Fundus Camera Market: Introduction
According to the report, the global fundus camera market was valued at US$ 464.4 Mn in 2020 and is projected to expand at a CAGR of 5.6% from 2021 to 2028. Fundus photography is a technique that aids in capturing images of retina and neurosensory tissue that converts the optical images into electrical impulses in the brain. Fundus camera is a specialized ophthalmic imaging device encompassing a low power microscope and an attached high-resolution camera. Fundus imaging, paired optic disk images, external photograph, and fluorescein angiography represents the areas of utility of fundus cameras. The fundus photographs represent the visual records that document the current ophthalmic appearance of the patient’s retina and aids in the diagnosis of several retinal disorders such as diabetic retinopathy, retinal detachment, age related macular degeneration (AMD), and glaucoma.
North America was the largest market for fundus camera in 2020. This can be attributed to acceptance of advanced technologies resulting in an increased rate of diagnosis of ocular disorders and awareness among the people. However, the market is saturated and is expected to exhibit steady growth over the next few years compared to emerging economies.
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Increase in Incidence of Diabetes to Drive Global Market
The rise in incidence of diabetes amplifies the risk of blindness and impaired vision across the world. Diabetes can lead to the development of diabetic retinopathy; symptoms of which are not detected at an early stage and can lead to permanent vision loss.
According to the IDF Diabetes Atlas Tenth edition 2021, around 537 million adults (20-79 years) are living with diabetes. The total number of people living with diabetes is projected to rise to 643 million by 2030 and 783 million by 2045. Hence, the detrimental effects of diabetic retinopathy had made timely diagnosis and treatment essential. This is likely to increase the adoption of fundus cameras, which in turn is projected to drive the fundus cameras market.
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Mydriatic Fundus Cameras Segment to Dominate Global Market
In terms of product type, the global fundus camera market has been classified into mydriatic, non-mydriatic, hybrid, and retinopathy of prematurity (ROP). Mydriatic fundus cameras are the most conventional devices among all the types and generally require pupil dilation for diagnosis and monitoring retinal diseases. Non-mydriatic fundus cameras are more advanced in technology and do not require pupil dilation during retinal imaging.
Hybrid cameras, on the other hand, have revolutionized the fundus cameras market, as these devices perform the functions of both mydriasis and non-mydriasis, thereby eliminating the need of two separate platforms.
Pharmaceutical Companies to be Highly Lucrative Segment
Based on end-user, the global fundus camera market has been classified into hospitals, ophthalmology clinics, and ophthalmic & optometrist offices. The hospitals segment dominated the global fundus camera market in 2020. The ophthalmic & optometrist offices segment is anticipated to expand at the highest CAGR from 2021 to 2028. This can be attributed to increase in specialty clinics and shift in preference toward procurement of technologically sophisticated equipment.
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North America to Dominate Global Market
In terms of region, the global fundus camera market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global fundus camera market in 2020, followed by Europe. The dominance of these two regions can be attributed to increase in adoption of technologically advanced products, mergers & acquisitions, and entry of new players. The fundus camera market in Asia Pacific is projected to grow at a rapid pace from 2021 to 2028. This can be ascribed to increase in investments by leading players in the region and favorable healthcare reforms.
The global fundus camera market is consolidated in terms of number of players. Key players in the global market include 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, and Optomed plc, among others.
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