Eye Testing Equipment Market 2024: Key Insights, Growth Drivers, and Forecast

The Business Research Company recently released a comprehensive report on the Global Eye Testing Equipment Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, the eye testing equipment market size has grown strongly in recent years. it will grow from $3.04 billion in 2023 to $3.27 billion in 2024 at a compound annual growth rate (cagr) of 7.6%. the growth in the historic period can be attributed to the increasing prevalence of vision disorders, a growing geriatric population, rising awareness about eye health, government initiatives for vision care, and increasing healthcare expenditure.

the eye testing equipment market size is expected to see strong growth in the next few years. it will grow to $4.41 billion in 2028 at a compound annual growth rate (cagr) of 7.8%. the growth in the forecast period can be attributed to the increasing adoption of telemedicine, growing demand for portable and handheld devices, rising prevalence of diabetes and related eye disorders, increasing focus on preventive healthcare, and an expanding middle-class population. major trends in the forecast period include the integration of ai and machine learning in diagnostics, the increasing use of virtual reality in eye examinations, the rise in demand for personalized eye care solutions, the development of advanced imaging technologies, and growing collaboration between tech companies and healthcare providers.

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Market Drivers and Trends:

The increasing prevalence of eye-related disorders is expected to propel the growth of the eye-testing equipment market going forward. Eye-related disorders refer to a range of conditions affecting the eyes, including diseases such as glaucoma, cataracts, macular degeneration, and refractive errors such as myopia and hyperopia. The increase in the number of patients with eye-related disorders is due to factors such as aging populations, lifestyle changes, environmental factors, and lack in diagnostic capabilities leading to delay in problem detection. Eye testing equipment is used for early detection, accurate diagnosis, and effective monitoring of eye-related conditions such as glaucoma, cataracts, and macular degeneration. For instance, in January 2024, according to the Centers for Disease Control and Prevention, a US-based science and data-driven service organization that protects the public's health, over 3.4 million Americans aged 40 years and older were blind or visually impaired, which is expected to double by 2030. Therefore, the increasing prevalence of eye-related disorders will drive the growth of the eye-testing equipment market.

Major companies operating in the eye-testing equipment market are developing advanced eye-testing devices, such as handheld artificial intelligence fundus cameras, to enhance diagnostic accuracy and streamline screening processes. A handheld fundus camera enhanced with AI technology is used for capturing detailed images of the eye's fundus to assist in diagnosing eye conditions. For instance, in May 2024, Optomed USA, a US-based medical technology company, launched Optomed Aurora AEYE. It is a handheld AI-powered fundus camera specifically designed to quickly detect diabetic retinopathy beyond mild stages, enabling prompt eye screenings in primary care settings. This device simplifies the screening process with its user-friendly design, needing only one image per eye and delivering results within a minute.

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Major Key Players of the Market:

Johnson & Johnson, EssilorLuxottica SA, Shanghai Bolan Optical Electric Co. Ltd , Alcon Inc., Bausch Health Companies Inc, AMETEK Inc., Canon Medical Systems Inc., Heidelberg Engineering GmbH., Carl Zeiss Meditec AG, Halma plc , Topcon Corporation, Metall Zug AG, Takagi Seiko Co. Ltd., Nidek Co. Ltd, HEINE Optotechnik GmbH & Co. KG, Revenio Group PLC, Huvitz Co. Ltd., Coburn Technologies Inc., Luneau Technology Group, Kowa Company Ltd., Oculus Inc., Apollo Medical Optics Ltd. , Tomey Corporation, Albert Waeschle Limited

Eye Testing Equipment Market 2024 Key Insights:

• The eye testing equipment market size is expected to grow to $4.41 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%.
• Impact Of Increasing Eye-Related Disorders On The Eye-Testing Equipment Market
• Advanced Handheld AI Fundus Cameras In Eye-Testing Equipment Market
• North America was the largest region in the eye testing equipment market in 2023

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