The global retinal imaging device market is expected to reach US$ 2,836.99 million by 2027 from US$ 1,868.06 million in 2019; it is estimated to grow at a CAGR of 5.4% from 2020 to 2027.
The growth of the retinal imaging device market is attributed to the factors such as rising prevalence of eye diseases, globally growing initiatives to deal with blindness, and rapid advancements in healthcare technologies are likely to promote the growth of retinal imaging device market. However, the high cost of optical coherence tomography (OCT) devices is expected to continue to hamper the growth of the market during the forecast years. Cataract and age-related macular degeneration (AMD) are prime causes of blindness worldwide.Cataract often succeeds untreated in developing countries due to limited access to qualified ophthalmologists and is responsible for ~50% of the cases of blindness in several countries, in developed countries, the condition is usually treated.
In developed regions, age-related macular degeneration has been a leading cause of blindness.For instance, according to the Human Development Index data in 2019, in the countries such as the US and the UK only 5% of people live with cataracts compared to 65% in Africa.
Therefore, to reduce the prevalence of blindness, initiatives are being taken by international agencies. For instance, Vision 2020 is a global initiative initiated by the WHO and International Agency for the Prevention of Blindness (IAPB); it aims to eliminate avoidable blindness by 2020, with an estimated cost of US$ 23.1 billion. The initiative was launched in collaboration with more than 20 international nongovernmental organizations that are involved in prevention and management of eye care. The Vision 2020 provides guidance, and technical and resource support to countries to reduce the avoidable blindness. Furthermore, the recent global plan of Vision 2020 was to address Universal Eye Health through a Global Action Plan 2014–2019, which aimed to cut down the prevalence of avoidable visual impairment by 25% by 2019. The Vision 2020 has made positive impact on global eye health by focusing on picking up the undiagnosed people in various countries.
The retinal imaging device market has been segmented on the basis of device type and end user.Based on type, the market has been segmented into fluorescein angiography, fundus camera, and optical coherence tomography.
In 2019, the fundus camera segment accounted for the largest share of the global retinal imaging device market, by device type.The rising number of primary retinal diagnoses that can be conducted using handheld fundus cameras is a prime factor contributing to the growth of this segment.
However, the optical coherence tomography segment is anticipated to register the highest CAGR in the market during the forecast period. Further, based on end user, the market has been segmented into hospitals and clinics, ambulatory surgical centers, specialized eye care centers, and other end users.
Several important and secondary sources studies for preparing this report include All India Institute of Medical Sciences, Brazilian Research Association for Vision and Ophthalmology, Centers for Disease Control and Prevention, European Innovation Partnership on Healthy and Active Ageing, Food and Drug Administration, Korean Health and Nutrition Examination Survey, and World Health Organization.
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