Eye Testing Equipment Market To Generate $5,246.1 Million Revenue by 2030
- Published: July 2022
The global eye testing equipment market revenue is projected to reach $5,246.1 million in 2030, witnessing a compound annual growth rate of 7.0% during 2021–2030. This can be ascribed to the rising prevalence of eye disorders and, as a result, the growing demand for eye examination and treatment in developed countries, and advancement in ophthalmic diagnostic.
The growing incidence of eye diseases and the burgeoning usage of AI-based equipment for diagnosis will create a massive business opportunity for the market players. For instance, in December 2021, Eyenuk Inc. launched EyeArt, an AI-based technology for autonomous detection of diabetic retinopathy, in collaboration with Discovery Ltd.
Hospitals and Eye Clinics Category Held Largest Share
The hospitals and eye clinics category held more than 50% share in 2021. This can be because of the rising prevalence of eye disorders, such as cataracts, glaucoma, and macular degeneration, which is driving the demand for diagnostic services. Comprehensive eye exams and routine eye examinations, which consist of a series of tests to measure the overall health of the eye, are mostly performed at eye clinics, as well as free-standing or large hospital-based clinics.
Furthermore, the autorefractor and phoropter category will witness the second-fastest growth in the eye testing equipment market in the forecast period, based on device. This is because more than a billion people have vision problems that could be solved with a pair of glasses. For instance, uncorrected refractive error leads to decreased productivity, a lower quality of life, and limited access to education. These factors will increase the demand for autorefractors and phoropters worldwide.
Geographically, APAC captured the second-largest market share in 2021, and it is expected to witness the fastest growth in the upcoming years. This is attributed to the presence of over 4.4 billion people here in 2021, most of them in China, India, Japan, Australia, and South Korea. This, combined with the rising burden of eye disorders and increasing demand for eye care services, as a result, is expected to drive the growth of the market for eye testing equipment in the region.
Acquisitions Are Among Most-Effective Strategic Measures
Key players in the eye testing equipment market have been involved in acquisitions to boost their revenue share. For instance:
In March 2022, LumiThera Inc., a medical device company offering treatment solutions for ocular diseases, signed an agreement to acquire Diopsys Inc., a visual electrophysiology medical device company that helps eye care professionals analyze the entire visual pathway for visual and neuro-visual disorders.
Key players in the market include Carl Zeiss AG, Topcon Positioning Systems Inc., NIDEK CO. LTD., Canon Inc., Haag-Streit Holding AG, HEINE Optotechnik GmbH & Co. KG, Bausch + Lomb Corporation, Alcon Vision LLC, and ESSILOR INTERNATIONAL SAS.