#retinalimagingdevicesmarket

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Examining the Competitive Landscape of Global Retinal Imaging Devices Market

The increasing prevalence of eye diseases, particularly among aging populations, has spurred the demand for retinal imaging devices globally. Moreover, advancements in technology, including the integration of artificial intelligence (AI) and machine learning, have enhanced the diagnostic capabilities of these devices. Accordingly, the global retinal imaging devices market is estimated to garner $9322.89 million by 2032, projecting a CAGR of 5.93% during the forecast period, 2023-2032.

This blog will examine the current competitive landscape of the global retinal imaging devices market –

Leading companies in the retinal imaging devices market have driven innovations, shaping the industry’s competitive landscape. These players have introduced cutting-edge technologies, setting new standards for device accuracy and ease of use.

Strategic Developments by Key Players

ZEISS will showcase the new ZEISS ATLAS 500ZEISS will showcase the new ZEISS ATLAS 500, a next-generation corneal topography system, at the European Society of Cataract and Refractive Surgery (ESCRS) annual conference from September 8th-12th, 2023, in Vienna, Austria. It combines corneal topography and dry eye assessment tools for intelligent clinical decision-making. It is a multimodality solution for the anterior eye segment. Also, it offers a well-organized, intuitive, and integrated interface for efficient operation. Further, it integrates into the ZEISS cataract and corneal refractive workflows. Says Dr. Edward Boshnick, Specialist in the Non-Surgical Restoration of Quality Vision and Owner of Global Vision Rehabilitation Center, Florida, “With the ATLAS 500 I can easily capture images of my patient’s eye with amazing detail, and it helps me to understand my patient’s dry eye disease.” (Source)

TOPCON CORPORATION acquires SATEL On 20th June 2023, TOPCON announced the acquisition of SATEL Oy. SATEL is a leading innovator in wireless technology globally. It designs, offers, and manufactures high-quality connectivity solutions that facilitate mission-critical, secure connections using the optimal characteristics of different communication technologies for real-life use cases. Says Ray O’Connor, TOPCON Positioning Systems president and CEO, “As our products and services have evolved from individual measurement tools to complete, multi-node workflow automation solutions, the significance of advanced communication technology has grown. Through this acquisition we are able to secure long term access to a key technology component for our portfolio today and in the future.” (Source)

NIDEK launches NT-1/1e Non Contact Tonometer Models

On 17th April 2023, NIDEK CO LTD announced the launch of the NT-1/1e Non Contact Tonometer models. The NT-1p/1 is equipped with an air nozzle contact sensor to prioritize patient safety and conduct fully automated measurements. When the patient positions their chin on the chinrest, the device autonomously identifies the eye position and records measurements, eliminating the need for operator intervention.

While the NT-1e serves as a fundamental model for manual measurements with excellent user-friendliness, it retains the NT-1 series’ standard 3D auto-tracking function, ensuring precise, straightforward, and rapid measurements.

Motoki Ozawa, President and CEO of NIDEK CO LTD says, “The NT-1 series offers optimal products that satisfy a wide range of customer needs to meet clinical care. Leveraging our expertise in optical technology and engineering, we will continue to develop products that address our customers needs for efficient patient throughput while maintaining a small device footprint ensuring good patient flow at clinical facilities and optical shops.” (Source)

AI facilitates Integrated Product Developments

AI and machine learning algorithms are being integrated into retinal imaging devices to assist healthcare professionals in automating image analysis and detecting abnormalities with greater accuracy. This trend enhances diagnostic capabilities and workflow efficiency.

AI-Integrated Developments for Eye Scans Researchers from Germany and the United Kingdom are using artificial intelligence (AI) to develop a system that will facilitate widespread testing alongside enhanced efficiency. On 10th June 2023, Dr. Nikolas Pontikos, a group leader at the UCL Institute of Ophthalmology and Moorfields Eye Hospital, London, the UK, presented his team’s development of Eye2Gene at the annual conference of the European Society of Human Genetics. 

