#RetinalImagingDevicesMarketgrowth
Explore tagged Tumblr posts
Text
Retinal Imaging Devices Market - Industry Size, Share and Forecast to 2026|Zeiss, Topcon, Nikon (Optos), Kowa
Retinal imaging takes a digital picture of the back of the eye, which helps in understanding the conditions of the retina, optic nerve, blood vessels, and overall health of the eye. Furthermore, it helps the ophthalmologist to get a much wider digital view of the retina and adds precision to the eye examination. Many prominent eye diseases such as age-related macular degeneration (AMD), diabetic retinopathy, and glaucoma require precise and non-invasive eye examination. As per WHO, about 11 million Americans are suffering from AMD. It is the third-largest visual disorders with around 8.7% prevalence across the globe.
The global retinal imaging devices market is projected to attain a value of USD 7.7 billion by the end of 2029 at a CAGR of 6.5%.
Grab a sample PDF here https://straitsresearch.com/report/retinal-imaging-devices-market/request-sample
Factors Driving Market Growth
Today, the market is witnessing significant growth in the demand for less invasive and accurate treatments based on retinal imaging data with the growing prevalence of ophthalmic disorders and increasing demand for early diagnostic measures. To meet the demand, the number of ophthalmic clinics and optometric centers is also increasing, coupled with growing awareness about retinal imaging in countries such as India, China, and Thailand. Several players in the market have already adopted different growth strategies such as mergers and acquisitions to expand their business operations in these regions. The technological advancement will significantly minimize the cost of diagnosis of retinal diseases and will able to deliver precise, accurate, and high-resolution imaging.
Factors Restraining Market Growth
Inadequate awareness among people regarding eye disorders, lack of skilled medical professionals, and high cost of the advanced retinal imaging devices, including fundus camera and OCT are expected to impede the market growth in low-income countries. Furthermore, underdeveloped health care industry and less technological developments are expected to hamper the market growth in Latin America and Middle East & Africa.
Segmental Insights
The global retinal imaging devices market is segmented into fundus camera, optical coherence tomography (OCT), and fluorescein angiography. In 2018, the fundus cameras dominated the market because of portability and ergonomics.
On account of better effectiveness and accuracy in diagnosis, OCT segment is expected to grow at the fastest CAGR during the forecast. OCT helps the physician in understanding the pathogenesis of the retinal disease. It can be enabled with fiber optics technology and cloud storage facility.
Fluorescein angiography is also expected to exhibit significant growth during the forecast period. It is primarily used in the detection of macular degeneration and diabetic retinopathy conditions. The growing prevalence of diabetic retinopathy and increasing demand for early detection are expected to contribute to the segmental growth. In 2002, 32 million people were affected by diabetic retinopathy as per WHO and the number is expected to reach 80 million by 2030, boosting demand for advanced diagnostic and therapeutic solutions.
Based on end-users, the retinal imaging devices market is segmented into hospitals, ophthalmic centers, ambulatory surgery centers (ASCs), and others. Hospitals were holding the major market share in 2018. This can be attributed to the high adoption of advanced retinal imaging devices in hospitals. Today, numerous large-sized hospitals are deploying advanced retinal imaging devices to enhance early diagnosis of ophthalmic disorders. For example, Artificial intelligent(AI) cameras are used for detecting retinal imaging diseases in a hospital-based in Guangdong, China. Moreover, hospitals are offering a free consultation for retinal imaging in China, which has further intensified the demand for retinal imaging devices.
The ophthalmic center segment is expected to grow at a significant growth rate due to the increasing prevalence of eye-related disorders and the availability of affordable eye care at these centers.
Ambulatory surgery centers (ASCs) are expected to experience the fastest growth as a result of favorable changes in the ASC reimbursement system and major advances in non-invasive retinal surgeries. Medicare, for instance, provides reimbursement for vitreoretinal surgery in the ambulatory surgery centers, which is likely to leave a positive impact on the market growth.
North America: The Prominent Region for market
North America dominated the global market in 2018 and held about one-fourth of the total regional retinal imaging devices market in 2018. High prevalence of ophthalmic disorders, rapid adoption of advanced technology, and the presence of a large number of global players in the region are the primary factors contributing to the market. In May 2018, Optos launched an ultra-widefield combination imaging device called ‘Monaco’ in the U.S.
Europe is the second-largest retinal imaging devices market. Numerous global players are strengthening their position by expanding their portfolio in this region. For instance, Canon has extended its product portfolio in Europe through its subsidiary Canon Medical Systems to include Tonometers, digital retinal imaging systems, fully automatic Ref-Keratometers, and optical coherence tomography systems. Asia Pacific market is expected to grow at the fastest CAGR during the forecast period on account of the introduction of global healthcare facilities in the region along with growing awareness regarding retinal imaging in countries such as India, China, and Thailand. In addition to this, increasing prevalence of diabetes in India is expected to boost the segmental growth. As per the International Diabetes Federation, 72.96 million people in India are suffering from diabetes, and the number is estimated to reach 123 million by 2035. The prevalence of diabetic retinopathy in India is found to be 16%.
Today, several market players in the region are trying to cater to the growing demand for advanced eye care solutions by developing new products. For instance, Bosch and Arvind Eye Care hospital chain has signed partnership agreements to train women technicians for capturing retinal images by using Bosch Fundus Camera. This is expected to propel the market growth by directly raising the demand for imaging products. Asia Pacific's regional market growth is fueled by the emergence of a large patient pool, imaging centers, and high adoption of technologically advanced drugs.
Key Players
Some of the key players in the global retinal imaging devices market are Zeiss, Topcon, Nikon (Optos), Kowa, Nidek, Heidelberg Engineering, Optovue, and Optomed.
Key players are focusing on mergers and acquisition activities to expand their product offerings and geographical reach. On the other hand, small players are focusing on technological development to sustain in the market. For instance, in 2018, Optos and Amydis announced a strategic alliance with the intention to develop an eye test for the detection of Alzheimer's disease. Amydis is continuously developing a pipeline of drug molecules for the detection of amyloid proteins in the retina using Optos' optomap ultra-widefield retinal imaging devices.
In May 2017, ZEISS released new technologies called Swept-Source OCT and OCT Angiography.
#RetinalImagingDevicesMarket#RetinalImagingDevicesMarketreport#RetinalImagingDevicesMarketresearch#RetinalImagingDevicesMarketreports#RetinalImagingDevicesMarketresearchreport#RetinalImagingDevicesMarketshare#RetinalImagingDevicesMarketsize#RetinalImagingDevicesMarketgrowth#RetinalImagingDevicesMarkettrend#RetinalImagingDevicesMarketinsight#RetinalImagingDevicesMarketrevenue#RetinalImagingDevicesMarketapplication#RetinalImagingDevicesMarketanalysis#RetinalImagingDevicesMarketregion#RetinalImagingDevicesMarketkeyplayers#RetinalImagingDevicesMarketforecast#RetinalImagingDevicesMarketindustry#RetinalImagingDevicesMarketindustrytplatform
0 notes