July 14, 2024

Retinal Imaging Devices Market Driven by Increasing Prevalence of Eye Diseases

Retinal imaging devices are used for the diagnosis and evaluation of retinal diseases and ocular pathology. These devices use technologies such as optical coherence tomography (OCT), scanning laser ophthalmoscopy (SLO), fundus photography, and retinal thickness analyzer. OCT allows high-resolution, cross-sectional imaging of the retina and anterior segment, providing both structural and quantitative data. SLO enables high-resolution en face imaging of the retina. Fundus photography captures high-resolution pictures of the retina for evaluation of various retinal diseases and disorders. Retinal thickness analyzer helps in the measurement of the thickness of the macula and detection of retinal fluid. The global retinal imaging devices are widely used in ophthalmology clinics, hospitals, and research applications for diagnosis of diabetes retinopathy, age-related macular degeneration, glaucoma, and other retinal conditions.

The retinal imaging devices Market 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.

Market key trends:
One of the key trends in the retinal imaging devices market is the increasing adoption of teleretinal solutions for diabetic retinopathy screening. Teleretinal solutions enable remote capture and transfer of retinal images from primary care facilities to specialized diagnostic centers for evaluation and diagnosis of eye disorders like diabetic retinopathy. This eliminates the need for in-person eye examination and helps in early detection and treatment of DR, especially in remote locations. Various government programs are focusing on adoption of tele-ophthalmology and teleretinal screening services to improve vision care access in underserved areas. For instance, in 2019, the UK’s National Health Service (NHS) invested over £50 million on diabetic retinopathy screening services using tele-ophthalmology. This is expected to drive the demand for retinal imaging devices integrated with teleretinal screening systems.
Porter’s Analysis
Threat of new entrants: Low capital requirements and established brand loyalty act as a barrier for new entrants.
Bargaining power of buyers: Large pool of existing products increases bargaining power of buyers.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to differentiated products and technologies.
Threat of new substitutes: Emerging non-invasive diagnostic techniques can be a potential threat.
Competitive rivalry: Intense competition among existing players to gain higher market share.

Key Takeaways

The global retinal imaging devices market is expected to witness high growth over the forecast period.

Regional analysis: North America dominates the market currently due to increasing prevalence of eye diseases and growing geriatric population. Asia Pacific is expected to grow at the fastest pace due to increasing healthcare expenditure and growing awareness.

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., Optomed Plc. Carl Zeiss Meditec AG is a prominent player offering fundus cameras, retinal angiography systems, and optical coherence tomography scanners.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it