Market Size of Ophthalmology Diagnostics Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 4.15 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Ophthalmology Diagnostics Market Analysis
The ophthalmic diagnostics market studied was anticipated to grow with a CAGR of nearly 5.8% during the forecast period.
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.
