Global Eye Testing Equipment Market Grows Steadily at a CAGR of 7.07%

Introduction

Devices that aid eye specialists in diagnosing eye diseases are included in eye testing equipment. Ophthalmologists and optometrists use these instruments for routine eye examinations and identifying specific eye diseases. These instruments are painless, efficient, effective, and accurate for determining eye health status.

Autorefractors, focimeters, slit lamps, biometers, optical coherence tomography (OCT) scanners, and fundus cameras are common eye testing equipment examples. They are utilized to examine eye health and visualize microscopic eye structures. They are also utilized for general eye examinations and the diagnosis of glaucoma, cataracts, and other eye conditions.

Market Dynamics

Rising Government Programs and Eye Care Delivery Initiatives Drive the Global Market

Approximately two billion people worldwide live with vision impairment/blindness, with 1.1 billion suffering from vision loss due to lack of eye care access. Several governments have taken initiatives in recent years to reduce the burden of these diseases, thereby increasing the demand for eye apparatus. In 2021, the 74th World Health Assembly made steps to integrate eye care services into national health services fully.

Government services, the private sector, intergovernmental organizations, civil societies, international organizations, and other entities with a stake in the eye care system's transformation all took action. The World Health Assembly states that cataract surgery and refractive errors will be effectively covered by 2030. This includes 40% coverage for refractive error and 30% for cataract surgery. This is anticipated to increase market opportunities as 800 million individuals exhibit myopia, hyperopia, and presbyopia.

Technological Advances in Eye Diagnostic Equipment Creates Tremendous Opportunities

Eye diagnostic equipment is continuously evolving in the market. Every year, market participants develop new devices that provide opportunities for eye examination and market expansion. For example, during the COVID-19 pandemic, government-mandated restrictions drastically reduced the rate of ocular examinations. A smartphone-based slit lamp was launched in the market to remedy this issue. In ophthalmology, the slit lamp is a crucial tool for eye examinations. Smartphone-based assisted slit lamp variants significantly altered the market.

In addition, Haag Streit UK, a market leader in eye examination, introduced the Eyesi Slit lamp Fundoscopy module to the UK in 2021. Connect the Eyesi Slit Lamp simulator with this new VRmagic module for a realistic experience. Nidek introduced the retina scanning Duo 2 OCT fundus camera system in 2021. In addition to being simple to use, it includes new features that improve clinical effectiveness and screening capabilities. The device can also improve the technique for denoising B-scan images.

Regional Analysis

North America is the most significant global eye testing equipment market shareholder and is estimated to exhibit a CAGR of 6.42% over the forecast period. North America has developed healthcare services. The widespread use of cutting-edge eye care products and high consumer spending fuels North America's market growth. During the forecast period, market expansion is anticipated by rising awareness and a rising geriatric population. According to an analysis by the Population Reference Bureau, the number of Americans aged 65 and above is estimated to double from 52 million to 95 million between 2018 and 2060. In addition, the growing elderly population is anticipated to drive the demand for eye diagnoses. Approximately 3 million Americans had glaucoma in 2021. It is anticipated to reach 6.3 million by 2050. The growing awareness of glaucoma is accelerating the demand for eye examinations and driving market expansion. As per the National Eye Institute of the NIH, the risk of cataracts doubles every decade after age 40. Thus, the increasing prevalence of significant eye diseases is accelerating the region's use and demand for eye testing and treatment services.

Europe is expected to exhibit a CAGR of 6.63% over the forecast period. Vision impairment is a prevalent eye disease in Europe, and its prevalence is increasing in Western Europe. In Western Europe, moderate to severe vision loss affects about 8.5 million persons. The prevalence of age-related macular degeneration is 3.5% in those aged 55-59 and 17.6% in those aged 85 and older. AMD prevalence will increase from 14.9 million in 2019-2020 to 21.5 million in 2040, and late AMD is anticipated to increase from 3.9 million in 2019 to 4.8 million in 2050. Approximately 64 million European persons had diabetes, and nearly one-third had vision impairment in 2020. The prevalence of diabetic retinopathy has surged in Europe due to the rising incidence of diabetes. Age-related macular degeneration is a severe condition in elderly Europeans. The market for eye testing equipment is expanding due to the prevalence of eye diseases, advancements in ophthalmology and diagnosis, and an aging population.

Key Highlights

• The global eye testing equipment market was valued at USD 92 billion in 2022. It is estimated to reach USD 5.39 billion by 2031, growing at a CAGR of 7.07% during the forecast period (2023–2031).
• Based on test equipment, the global eye testing equipment market is segmented into autorefractor and phoropter, optical coherence tomography, fundus camera, perimetry, tonometer, biometer, slit lamp, and others. The autorefractor and phoropter segment is the highest contributor to the market and is projected to grow at a CAGR of 7.37% throughout the forecast period.
• Based on application, the global eye testing equipment market is segmented into cataract, general examination, glaucoma, age-related macular degeneration, and others. The cataract segment is the largest contributor to the market and is projected to exhibit a CAGR of 6.64% throughout the forecast period.
• Based on end-users, the global eye testing equipment market is bifurcated into hospitals and eye clinics, ambulatory surgical centers, and optometry academic institutes. The hospitals and eye clinics segment dominates the global market and is predicted to exhibit a CAGR of 7.32% during the forecast period.
• North America is the most significant global eye testing equipment market shareholder and is estimated to exhibit a CAGR of 6.42% over the forecast period.

Competitive Players

Competitive Players

The key players in the global eye testing equipment market are Carl Zeiss Meditec, Takagi Seiko, Metall Zug, Topcon, Nidek, Revenio Group Oyj (iCare), Apollo Medical Optics, Albert Waeschle, The Shanghai Bolan Optical Electric Co Ltd., Bon Optic, Canon Medical System Corporation, and others.

Recent Developments

Market News

• In July 2023, Alkem Laboratories announced its entrance into the field of ophthalmology by introducing an extensive line of reasonably priced, high-quality eye care products.
• In July 2023, PeriVision closed its first seed round successfully, revolutionizing eye diagnostics and care. PeriVision uses artificial intelligence, virtual reality, and cloud computation to revolutionize eye testing and care. Their portfolio of virtual eye exams conducted on commercial VR headsets enables physicians to optimize eye exams, assure quality control, and provide valuable insights for clinical decision-making.

Segmentation

Global Eye Testing Equipment Market: Segmentation

By Test Equipment

• Autorefractor and Phoropter
• Optical Coherence Tomography
• Fundus Camera
• Perimetry
• Tonometer
• Biometer
• Slit Lamp
• Others

By Applications

• Cataract
• General Examination
• Glaucoma
• Age-Related Macular Degeneration
• Others

By End-User

• Hospitals and Eye Clinics
• Ambulatory Surgical Centers (ASC)
• Optometry Academic Institutes

By Regions

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa