Non-mydriatic Fundus cameras market to see 5% CAGR over 2019-2025
Propelled by the need for advanced ophthalmic imaging modalities and increasing inclination towards painless detection of eye disorders, fundus cameras market is gaining remarkable traction in the ophthalmic imaging arena. As per the Laser Eye Surgery Hub, about 330,000 cataract operations are performed per year in England alone. Such high incidence rate of severe ophthalmic disorders generate substantial demand for diagnosis, thus favoring fundus cameras market outlook.
As per an in-depth report published by Global Market Insights, global fundus cameras market share is set to surpass the $600m mark by 2025. The growth can mainly be accredited to the growing occurrence of ocular diseases worldwide.
Multiple governments committed towards providing affordable healthcare facilities to its citizens are making significant efforts to make these cameras available at an affordable price. Additionally, rise in the number of FDA approvals is a key impetus fueling global fundus cameras market trends. The same can be evidenced by the FDA approval of Topcon Medical Systems' 3D OCT-1 Maestro fundus cameras in 2016. Furthermore, favorable reimbursement policies in developed countries such as the US has prompted patients to opt for advanced imaging diagnostics procedures, which will boost the fundus cameras industry outlook across healthcare organisations.
Technological advancements in the fundus camera space is reflecting signs of a gain in growth momentum. Latest fundus cameras are designed to furnish clearer imaging results and aid physicians sight the retina in detail. Moreover, these cameras are automated and facilitate painless diagnosis, which has favored their adoptions among ophthalmologists.
Considering the product landscape, non-mydriatic fundus cameras market is predicted to achieve promising gains at a CAGR of 5% over 2019-2025. These fundus cameras, especially the handheld ones are lightweight and portable. In addition, they are designed to deliver flexible and simple retinal imaging results, due to which the product is witnessing accelerated adoption. For the record, handheld non-mydriatic fundus cameras market share was valued over $30m in 2018.
Speaking of the end-use backdrop of the market, hospitals procured almost 20% of the global share in 2018. The presence of various sophisticated healthcare establishments in the developed countries and rise in the number of multispecialty hospitals across the globe is favoring the growth of the segment.
In terms of regional contribution, Asia Pacific fundus cameras market size accounted for around $120m in 2018. The regional growth can be accredited to the soaring prevalence of ophthalmic disorders along with increasing healthcare spending. Moreover, elevation in the level of awareness and government support are slated to foster the market outlook.
Capitalising on the recent advances in technology, market players are progressively integrating contemporary technologies such as artificial intelligence with these cameras to enhance their existing product portfolios. For instance, in 2018, Baidu, a Chinese company launched AI-powered fundus cameras capable of detecting conditions such as glaucoma, macular degeneration, and diabetic retinopathy. Market players are also outlaying hefty amounts on R&D activities, which is likely to bolster growth prospects in the coming years.
You can view the report here.