Ophthalmic Diagnostic Equipment Market size was over USD 3.38 billion in 2023 and is anticipated to reach USD 5.22 billion by 2036, growing at around 3.4% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of ophthalmic diagnostic equipment is estimated at USD 3.47 billion.
The growth of the market can be attributed to the rising prevalence of eye diseases among the global population. The loss of vision is becoming one of the major public health problems. People of all age groups suffer from vision loss. Based on a report published by World Health Organization (WHO) in 2022, it was stated that about 2.2 billion people have near or distance vision impairment while approximately 1 billion vision impairments are projected to be addressed over the forecast period. Furthermore, a significant number of the global population is completely blind. A report by the International Agency for the Prevention of Blindness in 2020 showed that 43 million people of the global population are blind. Additionally, elderly people are more likely to get eye diseases owing to increasing age. As per the data demonstrated by the World Bank, in 2020, 723,484,054 people were stated to be aged 65 or above. All these factors are projected to influence the growth of the ophthalmic diagnostic equipment market positively over the forecast period.
Growth Drivers
Higher Prevalence of Eye Disease Among the Global Population
Challenges
Requirement for the Higher Initial Investment
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2023 |
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Forecast Year |
2024–2036 |
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CAGR |
3.4% |
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Base Year Market Size (2023) |
USD 3.38 billion |
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Forecast Year Market Size (2036) |
USD 5.22 billion |
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Regional Scope |
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The ophthalmic diagnostic equipment market is segmented by end-user into clinics, hospitals, diagnostic laboratories, and research centers, out of which, the hospital segment is anticipated to hold the largest share in the market during the forecast period on account of the convenient availability of the requisite equipment and laboratories. The ophthalmic diagnosis procedure becomes easier to perform owing to the presence of skilled professionals and advanced instruments.
Our in-depth analysis of the global market includes the following segments:
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Product Type |
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End-User |
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Regionally, the ophthalmic diagnostic equipment market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The market in the North America is likely to hold largest revenue share by 2036, on the back of higher prevalence of eye diseases and advancements in the utilization of the PC and laptops. According to a report published by the Centers for Diseases Control and Prevention, it was stated that about 12 million people aged 40 or above suffer from vision impairment solely in the USA. Additionally, the rising inclination toward e-learning is also projected to boost the growth of the market in the region over the forecast period. Moreover, the growing geriatric population with multiple eye disorders in the region is also anticipated to hike the growth of the market over the forecast period. A report by the World Bank showed that, in 2020, the geriatric population of the United States was 55,131,698. Such factors are estimated to hike the growth of the ophthalmic diagnostic equipment market in the region during the forecast period.
May 24, 2022: Bausch + Lomb acquire approval from Health Canada for its LUMIFY, the first and only OTC eye drop that reduces redness and minor eye irritation.
April 18, 2022: Canon Inc. acquires the renowned 2022 if Design Awards 28th times consecutively for its design excellence and enhanced performance.
Author Credits: Radhika Pawar
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