Retinal Imaging Devices Market

Retinal Imaging Devices Market Outlook (2023 to 2033)

The global retinal imaging devices market is currently valued at US$ 2.36 billion and is anticipated to progress at a high-value CAGR of 7% to reach US$ 4.64 billion by the end of 2033.

Retinal imaging is the process of taking a digital image of the back of the eye to better understand the health of the blood vessels, retina, and optic nerve.

It improves the accuracy of the eye exam and gives the ophthalmologist a considerably larger digital image of the retina. A thorough and non-invasive eye exam is necessary for the accurate diagnosis of several common eye illnesses, including glaucoma, diabetic retinopathy, and age-related macular degeneration (AMD).

The market for retinal imaging devices is progressing quickly due to the rising prevalence of ophthalmic disorders and the increasing demand for advanced retinal imaging devices.

Retinal imaging devices are bifurcated into ultra-wide field imaging devices, fundus cameras, optical coherence tomography (OCT) devices, ophthalmic ultrasound devices, and fluorescein angiography devices.

The fundus camera currently holds a lucrative market share, mainly because of the benefits such as portability and ergonomics that come with this product. Additionally, the rising number of ambulatory eye care facilities and ophthalmology clinics, as well as fundus camera installations, is anticipated to fuel the retinal imaging devices market growth.

Optical coherence tomography (OCT) in ophthalmology is a non-invasive diagnostic method that produces an in vivo cross-sectional picture of the retina. The adoption of cutting-edge and complex imaging devices is a result of growing awareness and training initiatives in the field of ophthalmology.

During the forecast period, sales of OCT devices are expected to increase at a high rate. This can be attributed to its diagnostic efficacy and precision. The creation of specialized treatments is facilitated by the use of an optical coherence tomography system to better understand the aetiology of the disease. In the coming years, it is also anticipated that developments in communication technology, such as fiber optic cables and cloud storage capabilities, as well as increasing applications of OCT in clinical investigations, are expected to boost sales growth.

Fluorescein angiography device sales are anticipated to grow significantly as well. The primary uses of this modality are the identification of diabetic retinopathy and macular degeneration. The elements projected to contribute to the sales growth are the rising prevalence of diabetic retinopathy and the growing preference for early detection solutions.

Report Attributes	Details
Retinal Imaging Devices Market Size (2023E)	US$ 2.36 Billion
Forecasted Market Value (2033F)	US$ 4.64 Billion
Global Market Growth Rate (2023 to 2033)	7% CAGR
Leading Regional Market	North America
Key Companies Profiled	Optos Plc Optomed Epipole Ltd Topcon Corporation ZEISS International Olympus NIDEK CO., LTD Robert Bosch GmbH Eyenuk Inc Centerveu Forus Health

What is Positively Influencing the Sales of Retinal Imaging Devices?

“Growing Risk of Eye-related Disorders”

People who have diabetes may develop diabetic retinopathy, an eye disorder that can lead to complete blindness or slight vision loss. The retinal blood vessels are mainly impacted due to this condition.

Early diabetic retinopathy symptoms are typically non-existent. Some patients experience vision changes, such as difficulty reading or seeing objects in the distance. Blood vessels in the retina begin to hemorrhage into the vitreous in the later stages of the disease.

• In the world, diabetic retinopathy (DR), which affects more than 90 million people with diabetes mellitus, is the primary cause of visual loss. About 11 million Americans have age-related macular degeneration (AMD), according to the World Health Organization (WHO). It is the third most common visual disorder, with a global frequency of 8.7%.

It has been discovered that retinal injury is one of the main reasons for poor vision. Additionally, the market for retinal imaging devices is expanding due to the rising prevalence of eye-related disorders worldwide.

• The IDx-DR, a retinal imaging device (RID) that employs artificial intelligence (AI) to detect a modest level of diabetic retinopathy in adult patients with diabetes, has been approved for sale by the US FDA.

“Increasing Demand for Advanced Diagnostic & Therapeutic Solutions”

A paradigm shift in the diagnosis and treatment of retinal illnesses has been brought about by recent improvements in retinal imaging. For instance, the integration of cutting-edge technology such as artificial intelligence (AI) and machine learning (MI) is likely to aid in the early detection and treatment of several blinding retinal disorders. These elements may lead to a stronger increase in the market's need for improved, creative, and efficient products.

Which Aspects May Pull Down Demand Growth for Retinal Imaging Devices to Some Extent?

“Lack of Awareness of Eye-related Disorders and Unavailability of Skilled Medical Professionals in Some Developing Countries”

Development of the market in low-income countries is anticipated to be hampered by inadequate public knowledge of eye problems, a shortage of qualified medical personnel, and the high cost of modern retinal imaging equipment.

• For instance, a study published by the National Center for Biotechnology Information (NCBI) in 2020 found that there were 31.7 ophthalmologists per million people worldwide.

Furthermore, it is anticipated that the underdeveloped healthcare sector and limited technological advancements will restrain sales of retinal imaging devices in Latin America, the Middle East, and Africa.

Many international organizations provide important statistics about eye epidemiology, but relatively few of them provide case studies of ophthalmic patients that might assist doctors in providing patients with more effective and thorough care. Over the projection period, it is anticipated that a lack of associations to recognise doctors' needs may restrain the market growth.

Country-wise Analysis

Why is the United States a Rapidly Progressing Market in This Space?

