At 5.6% CAGR, Retinal Imaging Devices Market to hit $3Bn, Globally, by 2028 | The Insight Partners

The Insight Partners published latest research study on "Retinal Imaging Devices Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Device Type (Fluorescein Angiography, Fundus Camera, and Optical Coherence Tomography), and End-User (Hospitals & Clinics, Ambulatory Surgical Centers, Specialized Eye Care Centers, and Other End Users)," the global retinal imaging devices market growth is driven by rising prevalence of eye diseases, growing global initiatives for blindness and technological advancements.

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Retinal Imaging Devices Market Values, Segmentations, Regional & Country Scope:

Retinal Imaging Devices Market: Competitive Landscape and Key Developments

Carl Zeiss Meditec, Revenio Group Oyj, Nikon Corporation, Optomed, Topcon Corporation, Imagine Eyes, Epipole Ltd, Forus Health Pvt Ltd, Eyenuk Inc, and Phoenix Technology Group LLC are among the leading companies operating in the retinal imaging devices market.

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• In January 2022, Oulu University Hopsital recognized the Optomed Aurora handheld fundus camera performance and image quality to be appropriate for diabetic retinopathy screening in a pilot screening study
• In July 2021, Topcon Corporation acquired VISIA Imaging S.r.l. This acquisition enhances Topcon’s development and manufacturing capabilities of anterior segment devices and software, which in turn complements the company’s strong portfolio of fundus imaging devices that includes fundus cameras and optical coherence tomography (OCT). The acquisition further reinforces Topcon’s position as one of the leading ophthalmic diagnostic device manufacturers.

The global retinal imaging devices market, Based on device type, the global retinal imaging devices market has been segmented into fluorescein angiography, fundus camera and optical coherence tomography. The fundus camera segment held the largest share of the market in 2021. However, the optical coherence tomography segment is anticipated to register the highest CAGR of 8.1% in the market during the forecast period.

Based on end-user, the global retinal imaging devices market is segmented into hospitals and clinics, specialty clinics, ambulatory care centers, and others. The hospitals & clinics segment held the largest share of the market in 2021 and specialized eye care centers is expected to register the highest CAGR of 6.6% in the market during the forecast period.

Growing Global Initiatives for Blindness Fueling Market Growth

Cataract and age-related macular degeneration (AMD) is a significant cause of blindness across the world. A cataract is often untreated in developing countries due to limited access to qualified ophthalmologists and is responsible for nearly 50% of blindness in some countries. The Vision 2020 provides guidance, technical, and resource support to countries to reduce the number of avoidable blindness. The estimated cost of the initiative was US$ 23.1 billion. Furthermore, the recent global plan of Vision 2020 was Universal Eye Health. The Vision 2020 has made positive impact on global eye health by focusing on the undiagnosed people of various countries. Moreover, the awareness regarding the Vision 2020 is strong and is expected to remain a strong brand. Thus, increasing awareness about the Vision 2020 is expected to support the growth of the retinal imaging device market across the world.

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North America held the largest share of the global retinal imaging devices market in 2021. The increasing adoption of technological advancements, rising research and development activities, growing usage of retinal imaging devices, and the presence of large healthcare businesses is expected to propel regional growth. The United States held the largest share of the North American market in 2021. Vision impairment is among the common problems across the United States. The country has a rising prevalence of cataracts, diabetic retinopathy, open-angle glaucoma, and age-related macular degeneration (AMD). Also, the country has a significantly growing geriatric population, which is expected to lead retinal imaging procedures. For instance, according to the Glaucoma Research Foundation, in June 2019, over three million people in the United States are living with glaucoma, and over 2.7 million people age 40 years and above are affected with the most common form, open-angle glaucoma. Similarly, according to the National Eye Institute, it is projected that nearly 4.2 million people are likely to get diagnosed with glaucoma by 2030, which is a nearly 58% percent increase in the current situation. Moreover, the government in the country is spreading awareness by providing funds for treatment activities. Furthermore, the Glaucoma Research Foundation is supported by the donors, and together they run awareness campaigns such as The Cure is in Sight. The organization has generated funds approximately US$ 15 million for the campaign, the organization has extended its goal, and it was expected to raise funds up to US$ 25 million by 2020. In the United States, the increasing prevalence of diabetes is also a major problem, as per the latest data published by the American Diabetes Association states that every year approximately 1.5 million people are diagnosed with diabetes. According to CDC, 34.2 million people have diabetes (10.5% of the US population). Thus, the rise in the prevalence of diabetes is expected to increase the prevalence of diabetic retinopathy in the coming years.

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