Ophthalmology Diagnostics Market Analysis

Ophthalmology Diagnostics Market Analysis

The optical coherence tomography scanner segment held the majority of the ophthalmology diagnostics market share in 2022 and was valued at over USD 1.4 billion. This is attributable to the increasing adoption of optical coherence tomography scanner that delivers noninvasive imaging method and uses reflected light to diagnose & manage disorders including glaucoma, diabetes-related retinopathy, etc. These diagnostic products are observed as highly-efficient devices for performing high-resolution cross-sectional imaging. Optical coherence tomography (OCT) scanners are attaining popularity in evaluating optic nerve disorders and different retinal conditions accurately.

The availability of novel OCT devices is providing ease and accuracy in early diagnosis and management of eye ailments that have stimulated the industry revenue. These precise diagnostic procedures are assisting physicians in the decision-making of disease treatment. The recent technological advancements in OCT technology have improved its ability to examine for ophthalmic disorders, contributing to earlier interventions and preservation of vision. Optical coherence tomography imaging along with artificial intelligence is providing multiple benefits in expanding patient screening and facilitating clinical decision-making.

Based on application, the ophthalmology diagnostics market is segmented as cataracts, glucoma, vitreoretinal diseases, refractive errors, surgical assessment, and others. The cataract segment is projected to reach more than USD 6.3 billion by the end of 2032. This owing to the growing prevalence of cataract in an older population and associated blindness & vision impairment. According to the World Health Organizations latest report, cataracts are the major global causes of vision loss and blindness, impacting 94 million people worldwide.
 

Additionally, the proportion of vision impairment due to cataract is higher in low- & middle-income countries and is expected to affect more individuals in the coming years. Thus, efforts to reduce these ailments social and economic burden have become a major global public health priority. This rising prevalence of cataract is anticipated to play anchoring role in surging the demand for ophthalmology diagnostic services for precise disease management.
 

Based on end-use, the ophthalmology diagnostics market is segmented as hospitals, ophthalmic clinics, ambulatory surgical centers, and others.  The hospitals is likely to cross more than USD 6.2 billion by 2032. The soaring use of novel ophthalmology diagnostic devices in hospital settings delivering rapid and reliable outcomes is estimated to surge the patient preference for these healthcare facilities. The availability of a broad spectrum of diagnostic tests for the eye with proven accuracy is set to drive product preference in hospitals. Growing admissions with eye ailments and growing disease screening initiatives along with the accessibility to board-certified healthcare professionals are some other variables that are augmenting the segment expansion positively.
 

North America ophthalmology diagnostics market is anticipated to reach USD 5.6 billion by 2032. This is driven by several factors such as the presence of major industry players, an upsurge in the demand for eye disease diagnostic services, rise in the prevalence of vision problems, and growing number of hospital admissions across the country among others. As per the Centers for Disease Control and Prevention(CDC) latest data, around 20 million individuals in the U.S. over 40 years have a cataract in at least one eye and it is expected to reach over 30 million by 2028.
 

Additionally, glaucoma, a second leading cause of blindness is affecting around 3 million individuals in the U.S. These adverse events are anticipated to upsurge the adoption rate of eye diagnostic testing for better disease management. This is further driving the entry of new players in the market that are projected to increase over the forecast timeframe.