by Market Overview:
Retinal imaging devices help in non-invasive screening, diagnosis, and management of retinal conditions including macular degeneration, diabetic retinopathy, and retinal vein occlusion. These devices capture high-resolution images of the retina using technologies such as optical coherence tomography (OCT), scanning laser ophthalmoscopy (SLO), and fluorescence imaging. OCT provides cross-sectional images of the retina whereas SLO generates two-dimensional images. These imaging modalities assist eye care professionals in early detection of retinal abnormalities.
Market Dynamics:
The growth of the retinal imaging devices market is primarily driven by the rising prevalence of retinal disorders and increasing adoption of retinal screening and diagnosis. As per the statistics by World Health Organization (WHO), the global prevalence of diabetic retinopathy among adults aged 20-79 years is approximately 34.6% and it is estimated that over 192 million people globally were affected by diabetic retinopathy in the year 2020. Moreover, increasing geriatric population who are more susceptible to age-related retinal conditions such as macular degeneration is also contributing to the market growth. Additionally, technological advancements in retinal imaging equipment bringing higher resolution, wider field of view, and improved imaging modalities are positively impacting the market dynamics. Some of the latest devices offer artificial intelligence integrated imaging systems that can perform automated diagnosis of retinal abnormalities. These innovative developments are broadening the application areas of retinal imaging devices.
Segment Analysis
The retinal imaging devices market is segmented based on product, end use and geography. Based on product, the market is segmented into optical coherence tomography, fundus camera, fluorescein angiography and other imaging modalities. Amongst these, the optical coherence tomography segment accounts for the largest market share owing to its non-invasive nature and increasing usage for retinal diseases diagnosis. Based on end use, the market is divided into hospitals, ophthalmology clinics and other end uses. The ophthalmology clinic segment dominates the market as these clinics are primarily engaged in retinal imaging procedures.
The global Retinal Imaging Devices Market Demand is estimated to be valued at US$ 2.52 Bn in 2023 and is expected to exhibit a CAGR of 9.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
PEST Analysis
Political: Government initiatives and favorable reimbursement policies are positively impacting the growth of the retinal imaging devices market.
Economic: Rising disposable incomes in developing nations are facilitating greater healthcare spending and adoption of advanced retinal imaging devices.
Social: Growing geriatric population and increasing prevalence of age-related retinal diseases are key social factors driving market demand.
Technological: Advancements in optical coherence tomography technologies with high-resolution and non-invasive capabilities are supporting wider applications in disease screening and management.
Key Takeaways
The global retinal imaging devices market is expected to witness high growth, exhibiting a CAGR of 9.5% over the forecast period, due to increasing prevalence of retinal disorders.
Regional analysis: North America dominates the retinal imaging devices market currently owing to rapid technological adoption and presence of key market players. Asia Pacific is poised to witness the fastest growth over the coming years led by rising healthcare expenditure, large patient population and increasing affordability of imaging devices.
Key players: Key players operating in the retinal imaging devices market are Carl Zeiss Meditec AG, Topcon Corporation, NIDEK Co. Ltd., Optos plc, CenterVue SpA, Forus Health Pvt Ltd., Eyenuk Inc., Imagine Eyes, Clarity Medical Systems Inc., and Optomed Plc. The market is consolidated in nature with these major players holding a substantial share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
