Fundus Cameras Market
Number of pages: 100 | Report Format: PDF | Published date: March 02, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
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Report Attribute |
Details |
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Market Size Value in 2022 |
US$ 479.82 million |
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Revenue Forecast in 2031 |
US$ 845.7 million |
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CAGR |
6.5% |
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Base Year for Estimation |
2022 |
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Forecast Period |
2023-2031 |
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Historical Year |
2021 |
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Segments Covered |
Product Type, Modality, End User, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global fundus cameras market was valued at US$ 479.82 million in 2022 and is expected to register a revenue CAGR of 6.5% to reach US$ 845.7 million by 2031.
Fundus Cameras Market Fundamentals
The retina, optic nerve head, macula, retinal blood vessels, choroid, and vitreous are all visible in fundus photographs. The diagnosis and screening of numerous treatable and preventable causes of blindness, particularly diabetic retinopathy (DR), age-related macular degeneration (AMD), glaucoma, and retinopathy of prematurity (ROP), are impacted by fundus photography. The quality of fundus photographs and the simplicity of imaging have substantially increased over time. A fundus camera can identify any abnormality of the eye’s posterior section. Some fundus cameras are handheld or portable, allowing the physician to collect images of the retina at the bedside or in the field. Some fundus cameras are tabletop devices that require the patient to sit near the camera and get examined. The physician can then see and assess the pictures or films of the eye that the fundus cameras have recorded. The usage of fundus cameras by eye care specialists is crucial for the accurate diagnosis, treatment, and management of eye problems.
There are two types of fundus cameras used in ophthalmology, namely, a non-mydriatic fundus camera and a mydriatic fundus camera. One of the most important benefits of the non-mydriasis fundus camera, making it popular among doctors, is its breakthrough improvement that enables larger and better photos to be taken without pupil dilation. The non-mydriatic fundus camera available today is a user-friendly, cutting-edge innovation that takes precise photos to preserve eye health and aid in the early detection of eye issues.
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Fundus Cameras Market Dynamics
The rise in the prevalence of retinal problems is driven by the aging population as well as chronic diseases, such as diabetes and hypertension. DR, AMD, and ROP are important retinal diseases. The number of Americans with diabetic retinopathy is anticipated to double from 7.7 million in 2010 to 14.6 million in 2050, according to the National Eye Institute, the U.S. The third most common cause of disability, following anemia and hearing loss, is vision loss. According to ScienceDirect, 38.5 million individuals were registered as blind worldwide in 2020. The second most common eye condition, cataracts, is more prevalent in underdeveloped countries where there is less access to skilled medical personnel. Since cataract causes more than 50% of blindness cases in some regions, the need for ophthalmologists is expected to rise in the next few years. As a result of the aforementioned factors, the fundus camera market is anticipated to expand at a significant pace during the forecast period. Throughout the forecast period, the market is expected to be driven by developments in digital cameras, red-free fundus cameras, film-based fundus cameras, and other devices for clear and in-depth fundus imaging as well as the increased uptake of these new technologies in developing nations.
Indirect ophthalmoscopy and smartphone fundus photography both operate on the same principles. The flashlight on a smartphone is used as a light source or illumination system. After adjusting the filming distance, the smartphone camera focuses on a real and inverted image of the retina. A portable, cost-effective, affordable, and practical method for retinal imaging is smartphone fundus photography. The first study on the usage of smartphones for retinal imaging was published in 2010 by Lord et al. With this first innovation, smartphone-based retinal imaging has made significant strides. Over the forecast period, an increasing number of product releases by leading players is anticipated to fuel market revenue growth. For instance, the Eyelike fundus camera was introduced by the global electronics company Samsung in April 2021. The new gadget was created as part of the Galaxy Upcycling initiative, which aims to transform outdated Samsung Galaxy smartphones into cameras for medical diagnosis. The recently released Eyelike fundus camera attaches to a lens attachment and analyses and diagnoses eye disorders using an artificial intelligence (AI) algorithm on older Samsung Galaxy smartphones. Moreover, optical equipment maker Topcon debuted their NW500 Non-Mydriatic Retinal Camera in October 2022. The completely autonomous, non-mydriatic NW500 Retinal Camera provides dependable, sharp-quality imagery with increased functionality.
Nonetheless, it is predicted that constraints, including pricing pressure and competition from other advanced technologies, will impede market revenue growth. The cutting-edge technology known as optical coherence tomography (OCT) was developed for retinal reimaging. The device produces precise retinal and optic nerve images that can be seen in 2D and 3D formats.
Fundus Cameras Market Ecosystem
The global fundus cameras market has been analyzed from four perspectives: product type, modality, end-user, and region.
Fundus Cameras Market by Product Type
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Based on the product type, the global fundus cameras market has been segmented into mydriatic fundus cameras, non-mydriatic cameras, hybrid fundus cameras, and ROP fundus cameras.
