The retinal imaging devices market consists of products such as fundus cameras, optical coherence tomography scanners, and retinal ultrasound imaging systems. These devices are used for diagnostic testing and screening of retinal diseases and ocular disorders. Fundus cameras allows eye care professionals to capture high-resolution images of the retina and disc. Optical coherence tomography provides cross-sectional, three-dimensional images of the retina and is helpful in diagnosis and monitoring of conditions such as diabetic retinopathy and macular degeneration.
The retinal imaging devices market is estimated to be valued at US$ 3.04 Bn in 2024 and is expected to exhibit a CAGR of 9.7% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the retinal imaging devices are Icare Finland Oy, Carl Zeiss Meditec AG, Topcon Corporation, NIDEK Co., Ltd., Optos plc (Nikon Corporation), CenterVue SpA, Forus Health Pvt Ltd., Eyenuk, Inc., Imagine Eyes, Clarity Medical Systems, Inc., Optomed Plc., and Eye-Tech. The increasing adoption of telemedicine and digital health platforms present significant growth opportunities in the retinal imaging devices market. The rising geriatric population and increasing prevalence of retinal diseases across major markets such as China, U.S., Japan, India are propelling the demand for retinal imaging devices globally.
Market drivers
The rising geriatric population is a major factor influencing the Retinal Imaging Devices Market Growth. According to the United Nations, the number of people aged 65 years and above is anticipated to reach 1.5 billion by 2050 from 703 million in 2019. Older people are more susceptible to develop retinal diseases such as glaucoma, diabetic retinopathy, and age-related macular degeneration. The growing risk of retinal diseases with age propels the need for early diagnosis through retinal imaging, which requires devices such as fundus cameras and optical coherence tomography scanners.
PEST Analysis
Political: The retinal imaging devices market is affected by regulations governing medical device approval and reimbursement policies for these devices. Changes in healthcare policies across countries impact the adoption of these systems.
Economic: The demand for retinal imaging devices fluctuates with economic cycles and healthcare spending. Growth in disposable incomes increases spending on preventive eye care and diagnosis using these advanced imaging systems.
Social: An aging global population and rising incidence of eye diseases increases the social need for early screening and diagnosis. Growing health awareness in society promotes regular eye checkups using Retinal Imaging Devices Market Analysis technologies.
Technological: Advancements in digital imaging sensors, software, and artificial intelligence are improving the functionality of retinal cameras.
Wireless connectivity integration and tele-diagnostic features enhance the usability of these systems. Miniaturization allows portable usage in clinics and homes.The retinal imaging devices market in terms of value is concentrated majorly in North America, Europe, and Asia Pacific regions. North America presently dominates led by the United States owing to the large patient pool suffering from eye disorders and growing adoption of digital healthcare. Europe holds the second largest share with major markets in Germany, France, and the United Kingdom. The Asia Pacific region is growing at the fastest rate due to rising awareness, increasing healthcare expenditures, and expanding medical infrastructure in populous countries like China and India.
In terms of value, the retinal imaging devices market sees the fastest growth in Asia Pacific attributable to gigantic population size, improvements in economic conditions, rising geriatric demographic, and increasing healthcare investments in this region. China, Japan and India are anticipated to drive high demand as a result of growing diabetic retinopathy and other retinal disease prevalence along with rapid technological adoption.
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