In 2021, the eye testing equipment market captures $2,852.2 million in revenue, and by 2030, it is projected to rise to $5,246.1 million, progressing at a 7.0% rate from 2021 to 2030, attributed to the growing prevalence of eye disorders in the emerging economies, leads to increase in demand of the treatment and examination of the eye and technological advancements in the ophthalmic diagnostics.
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.
North America captures an extensive share of the eye testing equipment market, accounting for 35%, due to the massive usage of advanced products in eye care services, resulting in the increased expenditure on human health concerns. Furthermore, the surge in the geriatric population with rising awareness of eye care treatments also drives the market of the region.
In addition, it is predicted to experience steady growth in the regional industry in the near future, ascribed to the increasing incidences of eye diseases. For example, approximately, 3 million people suffer from glaucoma, and it is predicted, that there will be around 6 million patients suffering from the same by 2050.
Therefore, the rise in the prevalence of glaucoma and growing awareness of eye care treatment drive the market.
