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Written by Dr. Ashkan Eliasy
The global eye care market is growing, driven by the ageing population, increased indoor and screen time, technological advancements and increased awareness of the importance of vision health. According to Business Wire, the market was valued at $112.5 billion in 2022 and is projected to reach $173.9 billion by 2031, growing at a compound annual growth rate (CAGR) of 4.96%. This encompasses several key areas, including treating and managing cataracts, glaucoma, age-related macular degeneration (AMD), and diabetic retinopathy.
Notably, the market’s potential is being substantially expanded by advancements in oculomics, an emerging field that utilizes eye imaging to evaluate overall health and can diagnose systemic diseases such as cardiovascular and neurological disorders. Such technologies offer an accessible, cost-effective, and non-invasive alternative to traditional diagnostic methods like MRI.
Economic and Health Impact of Eye Care
The aging global population and increasing prevalence of chronic conditions significantly contribute to the expanding eye care market. Visual impairments, such as those caused by cataracts or macular degeneration, profoundly impact individuals’ quality of life. These impairments increase the risk of falls, depression, and other complications. For example, approximately 30 to 40 percent of adults over 65 years old fall each year, making falls a leading cause of injury and mortality in this age group. This issue has global significance, as the World Health Organization (WHO) reports that around 684,000 fatal falls occur yearly worldwide, with adults 60 years old and above suffering the most significant number of these fatal falls.
Moreover, a McKinsey study predicts that shortsightedness will become the number one disability by 2050, affecting 50% of the world’s population. Vision impairment is also associated with higher rates of depression, affecting nearly 24% of visually impaired adults compared to 10% of those without impairments. If left unaddressed, this has a serious economic impact, as vision impairment contributes to an annual global productivity loss of about $411 billion.
With the overall quality of life and significant financial losses at stake, eye care professionals regard early detection and treatment of eye conditions as the most effective way to reduce severe visual impairments associated with health complications. Early intervention can result in fewer losses and better day-to-day outcomes. Improved eye health reduces absenteeism and enhances workplace efficiency, contributing to better economic outcomes. Meanwhile, early detection and preventive care lower long-term healthcare costs by reducing the need for extensive treatments and hospitalizations.
Adoption of Technological Health Solutions
The global eye care market is on the edge of a technological revolution driven by the need to address the growing prevalence and impact of eye and broader health diseases. Technological advancements are transforming patient care, offering new ways to diagnose, monitor, and treat conditions. These innovations are not only enhancing health outcomes but also making quality health care more accessible and cost-effective. For forward-looking investors and futurists, understanding these advancements is required to recognize the immense growth potential in this market segment.
- Teleophthalmology: Utilizing digital medical equipment and telecommunications technology, it provides remote consultations that particularly benefit underserved people and areas. Portable ophthalmic devices enable patients or health professionals to capture ocular images outside clinics and offer timely interventions, slowing disease progression by 20-30%. Advancements in computer games and mobile technology facilitate eye movement tracking and seamless monitoring, allowing patients to manage their eye health from home, reducing unnecessary checkups, and providing reassurance and confidence in their health.
- Advanced Diagnostics: imaging technology advancements such as Optical Coherence Tomography (OCT) transform diagnostics in eyecare and overall health. The eyes are the only body parts that offer a direct view of blood vessels and nerves connected to the brain and body. OCT uses light waves to create high-resolution, 3D cross-sectional images of the back of the eye. These non-invasive technologies provide unprecedented views of the eye’s internal structures, often revealing issues before symptoms appear, leading to more proactive and effective treatments.
- Oculomics: An emerging field that uses eye images and biomarkers to diagnose systemic conditions such as cardiovascular diseases, diabetes, and neurological disorders. Changes in microvasculature significantly enhance diagnostic accuracy and enable earlier interventions. Oculomics also supports home-based monitoring through digital health technologies, making quality healthcare more accessible and cost-effective.
- Artificial Intelligence (AI): AI is pivotal in enhancing diagnostic accuracy and enabling personalized treatments in eye care. AI algorithms can analyze vast amounts of data from eye exams and imaging studies, identifying patterns and anomalies that the human eye might miss. For instance, AI tools achieved more than 95% accuracy in diagnosing diabetic retinopathy, significantly improving early detection and management. Furthermore, AI-driven tools customize treatment plans based on individual patient data, leading to more effective and tailored interventions. In telehealth, AI accelerates diagnosis times and improves accuracy, reducing patient treatment times and enhancing care quality.