Eye2Gene is an AI system that can identify the genetic cause of inherited retinal diseases (IRDs) Inherited retinal diseases (IRDs) are characterized by single-gene disorders that impact the retina, posing challenges for diagnosis due to alterations in one of several potential candidate genes. Apart from specialized centers, only a limited number of experts possess the requisite expertise in these conditions, creating obstacles for patients seeking access to accurate testing and diagnosis. Says Dr. Pontikos, “Identifying the causative gene from a retinal scan is considered extremely challenging, even by experts. However, the AI is able to achieve this to a higher level of accuracy than most human experts.” (Source) 

All in All

Key players and emerging innovators continue to redefine the global retinal imaging devices market’s competitive landscape. As lucrative trends and opportunities continue to unfold, the future of retinal imaging devices promises improved patient care, increased accessibility, and enhanced diagnostic accuracy in the field of ophthalmology. As stakeholders in the healthcare industry, staying abreast of these developments is essential for driving progress and delivering quality eye care.

FAQs

Who are the major players in the retinal imaging devices market?

Some of the major players in the retinal imaging devices market include Carl Zeiss Meditec AG, Optos Plc, Heidelberg Engineering GmbH, Topcon Corporation, and Nidek Co., Ltd. Their commitment to research and development and global market presence contribute to their leadership in the industry.

What are the future trends and opportunities in the global retinal imaging devices market?

The future trends in the global retinal imaging devices market include the integration of artificial intelligence (AI) for automated image analysis, the expansion of telemedicine and remote patient monitoring applications, and personalized medicine approaches.

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Technological Advancements Steer Global Retinal Imaging Devices Market Growth

According to the estimations put forth by Inkwood Research, the Global Retinal Imaging Devices Market is predicted to register a CAGR of 5.93% in terms of revenue during the forecasting years of 2023-2032.

“Browse 41 Market Data Tables and 44 Figures spread over 200 Pages, along with an in-depth TOC on the Global Retinal Imaging Devices Market Forecast 2023-2032.”

Retinal imaging devices are advanced medical tools that play a crucial role in diagnosing and monitoring various eye conditions and systemic diseases. These devices utilize cutting-edge technology to capture high-resolution images of the retina, providing healthcare professionals with valuable insights into the health of a patient’s eyes.

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Key Growth Driver: Technological Advancements in Retinal Imaging

Ongoing technological advancements are reshaping the field of retinal imaging, equipping healthcare professionals with enhanced tools for early disease detection, precise diagnosis, and personalized treatment approaches. These advancements play a pivotal role in enhancing patient outcomes, reducing the burden of visual impairment, and advancing our comprehension of retinal health.

Multicolor imaging involves the capture of retinal images using multiple wavelengths of light, enabling better distinction among various retinal layers, structures, and abnormalities. This improved visualization supports ophthalmologists in identifying subtle changes that conventional imaging methods might overlook. For instance, conditions like diabetic retinopathy and age-related macular degeneration can result in notable alterations in retinal pigmentation, which multicolor imaging can effectively reveal. This capability aids in disease detection and treatment planning.

STOC-T, an ophthalmic imaging technique initially designed for optoretinogram acquisition, has been enhanced by its developers at the International Centre for Translational Eye Research (ICTER) to enable imaging of the retina and choroid at different depths. STOC-T can rapidly capture high-resolution images of the entire retinal depth, almost instantaneously, providing clinicians with the ability to photograph the eye before the patient blinks. This yields an exceptionally precise and detailed image down to the cellular level, as stated by the researchers.

Fastest-Growing End Use: Ophthalmic Center

Ophthalmic facilities have become pivotal end-users of retinal imaging technologies, assuming a crucial function in the diagnosis, monitoring, and treatment of various retinal conditions. These specialized centers utilize retinal imaging technology to conduct comprehensive and dependable evaluations of patients’ ocular health. Equipped with advanced tools like optical coherence tomography (OCT) and fundus cameras, these centers can capture high-resolution retinal images, aiding in the early identification of ailments such as macular degeneration, diabetic retinopathy, and glaucoma.

Largest Revenue-Generating Region: North America

The North America retinal imaging devices market growth is attributed to the rising prevalence of retinal diseases, the aging population, technological advancements, and increased awareness among healthcare professionals and patients. Retinal imaging devices play a pivotal role in the early diagnosis, monitoring, and treatment of various eye conditions, including diabetic retinopathy, age-related macular degeneration (AMD), and retinal detachments.

The increasing number of specialized companies and start-ups is raising competition through disruptive innovations. Some of the leading companies in the market include TOPCON CORPORATION, NIDEK CO LTD, Santec Corporation, etc.

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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%.

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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.