Rising Prevalence Of Eye Disease Is Expected To Augment The Optometry Equipment Market Growth

Optometry equipment are usually operated by optometrist or ophthalmologist to examine, diagnose, treat, and manage diseases and disorders of the visual system, the eye, and deformities associated with eye structures as well as diagnose eye related systemic disorders. Optometry equipment include set of equipment used for cornea and cataract examination, retina and glaucoma examination and for general examination purposes. These optometry instruments include retinoscopes, visual field analyzers, fundus cameras, autorefractors and keratometers, ophthalmoscopes, specular microscopes, wavefront aberrometers, and among others.

Increasing incidences of eye disease and vision loss have led to introduction of new technologies and methods by optometry instrument manufactures. In January 2016, Birmingham Optical launched the NIDEK Tonoref III, a device which combines the functionality of an auto-refractometer, auto-keratometer, non-contact tonometer, and non-contact pachymeter into one device. These user-friendly device is designed to offer a high measurement accuracy and is able to conduct all clinically essential eye detection functions. This will eventually propel the adoption of optometry equipment over the forecast period.

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The global optometry equipment market size is estimated to be valued at US$ 2,451.4 million in 2018, and is expected to witness a CAGR of 6.4% over the forecast period (2018 – 2026).

Rising prevalence of most common eye disease such as age-related macular degeneration (AMD), cataract, glaucoma, and diabetic retinopathy are major driving factor for growth of the optometry equipment market. For instance, according to the data published in the Glaucoma Research Foundation (GRF) in October 2017, glaucoma accounts for around 10 million visits to physicians annually. Furthermore, in terms of health care expenditure, glaucoma cost around US$ 1.5 billion to the U.S. government, annually.

According to the Royal National Institute of Blind People (RNIB), more than 5.7 million people are suffering from sight-threatening eye conditions in the U.K. Moreover, 2 million individuals were suffering from sight loss in 2016, which is expected to rise by registering more than 2.7 million individuals by 2030. Moreover, according to the Royal National Institute of Blind People (RNIB) data findings, in 2014, around 350,000 people were registered as blind or partially sighted, which includes 291,100 individuals from England, 34,500 in Scotland, 16,939 in Wales and around 8000 in Northern Ireland.

Increasing healthcare expenditures for treatment of sight loss, blindness, and sight-threating conditions are expected to propel demand for optometry equipment over the forecast period. According to the RNIB- Eye Health 2016 report, in the U.K., during 2016, sight loss, blindness and sight-threating conditions accounted for US$ 2.03 million, US$ 0.27 million, and US$ 5.7 million healthcare expenditures, respectively.

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