“Rising Cases of Eye-related Disorders & Presence of Leading Companies”

The United States accounted for more than 80% of the share of the North American market for retinal imaging devices in the year 2022, due to the rising prevalence of refractive error abnormalities, the growing awareness campaigns for eye conditions, and the increasing use of cutting-edge diagnostic technologies.

Additionally, it is anticipated that over the forecasted period, the market in the United States is expected to be driven by the launch of advanced retinal imaging solutions by the major industry players.

• For example, recently, Coburn Technologies, a U.S.-based supplier of ophthalmic lens processing businesses and eye medical practitioners, unveiled two new products: the SK-850A Visual Field Analyzer and SK-650A Retinal Camera Devices, which support the firm's diagnostic product portfolio.

How is the Market for Retinal Imaging Devices Developing in Germany?

“High Prevalence of Cataract Disorders”

Germany is the leading retinal imaging devices market in Europe. The ocular business is greatly influenced by the growing number of cataract surgeries, which has led to an increase in demand for the tools and pharmaceuticals used in eye surgeries. As a result, the demand for various cataract-related technologies and medical monitoring equipment is increasing.

• According to Eurostat, one of the most prevalent medical operations in Europe is cataract surgery. For instance, age-related macular degeneration (AMD), which affected 34 million people in the European Union in 2017, is predicted to increase by about 25% by the year 2050.

Furthermore, Germany has a high rate of scientific and clinical ophthalmology research, which has resulted in the development of numerous worldwide advanced retina imaging (ARI) networks and is increasing the demand for ophthalmic ultrasound devices.

• For instance, a clinical investigation called Evaluation of Imaging Characteristics of [18F] PI-2620 PET in AD and PSP Patients Using High and Low Specific Activity is being conducted in Germany under the sponsorship of Life Molecular Imaging GmbH. As of the October 2021 update, the research has reached the initial stage.

Which are the Leading Markets for Retinal Imaging Devices in Asia Pacific?

“Rising Sales of Retinal Imaging Devices in Japan & South Korea”

The Asia Pacific market is anticipated to expand at the quickest CAGR over the forecast period, due to increasing awareness of retinal imaging in nations such as India, China, Japan, South Korea, and Thailand, as well as the introduction of improved healthcare facilities in the region. In addition, rising diabetes prevalence in India is anticipated to boost sales of retinal imaging devices.

• According to the International Diabetes Federation, around 72.96 million people in India currently have diabetes, and by 2035, that figure is expected to rise to 123 million. It has been determined that 16% of Indians have diabetic retinopathy.

A major eye problem faced by the older population in Japan is dryness of the eyes. Glaucoma, an optic nerve disease, diabetic retinopathy, degenerative myopia, and age-related macular degeneration are some of the leading disorders causing vision impairment in Japan. Fundus photography can effectively detect these illnesses. Thus, the demand for fundus camera devices is increasing in Japan.

Along with the prevalence of several ophthalmic disorders in South Korea, they are also developing quickly in the field of manufacturing and technologies of retinal imaging devices.

• For instance, recently, AracareTM and Imagine Eyes® have announced a new business relationship. By a contract signed by both businesses, Aracare will serve as Imagine Eyes' sole distributor of the rtx1-e Adaptive Optics Retinal Camera in South Korea.

Thus, such partnerships are expected to generate several potential opportunities in the retinal imaging device market in South Korea.

Category-wise Analysis

Which End User Holds a Dominant Market Share?

“High Demand for Retinal Imaging Devices from Hospitals”

The widespread use of cutting-edge retinal imaging devices in hospitals is anticipated to fuel sales growth. Large hospitals are using advanced retinal imaging systems to improve the early detection of ocular illnesses.

• For instance, hospitals in Guangdong, China, are constantly employing AI cameras to find disorders that cause blindness. As a result, it is anticipated that the use of AI cameras for free consultations would encourage the demand for advanced eye care solutions.

Small ophthalmic clinics are more and more preferred for treatment procedures due to the rising incidence of eye-related ailments and the accessibility of affordable eye treatment. In turn, this is giving ophthalmologists the chance to provide personalized services. The demand for advanced portable retinal imaging devices is anticipated to increase as ophthalmology clinics confront more competitiveness.

Competitive Landscape

Existing companies in the retinal imaging devices market are making attempts to upgrade retinal imaging devices in the terms of cost-effectiveness, efficiency, precision, and high-resolution imaging.

Key players in the retinal imaging devices market are introducing advanced technologies with excellent features for private clinics that offer optometry, preventative medicine, or physical examinations. Market participants are also following some local supply strategies such as changing pricing trends and product standards according to local demand.

Some New Developments in the Market :

• Through its subsidiary Canon Medical Systems, Canon has expanded its product range in Europe, including tonometers, completely automatic Ref-Keratometers, digital retinal imaging systems, and optical coherence tomography systems.
• A maker of ophthalmic devices, VISIA Imaging S.r.l., was acquired by Topcon Corporation in July 2021.

Key Segments of Retinal Imaging Devices Industry Research

• By Type :

  • Ultra-wide Field Imaging Devices
  • Fundus Cameras
  • Optical Coherence Tomography (OCT) Devices
  • Ophthalmic Ultrasound Devices
  • Fluorescein Angiography Devices

• By End User :

  • Hospitals
  • Ambulatory Surgical Centers
  • Ophthalmic Care Centers

• By Region :

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Oceania
  • MEA