The Fundus Camera Market is segmented by Product Type (Mydriatic, Non-mydriatic, Hybrid, Retinopathy of Prematurity); Portability Type (Handheld, Table Top); End-user Type (Hospitals, Ophthalmology Clinics, Ophthalmic & Optometrists Office); By Geography (North America, Europe, Asia Pacific, Latin America, Middle East & Africa).
The Fundus Camera Market was valued at US $517.87 billion in 2022 and is projected to reach US $1026.01 billion by 2032, growing at a CAGR of 7.1% during the forecast period.
A fundus camera or a retinal camera is a specialized low-power microscope with an attached camera that helps to photograph the interior surface of the eye. The rise in chronic disorders such as diabetes and hypertension is the responsible factor for the growth of the retinal camera market. According to U.S. and Japanese laws and regulations for medical device agencies, fundus imaging has to be replaced every 4 years in order to help maintain the quality of instruments. The law directly helps to maintain the demand for devices in countries to boost the market.
The Rise in Geriatric Population – Key Driving Factor
The increase in the population of old age who receive special health care services across the globe is the major driving factor for the fundus camera market. Some of the most common ocular disorders are diabetic retinopathy, age-related macular degeneration, glaucoma, and cataract which are found in the geriatric population. It increases the need and demand for improvised performance of ophthalmic diagnostic platforms which also includes fundus cameras. The rise in the old age population directly affects the growth and development of ophthalmology diagnostic devices, including ocular disorders, compared to younger adults. This helps to boost the demand for effective management of these diseases at a global scale.
The Technological Advancements in Fundus Camera boosts Market Growth
The manufacturers are focusing more on the development of high-performing fundus cameras with better quality for example the development of hybrid cameras is one of the ground-breaking technological advancements that evolved over the past couple of years. Hybrid cameras have the advantage over individual fundus camera, it has both optical coherence tomography (OCT) and fundus photography. During the forecast period, advancements in digital cameras, red-free fundus cameras, the development of film-based cameras to clear in-depth imaging cameras, and the adoption of new technologies in emerging countries are expected to drive the fundus camera market. Advancements in non-mydriatic fundus cameras like fluorescein imaging, portability, and live-action systems are more likely to boost the global market for fundus cameras during the forecast period.
Increase in Rate of Retinal Diseases to Boost Market Growth
Retinal diseases are the ongoing cause of visual impairment in developing countries. Population-based studies have reported that the prevalence of retinal disease ranges from 5.35% to 21.025 at the age of 40 years and above. In developed countries such as the U.S., Japan, the U.K., and Germany it is observed that retinal disease affects the daily lives of patients leading to high healthcare spending and low productivity. The common ocular disorder in such regions is glaucoma, diabetic retinopathy, cataract, and other refractive error. According to the World Health Organization (WHO), diabetic retinopathy, age-related macular degeneration (AMD), and glaucoma are categorized under priority ocular disorders, owing to the detrimental effects of these diseases in a number of middle-income and industrialized countries.
High Cost of Fundus Camera hinder Global Market
The rise in the price of the fundus camera is projected to hinder the growth of the market during the forecast period. The major types of fundus cameras available in the market are mydriatic, non-mydriatic, hybrid, and retinopathy of prematurity (ROP) cameras. Mydriatic fundus cameras cost from US$ 10,000 to US$ 15,000. While the non-mydriatic cameras range from US$ 18,000 to US$ 22,000. Both these devices are the major diagnostic stage that facilitates the diagnosis of retinal disorders. A mydriatic fundus camera or traditional fundus camera helps in pupil dilation with the help of a bright light which becomes uncomfortable for patients suffering from glaucoma and photosensitivity. With now many available advancements in the retinal camera, there is a decrease in the investment by industry players due to the low demand for mydriatic fundus cameras which affects the market growth negatively. The high cost of the examination, lack of skilled ophthalmologists, and low preference by the patients for consulting ophthalmologists for primary eye care can bring the market down for the fundus camera market.
