Global Optical Instrument and Lens Market SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (undefined)

Global Optical Instrument and Lens Market Trends

• Increased Patient Awareness: Various awareness campaigns have been successful in educating people about common eye disorders like dry eyes, allergies, and infections. For example, in September 2021, Specsavers UK, an ophthalmology company launched its annual ‘Love Your Eyes’ campaign during Macular Degeneration Awareness Week to raise awareness about age-related macular degeneration (AMD) symptoms. Such efforts are helping people understand the importance of regular eye exams and daily eye care, thereby augmenting the sales of contact lenses, eye drops, and other ophthalmic products.
• Increasing Use of Inverted Microscopes: Inverted microscopes, which provide a 'bottom-up' view, are increasingly being used in cell culture and tissue engineering studies. This is due to their ability to provide a more natural environment for cells and tissues
• Technological Advancements: Increasing number of technologically advanced product launches by market players are expected to fuel the growth of the global optical instrument and lens market over the forecast period. For instance, in April 2021, Samsung, a multinational electronics corporation launched a device called the Eyelike fundus camera. The new device is developed under the Galaxy Upcycling program that aims to repurpose company’s older Samsung Galaxy smartphones into medical diagnosis cameras. The newly launched Eyelike fundus camera connects to a lens attachment and uses an artificial intelligence (AI) algorithm on older Samsung Galaxy smartphones to analyze and diagnose the images for ophthalmic diseases.

Optical Instrument and Lens Market Regional Insights

• North America is expected to be the largest market for optical instrument and lens during the forecast period, accounting for over 41.2% of the market share in 2023. The growth of the market in North America is attributed to the early adoption of technologically advanced products and an established healthcare infrastructure.
• Asia Pacific is expected to be the second-largest market for optical instrument and lens, accounting for over 28.5% of the market share in 2023. The growth of the market in Europe is attributed to increasing disposable incomes and rapid urbanization in emerging economies.
• The Middle East & Africa is expected to be the fastest-growing market for optical instrument and lens, which is estimated to grow at a CAGR of over 5.8% during the forecast period. The growth of the market in the Middle East & Africa is attributed to the improving healthcare infrastructure and surging demand of Optical Instrument and Lenses from Middle East & Africa countries.

Figure 1. Global Optical Instrument and Lens Market Share (%), By Region, 2023