Fundus Camera Market to Generate US$ 810.4 Million by 2028 | Growth & Key Business Strategies
Wilmington, Delaware, United States: According to Transparency Market Research’s latest report on the global fundus camera market for the historical period, 2017–2019, and forecast period, 2021–2028, increase in geriatric population across the globe and surge in incidence of retinal disorders are projected to drive the global fundus camera market during the forecast period
Increase in Global Geriatric Population: Key Driver
Increase in the geriatric population directly affects the growth and development of ophthalmology diagnostic devices, as the elderly population is highly susceptible to health disorders, including ocular disorders, compared to younger adults. This increases demand for effective management of these diseases globally.
Most common ocular disorders reported in the geriatric population are age-related macular degeneration (AMD), glaucoma, diabetic retinopathy, cataract, and others. Consistent aging of baby boomer population increases the need and demand for improved performance of ophthalmic diagnostic platforms, including fundus cameras.
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According to World Population Ageing Report published by United Nations in 2019, the global population aged 65 years or over stood at 703 million in 2019. The number of elderly people is projected to double to reach 1.5 billion in 2050. Globally, the population aged 65 years or over increased from 6% in 1990 to 9% in 2019. The proportion is projected to rise to 16% by 2050, i.e., one in six people will be aged 65 years or over.
Rise in Incidence of Retinal Disorders to Boost Market Growth
Rise in prevalence of ocular disorders propels the demand for various ophthalmology platforms. Common ocular disorders that exhibit high incidence rates globally are glaucoma, diabetic retinopathy, cataract, and other refractive errors. These disorders affect the daily lives of patients, resulting in high healthcare spending and reduced productivity. These factors tend to lower the quality of life of the patients. This trend is observed across the world, especially in developed countries such as the U.S., Japan, the U.K., and Germany.
According to the World Health Organization (WHO), diabetic retinopathy, age related macular degeneration (AMD), and glaucoma are categorized under priority ocular disorders, owing to detrimental effects of these diseases in a number of middle income and industrialized countries.
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High Cost of Fundus Cameras to Hamper Global Market
High cost of fundus cameras is projected to hamper the growth the global 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 are the most primitive form of fundus cameras available, followed by non-mydriatic fundus cameras. These devices are major diagnostic platforms that facilitate the diagnosis of retinal disorders such as diabetic retinopathy, AMD, and glaucoma.
The cost of mydriatic fundus cameras ranges from US$ 10,000 to US$ 15,000, while the cost of non-mydriatic fundus cameras falls between US$ 18,000 and US$ 22,000
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Fundus Camera Market: Competition Landscape
This report profiles major players in the global fundus camera market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
The global fundus camera market is consolidated, with the presence of small number of major global players
Leading players operating in the global fundus camera market are
- Topcon Corporation
- Canon, Inc.
- Nidek Co., Ltd.
- Epipole Ltd.
- iCARE Finland Oy (Revenio Group)
- Kowa American Corporation
- Carl Zeiss Meditec
- Optovue Incorporated
- Haag-Streit Holding AG
- Optomed plc, among others
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