Retinal Imaging Devices Market Is Estimated To Witness High Growth...

Retinal Imaging Devices Market Is Estimated To Witness High Growth Owing To Increasing Prevalence Of Retinal Diseases

Posté 2023-12-05 11:26:29

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Market Overview:
Retinal imaging devices are medical imaging equipment used to capture high-resolution digital images of inside of the retina and posterior segment of the eye. There are various types of retinal imaging devices such as fundus cameras, optical coherence tomography (OCT) scanners, and hybrid retinal imaging systems. These devices are used for diagnostic and monitoring purposes in retinal disease management and research applications.

Market Dynamics:
The growth of the retinal imaging devices market is majorly driven by increasing prevalence of retinal diseases such as age-related macular degeneration, diabetic retinopathy, and retinal vein occlusion. As per the data by Bright Focus Foundation, over 11 million Americans are affected by age-related macular degeneration, while over 7 million Americans have diabetic retinopathy currently. Early diagnosis can help prevent vision loss in such conditions. Retinal imaging devices aid in quick and accurate diagnosis and monitoring of retinal diseases. Moreover, technological advancements in retinal imaging such as development of handheld and portable retinal cameras are also contributing to the market growth. However, high cost of advanced retinal imaging devices, shortage of trained professionals, and reimbursement issues in developing countries pose a challenge to the market growth.

The global Retinal Imaging Devices Market Demand 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.

SWOT Analysis

Strengths: Retinal imaging devices provide non-invasive retinal screening and diagnostics. They allow physicians to visualize the interior eye structures with high resolution images. The devices help in early detection of retinal diseases like diabetic retinopathy and age-related macular degeneration.

Weaknesses: High cost of advanced retinal imaging devices limits their adoption in small clinics and hospitals in developing regions. Require trained professionals for operation and diagnosis, shortage of skilled manpower is a challenge.

Opportunities: Increasing prevalence of eye diseases worldwide presents an opportunity for faster adoption. Technological advancements are improving image quality, making devices portable and offering artificial intelligence integration.

Threats: Competition from cheaper alternative imaging modalities can affect sales of high-end retinal imaging devices. Economic slowdowns may compress healthcare budgets and spending on expensive medical devices.

Key Takeaways

The global retinal imaging devices market is expected to witness high growth, exhibiting CAGR of 9.5% over the forecast period, due to increasing prevalence of retinal diseases globally. The market size for 2023 is US$ 2.52 Bn.

The North America region currently dominates the market due to high awareness levels about eye care and availability of advanced healthcare facilities. However, Asia Pacific is expected to be the fastest growing market attributed to rising geriatric population, growing medical tourism, and increasing healthcare spending.

Key players operating in the retinal imaging devices market include 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., and Optomed Plc. The companies are focusing on new product launches and geographic expansion strategies to strengthen their market position.