Ophthalmic Instrument Manufacturing in the US - Market Research Report (2013-2028)
New York, United States
Last Updated: September 2023
NAICS OD5648Revenue
$4.0bn
Past 5-Year Growth
Profit
$XXX.Xm
Employees
11,434
Businesses
156
Wages
$XXX.Xm
Ophthalmic Instrument Manufacturing in the US industry analysis
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.
Trends and Insights
- The aging population supports demand for producers. Individuals over the age of 40 are susceptible to eye-related conditions, boosting ophthalmic equipment sales.
- Diagnostic equipment is a crucial tool for medical professionals. However, little technological innovation and standardized products have made these products vulnerable to being replaced by more affordable imports.
- Highly populated regions attract more manufacturers. The geographic proximity to major buyers enables producers to establish strong relationships with buyers and lower transportation costs.
- The industry prioritizes technology and product range over price competition. Manufacturers invest in research and development to introduce innovative products or enhance existing ones to capture a larger market share.
Industry Overview
Market size and recent performance (2013-2028)
Industry revenue has grown at a CAGR of 1.6 % over the past five years, to reach an estimated $4.0bn in 2023.
Trends and Insights
An aging population is likely to support demand for producers
- As consumers age, they become more susceptible to eye diseases, including macular degeneration, diabetic-related retinal disease, cataracts and glaucoma.
- Additional trends and insights available with purchase
Source: IBISWorld
Industry outlook (2024-2029)
Market size is projected to grow over the next five years.
Trends and Insights
Population trends will continue to boost demand for ophthalmic instruments
- The falling number of births, combined with aging generations, such as Baby Boomers, Gen X and Millenials, will cause older consumers to make up a great portion of the market.
Biggest companies in the Ophthalmic Instrument Manufacturing in the US
| Company | Market Share (%)
2023 | Revenue ($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 |
To view the market share and analysis for all 4 top companies in this industry, view purchase options.
Products & Services Segmentation
Source: IBISWorld
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.
Trends and Insights
Some buyers prefer to import diagnostic equipment
- Diagnostic equipment includes multiple devices that enable medical professionals to accurately diagnose their patients. These include preoperation surgical evaluation devices, retinal diagnostic devices, glaucoma diagnostic devices, general exam equipment, refraction equipment and data management systems.
- More insights available in the full report
Widen you competitive advantage with related industries
Competitors
- Glasses & Contact Lens Manufacturing in the US
- Eyeglasses & Contact Lens Stores in the US
Complementors
- Brand Name Pharmaceutical Manufacturing in the US
- Medical Instrument & Supply Manufacturing in the US
International industries
- Medical Instrument & Supply Manufacturing in Canada
- Medical and Surgical Equipment Manufacturing in Australia
- Medical, Surgical and Scientific Equipment Manufacturing in New Zealand
- Medical & Dental Instrument Manufacturing in the UK
- Medical & Dental Instrument Manufacturing in Ireland
Table of Contents
About this industry
Industry definition
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.
What's included in this industry?
Manufacturing of surgical systems and instrumentsManufacturing of eye-care diagnostic equipment Manufacturing of laser equipmentCompanies
Alcon inc.Johnson & JohnsonCarl Zeiss Meditec GroupPurchase this report to view all 4 major companies in this industry.
Related Terms
OPHTHALMOLOGISTMEDICAREAGE-RELATED MACULAR DEGENERATIONREFRACTIVE ERRORCATARACTGLAUCOMAIndustry Code
NAICS 33911 - Ophthalmic Instrument Manufacturing in the US
Performance
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Analyst insights
The aging population supports demand for producers. Individuals over the age of 40 are susceptible to eye-related conditions, boosting ophthalmic equipment sales.
