Global optometry equipment market is projected to witness a CAGR of 6.56% during the forecast period 2024-2031F, growing from USD 4.51 billion in 2023 to USD 7.5 billion in 2031F. The market has experienced significant growth in recent years and is expected to maintain a strong pace of expansion in the coming years.
Optometry equipment and accessories are medical devices used by eye care professionals like ophthalmologists, opticians, and optometrists to diagnose, evaluate, and treat vision-related disorders in people. These diverse tools can assess visual activity, ocular health, refractive errors, and binocular vision functions. These devices are important for vision screening, diagnostic testing, and other eye examinations, helping professionals provide personalized treatment to their patients.
The prevalence of corneal illnesses, such as cataract, glaucoma, and retinal detachments, is rising due to geriatric populations, contributing to the rise in ophthalmoscope sales. The optometry equipment market is expected to grow rapidly due to the need for sophisticated technological equipment. The need for optometric equipment has increased due to the combination of AI and eye care technology. Additionally, the industry has seen the introduction of more compact designs which provide faster and more precise findings in addition to being helpful in the early detection of any disorders.
For instance, Carl Zeiss launched its trifocal technology in 2023. Their trifocal IOLs have asymmetrical light distribution, which ensures optimal visual performance at all distances, and their pupil-independent design enables better vision in low-light conditions. These IOLs are diffractive, hydrophobic, and acrylic and are C-looped, used for non-cataractous, presbyopic patients who wish to be independent of glasses.
Technological Advancements Lead to Market Growth
Technological advancements in optometry have globally increased the adoption of portable examination devices for home-based diagnosis and treatment of eye disorders, contributing to the growing demand for advanced optometric equipment. Traditional manual refractors have been replaced by digital refraction systems, which provide more accurate and effective refraction measurements. These devices calculate the patient’s refractive error using sophisticated algorithms and digital screens, which enables faster and more precise prescriptions for glasses and contact lenses. A non-invasive imaging technique called optical coherence tomography (OCT) produces cross-sectional, high-resolution images of the interior structures of the eye.
Diagnosing and tracking problems such as diabetic retinopathy, macular degeneration, glaucoma, and retinal detachments are some of its common uses. OCT technological advancements have increased imaging resolution, speed, and depth penetration, allowing more accurate treatment, outcome tracking, and early disorder detection. Sophisticated algorithms are used by advanced perimetry equipment to identify minute variations in visual field abnormalities linked to diseases including glaucoma and neurological illnesses. High-resolution pictures of retina, optic nerve, and macula are obtained via fundus cameras. The diagnosis and follow-up of retinal diseases, including macular degeneration, diabetic retinopathy, and retinal vascular abnormalities, depend heavily on these images. Wide-field imaging capabilities, autofluorescence imaging, and real-time image processing for improved visualization of retinal pathology are some of the most recent developments in fundus camera technology. Systems for mapping the curvature and shape of the cornea are known as corneal topography systems, and they offer important data for refractive surgery planning, contact lens fitting, and diagnosis of corneal abnormalities.
High-resolution imagery and complex software algorithms are used by advanced corneal topography systems to produce precise and accurate three-dimensional maps of the cornea. Tele-optometry systems provide remote consultations, virtual screenings, and telemonitoring of patients’ eye health by utilizing digital technologies and telecommunication platforms.
These methods provide access to eye care, especially in isolated and underserved rural towns and places. To help with remote diagnosis and treatment planning, tele-optometry platforms may include capabilities such as digital retinal imaging, video conferencing, and interaction with electronic health information. Algorithms for machine learning and image analysis are being included into optometry equipment more and more to automate processes like illness diagnosis, treatment planning, and picture analysis. Large patient image databases can be analyzed by AI-powered diagnostic systems to find trends and forecast illness.
For instance, NIDEK CO., LTD. introduced MV-1 Myopia Viewer software along with AL-Scan M Optical Biometer in February 2023. Specifically designed to measure axial length, AL-Scan M is backed by scientific and clinical data and is a crucial indicator for monitoring and predicting the progression of myopia. Using their current auto refractometers, practitioners can easily incorporate myopia management into their operations by combining AL-Scan M and MV-1. With features such as 3D auto tracking and auto shot, AL-Scan M ensures easy handling and quick readings such as auto refractometers, which are necessary for screening small children and keeping patient flow smooth. Axial length measures are as accurate as the commonly used NIDEK AL-Scan for cataract surgery.
Increasing Prevalence of Eye Disorders
The rising prevalence of age-related ocular disorders such as cataracts, glaucoma, and macular degeneration is the primary driver of market expansion, creating a demand for optometry equipment. The need for optometry equipment is anticipated to increase due to the anticipated growth in the prevalence of diabetic retinopathy, refractive errors, retinal detachment, uveitis, bulging eyes, diabetic macular edema, visual impairment, and blindness.