- Vision-Enhancing Technologies and Treatments: Mobile health applications and wearable technologies facilitate regular monitoring and personalized treatment plans, which are crucial for preventing severe visual impairments and associated health complications. Additionally, minimally invasive surgical procedures restore vision in over 80% of cataract patients, substantially improving their quality of life.
- Smart Contact Lenses and Augmented Reality (AR): Smart contact lenses are an emerging technology that combines vision correction with advanced diagnostics and health monitoring. These lenses can measure intraocular pressure, glucose levels, and other vital metrics, providing continuous, real-time health data. AR applications in eye care are also gaining traction, offering immersive training for surgeons and enhanced visualization tools during complex procedures, improving surgical outcomes and patient safety.
- Virtual Reality (VR) for Vision Therapy: VR is being explored for its potential in vision therapy, particularly for conditions such as amblyopia (lazy eye) and strabismus (crossed eyes). VR-based exercises and games can improve visual acuity and coordination in a fun and engaging way, encouraging compliance among patients, especially children.
Expansion in Emerging Markets
The eye care sector is witnessing explosive growth in emerging markets like China, India, and Brazil, which are driven by rapid urbanization and improved healthcare infrastructure. Despite the economic challenges posed by the COVID-19 pandemic, these regions are seeing increases in disposable incomes and healthcare spending, fueled by economic recovery efforts and a heightened focus on health investments. These developments create new opportunities for market expansion, attracting eye care providers and investors and making advanced eye care services more accessible.
Key drivers are:
- Public Awareness: Public health campaigns and educational programs emphasize the importance of regular eye exams and proactive vision health management. Integrating eye care with chronic disease management and addressing age-related conditions are essential in an aging global population.
- Coordinated Efforts and Funding: The United Nations (UN) has passed a resolution to prioritize eye care globally. The resolution, adopted unanimously by all 193 member nations, aims to ensure full access to eye care services for the 1.1 billion people with preventable vision loss by 2030. This resolution is part of the UN’s Sustainable Development Goals (SDGs) and calls for integrating eye care into national health policies and securing international financial support to help developing countries address preventable sight loss
Investment in Eye Care Technologies
High-Potential Areas and Trends: The eye care technology market is ripe with opportunities for innovation and growth. High-potential areas include startups developing AI-based monitoring or diagnostic tools, telehealth solutions for remote eye care, and advanced surgical equipment. Key investment trends include applications that utilize data from other devices, such as imaging and wearable devices, and a heightened focus on preventive care solutions, like AI-powered screening and early detection systems. These advancements enable startups to thrive and shape the future of eye care by improving accessibility, accuracy, and patient outcomes.
Risk Assessment and Mitigation: Investing in eye care technologies involves navigating several challenges, including complex regulatory environments and evolving healthcare systems. Gaining approvals from bodies like the Food and Drug Administration (FDA) is crucial, and recent successes in AI-powered diagnostic tools receiving clearance highlight the feasibility of overcoming these hurdles with rigorous testing and documentation. Scalability is another critical factor; for instance, teleophthalmology has successfully expanded access to eye care in rural areas of India. But the same technologies still struggle to expand in other countries. Diversifying investments to balance high-risk, high-reward startups with more stable companies can help mitigate these risks.
Best Practices for Investing in Eye Care: Effective investment strategies in eye care technology require hiring experts for thorough due diligence and identifying promising opportunities. Forming partnerships with healthcare providers, tech companies, and research institutions can facilitate the development of patient-centric solutions that address unmet needs. A balanced portfolio across diagnostics, treatment, and digital health, focusing on companies with solid innovation, unique intellectual property, and some market success, is recommended. Staying informed about emerging trends and maintaining relationships with key industry players can provide early insights into breakthrough technologies and market changes. Predicting future trends and adjusting strategies accordingly will enable investors to capitalize on emerging opportunities, ensuring growth and success in this dynamic field.
Investing in eye care technology offers significant economic benefits and the potential to transform the quality of life for millions worldwide. By identifying high-potential areas, carefully assessing risks, and employing effective investment strategies, investors can navigate this dynamic field successfully and contribute to advancing eye care.
About the Author:
Photo: Ashkan Eliasy
Dr. Ashkan Eliasy is a UK-based scientist and entrepreneur with deep expertise in eye care and over 50 published papers and three patents; he co-founded MedTech and FinTech startups. Holding a PhD, MBA, and MEng, he advises major investors and startups in eye care, focusing on advanced technologies to improve healthcare accessibility and patient outcomes. Dr. Eliasy offers deep insights and a strategic vision for investors in the high-growth medical technology sector.
