Wilmington, Delaware, United States, April 21, 2023 (GLOBE NEWSWIRE) -- The global fundus cameras market is slated to reach a valuation of USD 810.4 million, expanding at a CAGR of 5.6% between 2021 and 2028.
As ophthalmology technology advances, healthcare settings are investing in upgrading and procuring new and improved imaging equipment. This is complemented by government regulations advocating technology upgradation to improve patient outcomes.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | USD 464.4 Mn in 2020 | |
| Estimated Value | USD 810.4 Mn by 2028 | |
| Growth Rate | 5.6% | |
| Forecast Period | 2021–2028 | |
| No. of Pages | 98 Pages | |
| Market Segmentation | By Product Type, Portability, and End-user | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Companies Covered | Topcon Corporation, Canon, Inc., Nidek Co., Ltd., Epipole Ltd., iCARE Finland Oy (Revenio Group), Kowa American Corporation, Carl Zeiss Meditec, Optovue Incorporated, Haag-Streit Holding AG, Optomed plc | |
The advancements in ophthalmology are being fueled by an increasing geriatric population pool suffering from chronic eye disorders. According to the National Eye Institute, the number of people who have or have had cataract will double from 24.4 million currently to 50 million by 2050. Likewise, the incidence of diabetic retinopathy, AMD, and other disorders are also likely to rise.
Given these statistics, the scope for fundus cameras is bound to rise substantially. Manufacturers are incorporating major technological advancements, ranging from enhancing imaging quality to increasing accuracy and ease of operability. For instance, Daytona produces 200o worth of single-capture optomap retinal images in less than 30 seconds. The camera generates images of 82% of the retina in a single, non-contact optomap image. In addition, the device comes with the OptosAdvance™ browser-based image review software, which allows for simple documentation, monitoring and referral processing to assist in patient management and improved patient flow.
Moreover, supportive government regulations are also expected to contribute to market growth. According to the laws and regulations of medical device agencies in the U.S. and Japan, the fundus imaging cameras must be replaced once in every 4 years. This helps maintain the quality of instruments and, thereby, improves diagnosis and treatment.
Key Takeaways from the Market Report
- As of 2021, the fundus camera market was valued at US$ 553.43 million
- From 2021 to 2028, the market for fundus cameras will likely expand 1.5x
- Based on product, non-mydriatic fundus cameras will remain highly preferred, generating nearly 50% of revenue
- By end users, ophthalmic & optometrist offices to generate nearly 1/4th of all revenues
- Tabletop fundus cameras to enjoy higher demand compared to handheld cameras
Fundus Camera Market: Key Growth Drivers and Trends
- Sales of fundus cameras are inclining amid an increase in the prevalence of diabetic retinopathy, AMD, glaucoma, and cataract among other ocular disorders
- Advances in access to telecommunications coupled with the introduction of portable cameras and smartphone-based fundus imaging systems have resulted in an exponential surge in available technologies for portable fundus photography
- Regulatory frameworks in certain countries, such as Japan and the United States, require healthcare settings to frequently upgrade existing fundus camera equipment, generating significant sales opportunities
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Fundus Camera Market: Regional Landscape
- North America is expected to generate significant growth prospects for fundus cameras, comprising of nearly 40% sales. Regulatory approvals and frequent need for upgrading existing equipment propelling growth
- Europe to be another promising growth hotspot, with an expected CAGR of over 6%. Incorporation of easy-to-use, portable, and hybrid imaging cameras are driving growth
- Asia Pacific to attract significant investments, given an increase in the incidence of medical tourism. The region is expected to rise at a CAGR of 5.9% until 2028. Key markets include China, Japan, Australia, and India
Competitive Landscape
The market for fundus cameras is characterized by the presence of the following key players:
- Canon Inc.
- Topcon Corporation
- Carl Zeiss Meditec Inc.
- Kowa American Corporation
- Nidek Co., Ltd.
- Optomed Plc.
- Optovue, Incorporated
- epipole Ltd.
- iCARE Finland Oy (Revenio Group)
- Haag-Streit Holding AG
Some important developments with regard to the market are as follows:
- Canon Inc. is a highly influential player in the fundus camera domain. The company offers the CR-2 PLUS AF Digital Retina Camera. This model enables ophthalmologists to monitor the retinal pigment epithelium (RPE) condition. The camera deploys the fundus auto fluorescence (FAF) imaging mode
- In January 2023, Topcon Corporation announced the launch of its NW500 robotic fundus camera. The device offers an innovative slit scan illumination and a rolling shutter mechanism, helping overcome one of the known causes of poorly graded images effectively imaging smaller pupils, from 2.0mm or more
- Carl Zeiss Meditec Inc. announced in March 2023 an investment in a new facility in the Nouvelle-Aquitaine region of France. This facility is expected to expand the company’s manufacturing capabilities of ophthalmology consumables. This announcement follows a decision to expand the existing production capacities of its La-Rochelle facility. It will especially help ramp up production of intraocular lenses and fundus cameras
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Fundus Camera Market- Key Segments
Product
- Mydriatic Fundus Cameras
- Non-mydriatic Fundus Cameras
- Hybrid Fundus Cameras
- Retinopathy of Prematurity (ROP) Fundus Cameras
Portability
- Table Top
- Handheld
End User
- Hospitals
- Ophthalmology Clinics
- Ophthalmic & Optometrist Offices
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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