Retinal Imaging Devices Market Size & Trends, Market Research and Industry Forecast Report, 2026 (Includes Business Impact of COVID-19)

                                          
Industry Insights, Market Size, CAGR, High-Level Analysis: Retinal Imaging Devices Market


The global retinal imaging devices market size was valued at USD 4.3 billion in 2018 and is projected to expand at a CAGR of 6.7% by 2026. The growing prevalence of ophthalmic disorders and increasing demand for early diagnostic measures are the factors expected to drive the overall market growth. For instance, in 2017, 34 million people in the European Union suffered from age-related macular degeneration (AMD); this patient pool is expected to grow approximately by 25% until 2050.

Major market players are frequently launching advanced retinal imaging solutions. For instance, in May 2018, Optos launched Monaco, an ultra-wide field imaging device in combination with OCT in the U.S. The incorporation of OCT in this device has enabled practitioners to diagnose and treat retinal pathology at higher success rate. Integration of imaging modalities with artificial intelligence and the development of portable devices is expected to have a positive impact on the market growth during the forecast period.

Acute competition and increasing volume of strategic initiatives among major as well as smaller market players are some of the major factors playing a significant role in market boost during the forecast period. Strategic initiatives adopted by the top level of the competition pyramid include mergers and acquisition. On the other hand middle and lower levels of the pyramid focus on technological development and regional expansion. For instance, in 2018, Optos and Amydis announced a clinical alliance. This alliance is focused on development of eye test by Amydis for the detection of Alzheimers disease. Amydis is frequently developing a pipeline of compounds for the detection of amyloid proteins in the retina using Optos optomap ultra-widefield retinal imaging devices.

In May 2017, Medical technology business group of ZEISS has released new technologies called Swept-Source OCT and OCT Angiography technology at ARVO (Association for Research in Vision and Ophthalmology) 2017 Annual Meeting. These technologies were developed using ZEISS Open Innovation approach with Advanced Retina Imaging (ARI) Network. Such strategic initiatives are expected to rise with increasing demand for advanced retinal imaging solutions

On the other hand, factors such as high cost of advanced retinal imaging devices including fundus camera and OCT is expected to impede the market growth in low income countries. Moreover, lack of skilled medical professionals is expected to have a mild impeding impact on demand for these devices in upcoming years.

Type Insights of Retinal Imaging Devices Market

Based on type, the retinal imaging devices market is segmented into fundus camera, OCT, and fluorescein angiography. Fundus camera held the largest market share in 2018 largely due to advantages associated with this device such as portability and ergonomics. Moreover, the growing number of installations of fundus cameras with increasing number of ophthalmic clinics and ambulatory eye care centers is expected to drive the market growth.
Growing awareness and training programs in the field for ophthalmology is resulting into the adoption of advanced and sophisticated imaging devices. OCT segment is anticipated to grow at fastest growth rate during the forecast period. This growth is attributable to its effectiveness and accuracy in diagnosis. OCT device helps understand the pathogenesis of disease, thus leading to the development of customized therapies. In addition, advancements in communication technology including fiber optics & cloud storage facilities along with expanding applications of OCT in clinical studies are the factors expected to fuel the segment growth in upcoming years.

Fluorescein Angiography is also expected to exhibit significant pace during the forecast period. This modality has main application in detection of macular degeneration and diabetic retinopathy conditions. Growing prevalence of diabetic retinopathy and increasing demand for early detection solutions are the factors expected to contribute towards the segment growth. For instance, as per World Health Organization (WHO), 31.7 million people were affected by diabetic retinopathy in 2000. This number is expected to reach 79.4 million in 2030, boosting demand for advanced diagnostic and therapeutic solutions.