For instance, nearly 2.2 billion individuals suffer from vision impairment or blindness in a year, out of which over 1 billion cases are either avoided or remain unresolved, according to data released by World Health Organization in 2022. 88.4 million people have severe or moderate distance vision blindness or impairment because of untreated refractive error, 8 million have age-related macular degeneration, 94 million have cataracts, 7.7 million have glaucoma, and over 800 million have longsightedness due to untreated presbyopia.
Furthermore, as people have become more aware towards eye-care, most of them prefer regular check-ups which creates a demand for equipments to support the burden in eye care centers. Refractive errors, glaucoma, and cataracts are some of the main causes of blindness that can be prevented. Preventive healthcare and early detection of eye disorders are becoming increasingly important to preserve optimal eye health and avoid vision loss. Regular eye exams are essential for identifying eye conditions early on when therapy is most successful.
There is a greater need for optometry equipment in clinical settings and a greater number of patients seeking eye care services due to growing awareness of the value of preventive eye care. People are better able to advocate for routine eye exams and early intervention when needed and make educated decisions about eye care due to increased availability of online resources, instructional materials, and patient education programmes. Factors such as the introduction of tele-optometry has promoted the market ever since people from underserved areas are able to access the best type of consultation and treatment.
Optical Coherence Tomography Dominates Market Share
A non-invasive imaging procedure called optical coherence tomography (OCT) uses light waves to create cross-sectional images of the retina. The main causes of the significant market share are the rising rates of eye disorders such as glaucoma, scotomas, and other retinal illnesses. Market expansion is fuelled by new product releases, mergers and acquisitions, and optical coherence tomography-related research. These advancements are probably going to help advance basic science and our understanding of the pathophysiology of chorioretinal diseases.
Technologies such as ultrawide-field OCT highlight how these applications can help with the identification and monitoring of retinal disorders with OCT capabilities at the periphery. OCT Scanner is therefore anticipated to propel the segment expansion over the projected period based on the previously mentioned aspects. For instance, in 2023, Hui Wang, Ph.D., has been awarded a new grant by the National Institutes of Health (NIH) to extend his studies in optical coherence tomography (OCT), an essential imaging modality that uses light waves to produce cross-sectional pictures of tissues like the retina. The biophotonic imaging research of Professor Wang will be funded by USD 574,885 from NIH.
North America to Dominate Global Optometry Equipment Market
The ageing population and rising incidence rates of eye disorders, as well as the region’s highly developed healthcare system and major market competitors, are some of the reasons propelling the market’s expansion in North America. A 2022 analysis from Cleveland Clinic estimated that 3.4 million Americans over the age of 40 fit the description of “legal blindness”. Furthermore, 3% of children under the age of 18 are blind or have vision impairments, and 7% of youngsters had an eye problem or disease previously diagnosed. The need for optometry equipment is growing due to the rising incidence of illnesses and conditions affecting the eyes.
Additionally, to gain a larger market share, the industry participants used a variety of tactics, including new launches, developments, acquisitions, partnerships, mergers, and expansions. Over the projection period, the market will grow at a faster rate due to increased government initiatives, research and development, and the use of digital healthcare systems. For instance, according to news released by the National Eye Institute (NEI) in June 2022, scientists have discovered a novel illness that impacts the macula, a tiny portion of the retina responsible for detecting light that is necessary for crisp and concentrated vision. Researchers presented their research on the new, unnamed macular dystrophy. As a result, this kind of study boosts market growth by increasing the use of optometry equipment.
Future Market Scenario (2024 – 2031F)
The growth of optometry equipment market is further expected to be fuel by factors such as increasing prevalence of eye-related disorders and rising geriatric population which is more likely to have these disorders. As we advance in time, the risk of these disorders prevailing is going to increase with the changing environmental factors and the adoption of poor lifestyles. Apart from it, technology is advancing giving people access to the best eye care solutions. For instance, in 2023, NIDEK CO., LTD. introduced NT-1/1e non-contact tonometer model. It is an upgrade to the old series of non-contact tonometers, which were developed without the pachymetry function to address market demand. There are currently three extremely dependable, inventive devices in this product line. NT-1p/1 has an air-nozzle contact sensor and automated measuring capabilities to protect patients. Without the need of any human intervention, the gadget automatically determines the position of the eyes when the chin is placed on the chinrest, allowing measurement to commence. Smooth measurement is facilitated by gentle voice assistance, which is available in nine languages. The corrected IOP values are displayed by entering the patient’s corneal pachymetry.
Report Scope
“Optometry Equipment Market Assessment, Opportunities and Forecast, 2017-2031F”, is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of global optometry equipment market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecast between 2024 and 2031F. Additionally, the report profiles the leading players in the industry mentioning their respective market share, business model, competitive intelligence, etc.
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