Global Optometry Equipment Market Size

Optometry Equipment Market Analysis

The Global Optometry Equipment Market size is estimated at USD 4.79 billion in 2024, and is expected to reach USD 6.51 billion by 2029, growing at a CAGR of 6.35% during the forecast period (2024-2029).

COVID-19 had a significant impact on the optometry equipment market. As per the study published in October 2020, titled "The impact of COVID-19 pandemic on ophthalmology services: are we ready for the aftermath?", ophthalmology represented one of the busiest and most heavily outpatient-oriented specialties, with approximately 7.5 million outpatient appointments and more than 500,000 surgical procedures in the United Kingdom each year. The recent pandemic lockdown resulted in the cancellation of thousands of ophthalmic clinical visits and surgeries, which could potentially lead to permanent and significant harm to patients' vision. Even though, owing to teleconsultations and virtual care practices, the demand for optometry equipment is likely to soar to its pre-pandemic levels soon. For instance, as per the article published in January 2021, under the title 'Utility of teleconsultation in accessing eye care in a developing country during COVID-19 pandemic', the digital initiatives were able to partially maintain eye care services during the lockdown. Additionally, focused strategies to improve teleconsultation utilization were required during the pandemic and beyond. Hence, as per the factors mentioned above, COVID-19 had a significant impact on the optometry equipment market.

Some of the factors responsible for the growth of the optometry equipment market include the rising prevalence of eye diseases and technological advancements in the field of optometry equipment. Eye disease is a global health concern that negatively impacts individuals' physical and mental health. In many developed and developing countries, eye conditions have emerged as potential threats. For instance, as per the 2021 update from BrightFocus Foundation, more than 3 million Americans are living with glaucoma, and 2.7 million of whom-aged 40 and older are affected by its most common form, open-angle glaucoma. Moreover, as per the 2022 update from National Eye Institute, between 2010 and 2050, the estimated number of people who have had cataracts is likely to be doubled from 24.4 million to 50 million. Hence, the rising burden of eye-related disorders and increased screening and diagnosis of the same is projecting a great impact on the growth of the market studied.

Furthermore, increased government initiatives and research and development in the field of ophthalmology are fuelling market growth. For instance, as per the July 2021 update from World Health Organization, at the United Nations General Assembly, governments adopted a new resolution pledging further efforts to make eye care services a crucial component of universal health coverage and address the growing impact of vision loss on sustainable development. Moreover, the acquisition merger and product launches in the field of optometry are likely to boost market growth. For instance, in April 2022, Carl Zeiss Meditec acquired two manufacturers of surgical instruments (Kogent Surgical, LLC and Katalyst Surgical, LLC) to further strengthen its positioning as a solution provider. This acquisition is mainly focused to scale the businesses and contribute to its surgical solution offering and add recurring revenue. Hence, such strategic company acquisitions and government initiatives are projecting a great impact on the growth of the market studied.

As per the aforementioned factors, the optometry equipment market is likely to grow over the forecast period. However, the high cost of eye examination equipment and lack of awareness, and low accessibility to eye care in low-income economies restrain the market growth.