Eye Testing Equipment Market Size, Business Strategies, and Regional Outlook

The eye testing equipment market was worth around $2,852.2 million in 2021, which will rise to $5,246.1 million by 2030, at a 7.0% compound annual growth rate. This is attributed to the increase in the incidence of eye illnesses, rise in the demand for eye exams and treatments in industrialized nations, and advancements in ophthalmic diagnostic technologies.

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Moreover, the autorefractor and phoropter category contribute 30% revenue share to the market, under the device segment, owing to the surging myopia prevalence in adults and children, resulting in the snowballing requirement for the eyeglasses and expansion of the eye examination market. For example, one in four children suffers from myopia condition. Autorefractors detect the refraction error in children within five minutes; similarly, near-sightedness, farsightedness, and astigmatism are detected by phoropter equipment.

The OCT device category is projected to generate the highest sales in the eye testing equipment market in the near future, led by its non-invasive imaging technique for conducting an optical biopsy. In addition, it is more advantageous than the conventional ones, and the compact and portable size of the device propels the market. Furthermore, fundus cameras hold a third-significant share of the market, due to the increased requirement for fundus screening of diabetes mellitus patients. As such patients are highly prone to develop diabetic cataracts, retinopathy, glaucoma, and macular edema.

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The rising prevalence of glaucoma is projected to experience the highest sales in the eye testing equipment market, advancing at a rate of 8.0% in the near future. There were around 78 million glaucoma patients in 2020, and the number is expected to grow and reach 110 million by 2040. Tonometry and OCT devices provide support in diagnosing glaucoma, and hence the growing incidences of glaucoma will drive the market for OCT devices and tonometers.

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