The retinal imaging device market was valued at US$ 1,868.06 million in 2019 and is expected to grow at a CAGR of 5.4% from 2020 to 2027 to reach US$ 2,836.99 million by 2027.
The report provides trends prevailing in the global retinal imaging device market and the factors driving the market along with those that act as hindrances. Factors such as rising prevalence of eye diseases, growing global initiatives for blindness, and technological advancements are likely to promote the growth of retinal imaging device market. However, factor such as high cost of OCT devices is likely to affect the market growth negatively during the forecast period. Among the geographic region, North America hold largest market share and Asia Pacific is expected to be the fastest growing region for the global retinal imaging device market.
Retinal imaging devices are widely used to diagnose and treat various eye-related diseases such as diabetic retinopathy, age-related macular degeneration, glaucoma, cancer, and blood pressure. The devices are also used to diagnose the neurodegenerative diseases (ND), as it shares retina, and the central nervous system share an embryologic origin. Thus, the changes in the retinal tissue show major effects on the brain and cause neurodegenerative disease states. However, the rising health conditions and diseases such as growing age, diabetes, high blood pressure, and cancer lead to eye diseases and may further result in vision loss. The growing prevalence of diabetes across the world has resulted in the rising prevalence of diabetic retinopathy and blindness in adults. According to the International Diabetes Federation (IDF), data for 2019, nearly 463 million people between the age group 20-79 years were living with diabetes. IDF estimated, by 2045, the prevalence of diabetes will reach 700 million.
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The retinal imaging device market on the basis of type is segmented into fluorescein angiography, fundus camera and optical coherence tomography. In 2019, the fundus camera segment accounted for the largest market share in the global retinal imaging device market by device type. However, the optical coherence tomography segment is anticipated to register the highest CAGR in the market during the forecast period. The prominent factor which is likely to increase the growth of the segment is rising number of primary retinal diagnosis that can be done with handheld fundus cameras.
The retinal imaging device market on the basis of end user is segmented into hospitals & clinics, ambulatory surgical centers, specialized eye care centers and other end users. In 2019, the hospital & clinics segment register for the largest market share in the global retinal imaging device market by end user. However, specialized eye care centers is expected to register the highest CAGR in the market during the forecast period.
In the retinal imaging device market players have undertaken some organic and inorganic strategies, which have promoted its growth. Inorganic strategies such as acquisitions, agreements and partnerships and mergers between companies were widely performed. Company such as Revenio Group Oyj, Eyenuk, Inc. and Forus Health Pvt Ltd. have been implementing various inorganic developments in the market The strategy has assisted in bringing various changes in the retinal imaging device market. Whereas, organic strategies such as product launches, product approvals and others were performed in the retinal imaging device market.
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Global Retinal Imaging Device Market – By Device Type
Global Retinal Imaging Device Market – By End User
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