In this chapter (4)
- Current Performance
- Outlook
- Volatility
- Life Cycle
Key metrics
- Annual Revenue, Recent Growth, Forecast, Revenue Volatility
- Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
- Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
- Total Profit, Profit Margin, Profit per Business
Charts
- Revenue, including historical (2013-2022) and forecast (2023-2028)
- Employees, including historical (2013-2022) and forecast (2023-2028)
- Businesses, including historical (2013-2022) and forecast (2023-2028)
- Profit, including historical (2013-2023)
- Industry Volatility vs. Revenue Growth
- Industry Life Cycle
Detailed analysis
- Trends in supply, demand and current events that are driving current industry performance
- Expected trends, economic factors and ongoing events that drive the industry's outlook
- Key success factors for businesses to overcome volatility
- How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.
Products and Markets
Learn about an industry's products and services, markets and trends in international trade.
Analyst insight
Diagnostic equipment is a crucial tool for medical professionals. However, little technological innovation and standardized products have made these products vulnerable to be...
In this chapter
- Products & Services
- Major Markets
- International Trade
Key metrics
- Largest market segment and value in 2023
- Product innovation level
- Total imports, level and trend
- Total exports, level and trend
- Trade Balance
Charts
- Products & services segmentation in 2023
- Major market segmentation in 2023
- International trade, including imports by country and exports by country
Detailed analysis
- Trends impacting the recent performance of the industry's various segments
- Innovations in the industry's product or service offering, specialization or delivery method
- Key factors that successful businesses consider in their offerings
- Buying segments and key trends influencing demand for industry products and services
- Recent trends in import and export volumes, country of origin or destination, and expected future trends
Geographic Breakdown
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Analyst insights
Highly populated regions attract more manufacturers. The geographic proximity to major buyers enables producers to establish strong relationships with buyers and lower transp...
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each state
- Share of population compared to establishments in each region in 2023
Tables
- Number and share of establishments in each state in 2023
- Number and share of revenue each state accounts for in 2023
- Number and share of wages each state accounts for in 2023
- Number and share of employees in each state in 2023
Detailed analysis
- Geographic spread of the industry across North America, and trends associated with changes in the business landscape
- Key success factors for businesses to use location to their advantage
Competitive Forces
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.
Analyst insights
The industry prioritizes technology and product range over price competition. Manufacturers invest in research and development to introduce innovative products or enhance exi...
In this chapter (4)
- Concentration
- Barriers to Entry
- Substitutes
- Buyer & Supplier Analysis
Key metrics
- Industry concentration level
- Industry competition level and trend
- Barriers to entry level and trend
- Substitutes level and trend
- Buyer power level and trend
- Supplier power level and trend
Charts
- Market share concentration among the top 4 suppliers from 2018-2023
- Supply chain including upstream supplying industries and downstream buying industries, flow chart
Detailed analysis
- Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
- Key success factors for businesses to manage the competitive environment of the industry.
- Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
- Key success factors for potential entrants to overcome barriers to entry.
- Competitive threats from potential substitutes for the industry’s own products and services.
- Key success factors for how successful businesses can compete with substitutes.
- Advantages that buyers have to keep favorable purchasing conditions.
- Advantages that suppliers have to maintain favorable selling conditions.
- Key success factors for how businesses can navigate buyer and supplier power.
Companies
Learn about the performance of the top companies in the industry.
Analyst insights
Major manufacturers acquire smaller producers. This is a common trend across the industry, as companies like Alcon aim to expand their product range.
In this chapter
- Market Share Concentration
- Companies
- Company Spotlights
Charts
- Industry market share by company in 2019 through 2023
- Major companies in the industry, including market share, revenue, profit and profit margin in 2023
- Overview of Alcon inc.'s performance by revenue, market share and profit margin from 2017 through 2023
- Overview of Johnson & Johnson's performance by revenue, market share and profit margin from 2017 through 2023
- Overview of Carl Zeiss Meditec Group's performance by revenue, market share and profit margin from 2017 through 2023
- Overview of revenue, market share and profit margin trend for one additional company
Detailed analysis
- Description and key data for Alcon inc., and factors influencing its performance in the industry
- Description and key data for Johnson & Johnson, and factors influencing its performance in the industry
- Description and key data for Carl Zeiss Meditec Group, and factors influencing its performance in the industry
- Description, key data and performance trends for one additional company
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
Multiple agencies regulate medical instrument producers. This leads to strict quality standards and requirements that aim to ensure the safety of the patient.
