The Global Ophthalmic Diagnostics Equipment Market is predicted to increase to USD 63.3 billion in 2025

 The market for Ophthalmic Diagnostics Equipment Market is primarily driven by the growing elderly population and the frequency of eye illnesses. In the future years, technological developments in ophthalmic equipment, government measures to combat vision impairment, and increased adoption of contact lenses and spectacles will all contribute to market expansion. Globally, the number of people suffering from serious eye disorders is rising, and vision loss is becoming a major public health concern. The prevalence of eye diseases such as diabetic retinopathy and ocular hypertension has increased as the population has aged and chronic diseases such as diabetes and hypertension have become more common (glaucoma).

The COVID-19 pandemic is projected to have a negative influence on the ophthalmic equipment industry in 2020-2021. Because of the COVID-19 epidemic, there has been a considerable decline in inpatient visits to clinics as a result of the lockdowns and restrictions put in place to prevent the disease from spreading. As a result, the number of elective eye procedures performed each week in hospitals and clinics has decreased. According to an article in Ophthalmology Times, the number of elective procedures has decreased from 200 to only ten each week. In addition, places such as Boston have seen a 15% drop in inpatient visits to examination centers.

Medical procedures and elective surgeries have also been subjected to restrictions and bans by governments. The need for ophthalmic equipment has been limited by these limits. Ophthalmic equipment manufacturers are having difficulty giving in-person product presentations, working at full capacity, and attending or organizing conferences due to these restrictions. Lockdowns in APAC countries like China and India have caused ophthalmic equipment production and shipment to be delayed. All of these challenges make the growth of the ophthalmic equipment market difficult.

The global Ophthalmic Diagnostics Equipment Market is predicted to increase at a CAGR of 3.7 percent over the forecast period, from an estimated value of USD 52.8 billion in 2020 to USD 63.3 billion in 2025.

Ophthalmic laser developments, such as the introduction of femtosecond lasers, have shortened surgical times and increased operative outcomes and convenience. The exorbitant cost of these instruments, on the other hand, is projected to limit their growth. A femtosecond laser costs between USD 400,000 and USD 550,000, according to a study undertaken by the Singapore Eye Research Institute (SERI). This has an impact on their acceptance among end-users because it's difficult to predict how many patients will choose femtosecond laser therapy over traditional methods and whether the number of patients who will choose the therapy will pay the laser's installation costs. Similarly, an OCT costs between USD 70,000 to $1200, 000, and new fundus machines cost between USD 15,000 and 60,000.

Rural populations in developing countries such as India, Saudi Arabia, Israel, Kenya, and South Africa have little awareness or knowledge about eye problems. Access to modern ophthalmic devices is also limited or non-existent in these nations. The scarcity of primary eye care is a major factor driving the prevalence of blindness.

The Ophthalmic Diagnostics Equipment Market is divided into diagnostic and monitoring devices, surgical devices, and vision care items. During the projection period, the surgical devices segment is predicted to increase at the fastest rate. Factors like the rising incidence and prevalence of eye illnesses such as cataracts, glaucoma, refractive errors, and diabetic retinopathy are moving the industry forward. Consumers, hospitals, specialty clinics & ambulatory surgery centers (ASCs), and other end users are the segments of the Ophthalmic Diagnostics Equipment Market. Consumers accounted for the majority of the ophthalmic equipment market in 2019.