End-use insights

Base on end-use, the retinal imaging devices market is segmented into hospitals, ophthalmic centers, ambulatory surgery centers (ASCs), and others. Hospitals held largest market share in 2018. High adoption of advanced retinal imaging devices in hospitals is expected to drive the segment growth. Moreover, large-sized hospitals are deploying advanced retinal imaging devices to enhance early diagnosis of ophthalmic disorders. For instance, a hospitals in Guangdong, China is continuously deploying AI cameras for the detection of blindness-causing diseases. Therefore, such deployment of AI cameras for free consultations is expected to contribute towards the adoption of retinal imaging devices.

The ophthalmic centers segment is expected to grow at a significant growth rate during the forecast period. Increasing prevalence of eye related disorders and availability of affordable eye care are the factors resulting into the demand growth for small ophthalmic clinics. This in turn is creating opportunities for ophthalmic professionals to offer customized services. Rising competition in ophthalmic clinics is expected to boost the demand for advanced portable retinal imaging devices. Some of the ophthalmic centers using state of the art devices include Henry Ford Health System Ophthalmic Imaging Center, Shroff Eye Centre, and UC Davis Health System Eye Centers Ophthalmic Imaging Center.

Ambulatory surgery centers (ASCs) is expected to grow at the fastest growth rate during the forecast period. This lucrative growth rate is associated with the major advances in microincisional vitreoretinal surgery, as well as favorable changes in the ASC reimbursement system. For instance, Medicare provides significant reimbursement framework for vitreoretinal surgery in the ASC. Since 2010, as per the advancement in the policies, ASC facility receive annual cost-of-living adjustments based on Consumer Price Index. This is expected to have a direct positive impact on the segment growth.

Regional Insights of Retinal Imaging Devices Market

North America held 26.1% of the total region-wise retinal imaging devices market in 2018. High prevalence of ophthalmic disorders, High adoption rate of advanced technology, and presence of a large number of global players in the market are the factors contributing to the largest market share. In May 2018, Optos launched Monaco, an ultra-widefield combination imaging device in the US.

Europe accounted for the second largest share in the retinal imaging devices industry. Global players in the market are strengthening their position by expanding their eye care portfolio in this region. For instance, Canon has expanded its eye care products such as digital retinal imaging systems, optical coherence tomography systems, fully automatic Ref-Keratometers, and Tonometers via its subsidiary Canon Medical Systems Europe B.V.

Asia Pacific is expected to grow at fastest rate during the forecast period. Introduction of global healthcare facilities in the region along with growing awareness of retinal imaging in countries such as India, China, and Thailand are the factors expected to drive the regional market. In addition, increasing prevalence of diabetes in India is expected to boost the segment growth. As per the International Diabetes Federation, 66.8 million cases of diabetes were recorded in India in 2014 which is expected to reach 123 million by 2035. A steep rise in the number of strategic initiatives by market players can be seen to cater growing demand for advanced eye care solutions. For instance, Bosch partnered with hospital chain Aravind Eye Care to train women technicians regarding capturing eye images via Bosch Fundus Camera. This is expected to have a direct impact on demand.

Market Share Insights of Retinal Imaging Devices Market

The leading players include Optos plc, Optomed, Epipole Ltd., Topcon Corporation, ZEISS International, Olympus, NIDEK CO., LTD., Robert Bosch GmbH, Eyenuk Inc., Centerveu, and Forus Health.

Presence of large number of player both at global and regional level is making the market fragmented. These players are forming strategic alliances in the form of acquisitions, mergers, and distribution agreements to enhance their reach in retinal imaging devices. Moreover, these players are launching products frequently with advanced technologies incorporated.

p2 Segments covered in the report

This report forecasts revenue growth at global, regional & country levels and provides an analysis on the industry trends in each of the sub-segments from 2015 to 2026. For the purpose of this study, this market research report has segmented the global retinal imaging devices market report on the basis of type, end-use, and region:

Type Outlook (Revenue, USD Million, 2019 - 2030)

  
Fundus Camera
  
Optical Coherence Tomography
  
Fluorescein Angiography

End-use Outlook (Revenue, USD Million; 2019 - 2030)

  
Hospitals
  
ASCs
  
Ophthalmic Centers
  
Others