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vision screening and diagnostics market is expected to witness a steady rise in the coming years

VANCOUVER, BRITISH COLUMBIA, CANADA, June 26, 2024 /EINPresswire.com/ -- The global vision screening and diagnostics market is expected to witness a steady rise in the coming years, fueled by a growing focus on preventive eye care and an increasing prevalence of eye-related disorders. According to a report by Emergen Research, the market size reached USD 541.8 million in 2022 and is projected to register a Compound Annual Growth Rate (CAGR) of 3.4% by 2032.

Market Overview and Trends

Vision screening is a quick and non-invasive examination that helps detect vision problems, particularly in children. Early detection allows for prompt treatment and prevents complications. The market is witnessing a shift towards portable and handheld vision screening devices, making it easier to conduct screenings in schools and remote areas. Additionally, advancements in diagnostic technologies like optical coherence tomography (OCT) are enabling more precise and efficient eye disease diagnosis.

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Key Drivers

Rising Prevalence of Eye Diseases: Age-related macular degeneration, glaucoma, and diabetic retinopathy are becoming increasingly common globally, propelling the demand for advanced diagnostic tools.

Growing Awareness about Eye Health: Educational campaigns and increased media attention on eye health are prompting people to prioritize regular eye checkups and screenings.

Technological Advancements: Development of AI-powered diagnostic tools and telemedicine solutions for remote eye care consultations are creating new growth avenues.

Restraints and Challenges

High Costs of Advanced Diagnostic Equipment: The high cost of sophisticated diagnostic equipment can limit accessibility, particularly in low- and middle-income countries.

Shortage of Skilled Ophthalmologists: The increasing demand for eye care services is putting a strain on the global ophthalmologist workforce.

Growth Opportunities

Focus on Early Detection: Early detection of eye problems through widespread vision screening programs can significantly reduce healthcare costs associated with vision loss.

Emerging Markets: Growing disposable incomes and increasing government healthcare expenditure in emerging markets present significant growth opportunities.

Teleophthalmology: The adoption of teleophthalmology solutions can expand access to eye care services in remote areas and underserved populations.

SWOT Analysis

Strengths: Growing demand for preventive eye care, technological advancements.

Weaknesses: High equipment costs, shortage of skilled professionals.

Opportunities: Early detection programs, emerging markets, teleophthalmology.

Threats: Reimbursement policies, competition from low-cost alternatives.

Strategic Developments and M&A Activity

On March 2023, Visionix introduced an enhanced version of its second-generation VX 650, featuring a new multimodal device upgrade. The VX 650, set to launch in 2021, is an advanced anterior segment analyzer that includes retinal imaging capabilities. The upgraded wavefront-based aberrometer now offers a ’quick mode‘ and additional capture options, which can reduce screening time by 50%, ultimately enhancing the product's efficiency.

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Major Companies and Competitive Landscape

The global vision screening and diagnostics market is fragmented, with several medium and large-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing new vision screening devices.

Some major companies included in the global Vision Screening and Diagnostics market report are:

Hill-Rom Holdings, Inc.

FIM Medical

Oculus, Inc.

Plusoptix GmbH

Stereo Optical Company Inc.

Adaptica

Titmus, LLC

Amplivox Ltd.

Takagi Ophthalmic Instruments Europe Ltd

Keystone View

Essilor Instruments USA

Depisteo

Vision Screening and Diagnostics Market Segment Analysis

For the purpose of this report, Emergen Research has segmented the global vision screening and diagnostics market on the basis of product, technology, application, end-use, and region:

Product Outlook (Revenue, USD Million; 2019-2032)

Table-top Vision Screeners

Portable/Handheld Vision Screeners

Vision Screening Software

Technology Outlook (Revenue, USD Million; 2019-2032)

Digital Vision Screeners

Computer Based Vision Screeners

Application Outlook (Revenue, USD Million; 2019-2032)

Vision Screening Tests

Color Vision Test

Binocular Testing

Others

End-use Outlook (Revenue, USD Million; 2019-2032)

Hospitals

Homecare Settings

Specialized Clinics

Rehabilitation Centers

Ambulatory Surgical Centers (ASCs)

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Country scope:

U.S., Canada, Mexico, Germany, U.K., France, Spain, BENELUX, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, Israel, and Rest of MEA

Eric Lee
Emergen Research
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