Additionally, the increasing prevalence of cataract issues, such as age-related cataracts and congenital cataracts, is anticipated to propel the market's growth over the forecast period. According to statistics published by NVision Centers, in 2022, it was found that about 12 million people aged 40 years and above were suffering from vision impairment in the United States. Similarly, as per the May 2021 update by Fighting Blindness Canada, 1.2 million Canadians were living with vision loss in 2021. As per the same source, 8 million Canadians had an eye condition that could result in blindness. Hence, the market is anticipated to develop due to the rising frequency of eye illnesses and the increased need for intraocular lenses.
An Aging Population
As the US population ages, the prevalence of vision problems like cataracts, presbyopia, and age-related macular degeneration (AMD) is expected to rise. This surge in demand for vision correction solutions will drive market growth. According to US Census Bureau, the number of Americans ages 65 and older is projected to increase from 58 million in 2022 to 82 million by 2050 (a 47% increase), and the 65-and-older age group’s share of the total population is projected to rise from 17% to 23%.
Increased Screen Time
Our modern world is filled with digital devices, from smartphones and laptops to tablets and televisions. This prolonged exposure to screens can contribute to eye strain and vision problems, leading to a greater need for corrective lenses and blue light-filtering solutions.
Growing Awareness of Eye Health
Public health initiatives and educational campaigns are raising awareness about the importance of eye care. This fosters a proactive approach to vision health, encouraging people to seek regular eye exams and utilize vision correction tools. For instance, VISION 2020 was a global initiative of the International Agency for the Prevention of Blindness (IAPB). The initiative sought to eliminate the main causes of avoidable blindness in order to give all people in the world, particularly the millions of needlessly blind, the right to sight by the year 2020. VISION 2020 programs facilitated the planning, development, and implementation of sustainable national eye care programs. This included providing technical support and advocacy for the prevention of avoidable blindness. VISION 2020 made a huge difference to global eye health, creating a major focus in the countries and districts where action is needed.
Product Landscape
The US vision care devices market encompasses a diverse range of products, catering to different needs and preferences. Here's a glimpse into the key segments:
· Corrective Lenses: Eyeglasses and contact lenses remain the mainstay of vision correction. Advancements in lens materials, coatings, and designs offer improved comfort, durability, and functionalities like blue light filtering and UV protection.
· Surgical Solutions: Procedures like LASIK surgery and cataract surgery with IOL implantation offer permanent vision correction options for a growing segment of the population.
· Diagnostic Equipment: Sophisticated devices like phoropters, slit lamps, and tonometers empower eye doctors to diagnose and monitor various eye conditions.
· Low Vision Aids: For individuals with severe vision loss, handheld and electronic magnifiers provide crucial assistance with daily activities.
Innovation Inspires the Future
The US vision care devices market is constantly evolving, fueled by continuous advancements in technology. Here are some exciting trends to watch:
Ø Smart Glasses: These innovative devices integrate vision correction functionalities with augmented reality (AR) or virtual reality (VR) technologies, potentially offering a new way to interact with the world and access information.
Ø Telehealth and Remote Eye Care: The rise of telehealth platforms has the potential to make eye care more accessible and convenient. Remote monitoring and diagnosis tools are being developed to enhance patient care.
Ø Biocompatible Materials: Research into biocompatible materials for contact lenses and IOLs is ongoing, paving the way for long-lasting, comfortable, and potentially self-adjusting vision correction solutions.
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Conclusion: A Promising Outlook
The US vision care devices market is poised for continued growth, driven by a rising demand for vision correction solutions, increasing awareness of eye health, and constant technological advancements.
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