In this chapter
- External Drivers
- Regulation & Policy
- Assistance
Key metrics
- Regulation & policy level and trend
- Assistance level and trend
Charts
- Regulation & Policy historical data and forecast (2013-2028)
- Assistance historical data and forecast (2013-2028)
Detailed analysis
- Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
- Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
- Key governmental and non-governmental groups or policies that may provide some relief for industry operators.
Financial Benchmarks
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Analyst insights
Input price volatility led to higher purchase costs. Supply chain disruptions and higher demand for inputs caused purchase costs to rise, harming profit.
In this chapter
- Cost Structure
- Financial Ratios
- Key Ratios
Key metrics
- Profit margin, and how it compares to the sector-wide margin
- Average wages, and how it compares to the sector-wide average wage
- Largest cost component as a percentage of revenue
- Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio
Charts
- Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2023
- Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2023
- Investment vs. share of economy
Data tables
- Industry Multiples (2016-2021)
- Industry Tax Structure (2016-2021)
- Income Statement (2016-2021)
- Balance Sheet (2016-2021)
- Liquidity Ratios (2016-2021)
- Coverage Ratios (2016-2021)
- Leverage Ratios (2016-2021)
- Operating Ratios (2016-2021)
- Cash Flow & Debt Service Ratios (2013-2028)
- Revenue per Employee (2013-2028)
- Revenue per Enterprise (2013-2028)
- Employees per Establishment (2013-2028)
- Employees per Enterprise (2013-2028)
- Average Wage (2013-2028)
- Wages/Revenue (2013-2028)
- Establishments per Enterprise (2013-2028)
- IVA/Revenue (2013-2028)
- Imports/Demand (2013-2028)
- Exports/Revenue (2013-2028)
Detailed analysis
- Trends in the cost component for industry operators and their impact on industry costs and profitability
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2013-2028)
- IVA (2013-2028)
- Establishments (2013-2028)
- Enterprises (2013-2028)
- Employment (2013-2028)
- Exports (2013-2028)
- Imports (2013-2028)
- Wages (2013-2028)
Methodology
How are IBISWorld reports created?
IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.
Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
What data sources do IBISWorld analysts use?
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources in the US include:
- US Census Bureau
- US Bureau of Labor Statistics
- US International Trade Commission
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
- Industry and trade associations
- Industry federations or regulators
- Major industry players annual or quarterly filings
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
How does IBISWorld forecast its data?
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
Learn more about our methodology and data sourcing on the Help Center.
Frequently Asked Questions
Unlock comprehensive answers and precise data upon purchase. View purchase options.
What is the market size of the Ophthalmic Instrument Manufacturing in the US industry in United States in 2024?
The market size of the Ophthalmic Instrument Manufacturing in the US industry in United States is $4.0bn in 2024.
How many businesses are there in the Ophthalmic Instrument Manufacturing in the US industry in 2023?
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.
Has the Ophthalmic Instrument Manufacturing in the US industry in United States grown or declined over the past 5 years?
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.
What is the forecast growth of the Ophthalmic Instrument Manufacturing in the US industry in United States over the next 5 years?
Over the next five years, the Ophthalmic Instrument Manufacturing in the US industry in United States is expected to grow.
What are the biggest companies in the Ophthalmic Instrument Manufacturing in the US market in United States?
The biggest companies operating in the Ophthalmic Instrument Manufacturing market in United States are Alcon inc., Johnson & Johnson and Carl Zeiss Meditec Group
What does the Ophthalmic Instrument Manufacturing in the US in United States include?
Manufacturing of surgical systems and instruments and Manufacturing of eye-care diagnostic equipment are part of the Ophthalmic Instrument Manufacturing in the US industry.
Which companies have the highest market share in the Ophthalmic Instrument Manufacturing in the US in United States?
The company holding the most market share in United States is Alcon inc..
How competitive is the Ophthalmic Instrument Manufacturing in the US industry in United States?
The level of competition is high and steady in the Ophthalmic Instrument Manufacturing in the US industry in United States.