The non-mydriatic cameras segment accounted for the largest revenue share in the global fundus cameras market. It enhances a practitioner’s capacity to see intricate retinal anatomy, which enhances the diagnosis and treatment of eye problems. Fundus photography also uses non-mydriatic cameras, which eliminates the need for dilating drops and strong lighting, making it more patient-friendly. Those with glaucoma for whom dilation is contraindicated benefit from this characteristic as well. The market is predicted to be driven by improvements in non-mydriatic cameras, such as fluorescein imaging, mobility, and live-action systems, over the course of the forecast period.
Fundus Cameras Market by Modality
Based on the modality, the global fundus cameras market has been segmented into handheld and tabletop.
The tabletop segment accounts for the largest revenue share in the global fundus cameras market, and the same is anticipated to continue during the forecast period. This is due to the benefits of these cameras, which provide more patient-friendly fundus photography by eliminating the bright lights and dilating drops. On the other hand, the handheld segment is projected to grow with the highest revenue CAGR in the global fundus cameras market. Physicians can examine the retina and perform detailed comparisons with the help of a handheld camera. Also, as patients need not be strapped into the stationary machine, which requires more time for adjustment, they typically feel more at ease while using a handheld fundus camera during the examination.
Fundus Cameras Market by End User
Based on the end-user, the global fundus cameras market has been segmented into hospitals, ophthalmology clinics, and ophthalmic and optometrist offices.
The ophthalmic and optometrist offices segment accounted for the largest revenue share in the global fundus cameras market. The segment is expected to grow at the fastest revenue CAGR during the forecast period. The rise in optometry practitioners, preference for primary eye care, and lower prices charged by ophthalmic and optometrist offices as opposed to ophthalmologists are cited as reasons for this growth. According to the Department of Labor Statistics, employment of optometrists will increase by 9% between 2020 and 2030. An aging population will need more care for age-related vision problems, including cataracts and macular degeneration, which is expected to increase the demand for optometrists.
The hospitals segment accounts for the low revenue share in the global fundus cameras market. Hospitals offer tertiary, advanced, and secondary treatment. When it comes to complex surgeries and pediatric eye care, hospitals are typically preferred because they have access to one or more ophthalmologists as well as diagnostic and surgical support services. However, the popularity of specialty eye clinics, such as ophthalmologist clinics and optometrist offices, may impede segment growth.
Fundus Cameras Market by Region
Based on the region, the global fundus cameras market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
North America accounts for the largest revenue share in the global fundus cameras market. The growing elderly population and technological advancements in the industry are significant drivers of this region’s growth. Also, the debut of fundus cameras in the United States and Canada, as well as the widespread usage of new technologies, are expected to increase market revenue share in the region. Throughout the projection period, it is predicted that the market will grow due to the expanding usage of fundus cameras for early diagnosis and screening of diseases linked to lifestyle choices as well as eye conditions.
The fundus cameras market is anticipated to observe the highest revenue CAGR in Asia Pacific during the forecast period. This is due to the presence of important stakeholders and skilled service providers, together with the rapid expansion of the medical tourism industry. China, Japan, India, and Australia are the main market drivers in the Asia Pacific region. Japan accounts for the largest revenue share of the regional market due to the existence of significant market participants locally and the presence of a significant number of the older population. China is predicted to experience the fastest growth in the Asia Pacific region over the projected period. As more sophisticated devices are not as widely used in Latin America and the Middle East and Africa, the market is anticipated to grow more slowly in those regions.
Europe stood second in the fundus cameras market due to the presence of a significant number of market participants in the region, technological advancements in fundus cameras, such as portability and ease of use, as well as the development of hybrid cameras, and consumer acceptance of more recent technologies. For instance, major companies with European headquarters include Carl Zeiss Meditec Group, Optomed Oy (Ltd.), and CenterVue SpA. Moreover, an increase in geriatric and diabetic retinopathy patients is anticipated to drive the fundus cameras market growth in the next few years.
Fundus Cameras Market Competitive Landscape
The prominent players operating in the global fundus cameras market are:
The production of new manufacturing systems, the advancements in R&D capabilities, and the strengthening of the global sales network are some of the key strategies used by companies in the global fundus cameras market.
Fundus Cameras Market Strategic Developments
The global fundus cameras market is expected to grow at a revenue CAGR of 6.5% during the forecast period.
Optovue, Inc., Canon Inc., Carl Zeiss AG, Clarity Medical Systems, Inc., and Kowa Company Ltd. are among the key players in the global fundus cameras market.
The non-mydriatic fundus camera segment dominates the global fundus cameras market.
Asia Pacific is expected to observe the highest revenue growth in the global fundus cameras market during the forecast period.
The global fundus cameras market was valued at US$ 479.82 million in 2022.
*Insights on financial performance are subject to the availability of information in the public domain