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Retinal imaging devices have transformed the field of ophthalmology by providing non-invasive high resolution images of the retina. Retinal imaging devices include fundus cameras, optical coherence tomography scanners, and retinal angiography systems. Fundus cameras capture two-dimensional images of the retina using low coherence light to obtain structural information. Optical coherence tomography scanners use infrared light to capture high resolution cross sectional images of the retina and scan larger areas within seconds. Retinal angiography systems utilize fluorescent dyes injected into the bloodstream to visualize blood circulation in the retina and detect abnormalities.
These devices aid in early and accurate diagnosis of sight threatening retinal diseases like diabetic retetinopathy, age-related macular degeneration, glaucoma and retinal vessel occlusion. Optical coherence tomography has revolutionized the management of retinal diseases by enabling objective quantification of morphological changes during the course of the disease and treatment. Retinal imaging allows monitoring of disease progression and treatment response non-invasively. This improves patient care and outcomes.
The global Retinal Imaging Devices Market is estimated to be valued at US$ 1.6 billion 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.
Market key trends:
One of the major trends driving growth in the retinal imaging devices market is the increasing incidence of retinal diseases due to aging population and lifestyle changes. Age-related macular degeneration and diabetic retinopathy are leading causes of vision loss worldwide. It is estimated that the number of people with diabetic retinopathy will increase from 126.6 million globally in 2021 to 191.0 million by 2030. Early diagnosis and timely management can potentially reverse vision loss from these diseases. This is contributing to the rising demand for retinal imaging devices in healthcare settings. Additionally, technological advancements are allowing the development of portable, non-mydriatic retinal cameras and OCT devices. These portable devices enable retinal examinations to be conducted in non-traditional settings like primary care offices, expanding patient access to retinal screening. The miniaturization of imaging systems is also allowing integration of multiple modalities in single hybrid devices for comprehensive retinal evaluation. This is attracting more ophthalmologists and eye hospitals to invest in advanced retinal imaging solutions.
Porter’s Analysis
Threat of new entrants: The threat is moderate due to the presence of stringent regulations for retinal imaging devices. However, technological advancements offering innovative features for devices attract new players.
Bargaining power of buyers: The bargaining power is high owing to the availability of various retinal imaging device brands and options for buyers. Buyers can negotiate on price and quality of devices.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many component manufacturers. However, suppliers of specialized components have some control over pricing.
Threat of new substitutes: The threat is low as retinal imaging devices have no close substitutes for diagnostic purposes. Emerging technologies may provide some substitute options in the long run.
Competitive rivalry: The competition is high among key players due to their global presence and strong brand recognition. Players differentiate by enhancing technology, expanding geographic reach, and building strategic partnerships.
Key Takeaways
The global retinal imaging devices market is expected to witness high growth. The global Retinal Imaging Devices Market is estimated to be valued at US$ 1.6 billion in 2023 and is expected to exhibit a CAGR of 9.5% over the forecast period 2023 to 2030.
North America dominated the market in 2022 due to rising prevalence of ophthalmic disorders, technological advances, and strong healthcare systems in the region. Asia Pacific is anticipated to be the fastest growing market during the forecast period supported by growing awareness, healthcare expenditure, and increasing patient pool. Europe is also anticipated to exhibit significant growth owing to increasing geriatric population and supportive government initiatives for retinal disorder screening programs in major countries.
Key players related content comprises: Key players operating in the retinal imaging devices market are Carl Zeiss Meditec AG, Topcon Corporation, NIDEK Co., Ltd., Optovue, Incorporated, Optomed Plc, Epipole Ltd., Centervue SpA, and Canon Inc. Strategic partnerships and product launches with advanced technologies are among the core growth strategies adopted by these players.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
