Retinal Imaging Devices Market

Market Overview

The global retinal imaging devices market is projected to attain a value of USD 3,605 million by the end of 2031 at a CAGR of 5.6%.

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. It is found that retinal damages are major causes of visual impairment. Diabetic retinopathy (DR) is a leading cause of vision-loss globally as more than 90 million people with diabetes mellitus are suffering from DR. Moreover, the increasing prevalence of retinal diseases across the globe is driving the growth of the market for retinal imaging devices. For instance, age-related macular degeneration (AMD) in the European Union affected about 34 million people in 2017 and the region is anticipated to grow at a CAGR of 25 % till 2050.

The USFDA has permitted the marketing of IDx-DR—a retinal imaging device that uses artificial intelligence (AI)—to detect a mild level of diabetic retinopathy in adult patients with diabetes. Recent advances in retinal imaging have driven a paradigm change in the diagnosis and management of retinal diseases. For instance, the use of innovative technologies like AI and machine learning are likely to help in identifying several blinding retinal conditions and treat them at an early stage. On account of these factors, the market may witness better growth in the demand for advanced, innovative, and effective devices. Apart from this, cost-effectiveness, accuracy, precision, and high-resolution imaging are some of the areas where existing players can put in some efforts to upgrade the retinal imaging devices. In line with this, several players are launching the latest technologies with high resolution at low cost for private clinics optometrist, and preventive medicine or physical check-up. These retinal imaging devices are also used by many healthcare professionals such as primary care physicians, ophthalmologists, optometrists, neurologists, nurse practitioners, emergency medical technicians, medical students, pediatricians, and veterinarians.

Market Dynamics

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.

Regional Analysis

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.

Segmental Analysis

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.