Ophthalmology Diagnostics Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

Ophthalmology Diagnostics Market Analysis

The Ophthalmology Diagnostics Market size is estimated at USD 8.52 billion in 2024, and is expected to reach USD 11.10 billion by 2029, growing at a CAGR of 5.41% during the forecast period (2024-2029).

COVID-19 profoundly impacted the ophthalmic diagnostic market during the initial phases since the clinics, and primary care centres were closed due to the lockdown. As a result, the number of patients visiting for ophthalmic consultation was reduced abruptly. However, when the restrictions were relaxed, the sector recovered strongly. Over the last two years, an increase in ophthalmic diagnostics device sales, new product launches, and increased demand for ophthalmic evaluations and diagnostics are driving the market recovery.

The primary factors driving the market's growth are the various ophthalmic disorders' global prevalence, such as glaucoma, eyestrain, cataract, colourblindness, diabetic retinopathy, etc. All these prevalences necessitate early-stage diagnosis for efficient treatment. Also, a steep rise in the geriatric population results in the global burden of avoidable blindness and the growth of healthcare awareness. It leads to regular health check-ups and fuels the market. For instance, as per the 2021 update from BrightFocus Foundation, more than 3 million Americans are living with glaucoma. Out of these numbers, 2.7 million of whom-aged 40 and older are affected by its most common form, open-angle glaucoma. According to the 2022 NEI update, the estimated number of people who have had cataracts is likely to get doubled from 24.4 million to 50 million between 2010 and 2050. Hence, the rising burden of eye-related disorders and increased screening and diagnosis of the same is projecting a significant impact on the market growth. Furthermore, according to the article Frontiers published in April 2022, periodic screening (annual or biannual screening in the first five years) had exceeded nonperiodic screening in detecting diabetic retinopathy (DR) in the middle-to-advanced age group.

As per the above facts, the ophthalmic diagnostics market will likely witness growth over the forecast. However, the high cost of ophthalmic diagnostic devices and the lack of skilled professionals hinder the market growth.

Ophthalmology Diagnostics Market Trends

The Surgical Evaluation Segment is Expected to Hold a Significant Market Share in the Ophthalmic Diagnostics Market

Ophthalmology Diagnostics Industry Segmentation

As per the scope of the report, ophthalmology diagnostics are the equipment used to diagnose and monitor various ophthalmic diseases, such as cataracts, glaucoma, colorblindness, and refractive errors. Ophthalmic diagnostic and monitoring devices include a wide range of equipment, such as fundus cameras, ophthalmoscopes, refractors, corneal topography systems, and others. These help ophthalmologists to identify the power of Intraocular Lenses (IOLs) and examine the visual field, which has huge demand to prevent visual impairment and loss of vision. The Ophthalmology Diagnostics Market is segmented by product (Optical Coherence Tomography (OCT) Scanners, Ophthalmoscopes, Corneal Topographers, Refractors, Fundus Cameras, Retinoscopes, and other products), application (retinal evaluation, Glaucoma Detection, surgical evaluation, refraction assessment, and other application), end-user (hospitals, specialty clinics, and others), and Geography (North America, Europe, Asia-Pacific, South America, Middle East, and Africa). The market report also covers the estimated market sizes and trends for 17 countries across major regions globally. The report offers the value in ( USD million) for the above segments.