Industry Outlook
The global fundus camera market held US$ 521.0 Mn in 2020 and expected to grow at compound annual growth rate (CAGR) of 6.3% during the forecast period from 2021 to 2029. Fundus camera is used for determining the structural documentation of the retina, which can be photographed directly as the pupil is used as both entrance and exit for the fundus camera's illuminating and imaging light rays. Ophthalmologist use the fundus camera to determine the etiology in the disease such as diabetic retinopathy, neoplasm of the choroid, cranial nerves and retina. Fundus camera provide real time images of the retina which acts as the major advantage in comparison to ophthalmoscopes. Growing prevalence of eye disorders and diabetes is the major driving factor for the growth of the market. According to the International Diabetes Federation 2020 report, the number of people suffering with diabetes were 425 million with one third of the diabetic patients were suffering with diabetic retinopathy. Moreover, it is estimated that number of people in the U.S. with cataract is expected to double from 24.4 million to about 50 million by 2050. According to the World Health Organization survey, age is the key factor for developing AMD with the occurrence increasing form 2% for those ages of 50 to 59 years to 30% by the age of 75 years. There has been massive technological drift in the last two decades in the ophthalmology industry both in terms surgical and diagnosis devices. Many key ophthalmology devices manufacturers are emphasizing on research and development of novel techniques in order to cater the needs of the patients more precisely which would further drive the global fundus camera market during the forecast period.
"Technological Developments and Product Launches to Drive Non-mydriatric Fundus Camera Market"
In 2020, non-mydriatric fundus camera held the largest share in the global fundus camera market owing to large number of products available in the market and its ability to screen glaucoma patients with light sensitivity. Carl Zeiss Meditec AG (VISUCAM PRO NM) and Kowa Optimed (non-mydiatric Alpha-D digital fundus camera) are few major players in fundus camera market. Mydriatric fundus camera held the second largest share in the market. The most significant disadvantage of mydriatric fundus is that it cannot be used on glaucoma and photosensitive patients. Hydrid fundus camera is projected to grow at fastest growth rate owing to combination of both technologies. Market participants are engaging in launch of hybrid fundus camera, making it the most lucrative product segment.
"North America Dominated the Global Fundus Camera Market"
In 2020, North America held the largest share in the global fundus camera market owing to growing awareness and prevalence of eye disorders. Factors such as growing incidence of degenerative diseases of eyes, aging baby boomer population, and increase in R&D activities in ophthalmology further drives the market. According to National Eye Institute (NEI) a part of NIH (National Institutes of Health) currently, 2.7 million Americans have glaucoma and it is estimated that 4.3 million will have glaucoma by 2030; 24 million Americans are affected by cataract; an estimated 38.7 million will be affected by cataract by 2030. Asia Pacific is expected to grow at fastest growth rate during the forecast period due to improving economic condition, rising healthcare awareness, and augmented investments made by key manufacturers in these emerging markets.
The key players currently engaged in fundus camera market include Carl Zeiss Meditec, Inc., Optomed Oy, Kowa Company Ltd., Topcon Corporation, NIDEK Co., Ltd., Optovue Incorporated, CenterVue SpA, Clarity Medical Systems, Canon, Inc. among others. The market players are engaged in mergers and acquisition to strengthen geographic presence and enhance their distribution channel. For instance, Topcon Corporation India based acquired Mehra Eyetech a leading distributor of ophthalmic medical equipment in India.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Fundus Camera market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