North America holds the dominant position in the growing demand for Fundus Camera Market
In 2020 North America held the largest share of the fundus camera market. The growing geriatric population and technological advances are the major factors for the market growth of the fundus camera market. More application of fundus cameras for early detection and screening for eye disease as well as lifestyle-related disease is likely to boost the fundus camera market during the forecast period. As compared to other regions the U.S., has a high number of eye disorders cases and cases of diabetes. For example, according to the report published by Diabetes Canada in November 2021, the estimated prevalence rate of diabetes is around 10.0% in 2021 and is expected to reach 12.0% by 2031. Therefore, the increase in the case of retinopathy is expected to boost the fundus camera market in the North American region. The driving forces for the market growth of the fundus camera market are product launches, acquisitions, and partnerships of major players and a high number of market players and manufacturers present in the fundus camera market.
Top Companies and Recent Strategic Developments
• In November 2022, Mediwhale a South Korean- based company introduced Reti-Intelligence a new device that uses a simple fundus camera to capture images of the eye, and then within one minute the AI algorithm provides the disease risk assessment.
• In April 2021, Samsung launched the EYELIKE fundus Camera an affordable way towards eye care. Samsung Galaxy smartphones can be used as an eyelike handheld fundus camera connected to a lens attachment to provide an enhanced fundus diagnosis. By the end of 2023, Samsung has set a target to screen 150,000 individuals in India for eye disease using the eyelike fundus camera.
• In August 2022, Ophthalmic device distributor BOC Instruments added new fundus camera technology to its portfolio. It includes a fully automated Crystalvue NFC-600 AND 700 models non-mydriatic retinal camera, which the company claims can capture crystal-clear high-resolution fundus images with a single touch.
• In August 2022, Digital Diagnostics came into partnership with Baxter to raise $75 million in series b funding to boost the reach for IDX-DR and another AI-powered diagnostic tool made to detect early signs of diabetic retinopathy in the photos of the eye captured using a fundus camera.
• In August 2022, Weill Cornell Medicine developed a Novel Retinal Camera a low-cost system to capture images of the retina from an iPhone fundus camera.
Years considered for this report
• Historical Years: 2019-2022
• Base Year: 2021
• Forecast Period: 2022-2032
Fundus Camera Market Research Report Analysis Highlights
• Historical data available (as per request)
• Estimation/ projections/ forecast for revenue and unit sales (2022 - 2032)
• Data breakdown for application Industries (2022 - 2032)
• Integration and collaboration analysis of companies
• Capacity analysis with application sector breakdown
• Business trend and expansion analysis
• Import and export analysis
• Competition analysis/market share
• Supply chain analysis
• Client list and case studies
• Market entry strategies adopted by emerging companies
Industry Segmentation and Revenue Breakdown
Fundus Camera Market by Product Type (Revenue, USD Million, 2022 - 2032)
• Retinopathy of Prematurity
Fundus Camera Market by Portability Type (Revenue, USD Million, 2022 - 2032)
• Table Top
Fundus Camera Market by End-user Type (Revenue, USD Million, 2022 - 2032)
• Ophthalmology Clinics
• Ophthalmic & Optometrists Office
Fundus Camera Market by Geography (Revenue, USD Million, 2022 - 2032)
• North America (U.S., Canada)
• Europe (Germany, France, U.K., Italy, Spain, Nordic Region, Rest of Europe)
• Asia Pacific (China, Japan, India, ASEAN, Rest of Asia Pacific)
• Latin America (Brazil, Mexico, Rest of Latin America)
• Middle East & Africa (GCC, South Africa, Rest of the Middle East & Africa)
• Topcon Corporation
• Canon, Inc.
• Nidek Co., Ltd.
• Epipole Ltd.
• iCARE Finland Oy (Revenio Group)
• Kowa American Corporation
• Carl Zeiss Meditec
• Optovue Incorporated
• Johnson & Johnson Vision Care
• Haag-Streit Holding AG
• Optomed plc, among others
Available Versions of Global Fundus Camera Market Report:
The United States Fundus Camera Market Report
Europe Fundus Camera Market Report
Asia Pacific Fundus Camera Market Report
India Fundus Camera Market Report
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