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Retinal imaging devices are medical devices used for imaging of the retina in the eye for diagnosis of retinal conditions such as glaucoma, age-related macular degeneration (AMD) and diabetic retinopathy. Retinal imaging allows eye care professionals to monitor changes in the retina over time and effectively manage treatment of retinal disorders.
The global Retinal Imaging Devices Market is estimated to be valued at US$ 1,327 million 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.
Market key trends:
Increasing prevalence of age-related macular degeneration (AMD) is expected to drive growth of the retinal imaging devices market over the forecast period. AMD is a leading cause of vision loss in people aged 60 and older. According to AMD Alliance International, an estimated 196 million people suffered from AMD globally in 2020. Early diagnosis is crucial for better treatment outcomes for AMD. Retinal imaging devices enable eye care professionals to closely monitor changes in the macula and diagnose as well as treat AMD at early stages. This is expected to increase adoption of retinal imaging devices for AMD screening and management over the coming years.
SWOT Analysis
Strength: Retinal imaging devices provide non-invasive diagnostic capabilities and help detect various eye diseases at an early stage. This increases the chances of effective treatment.
Weakness: High cost of advanced retinal imaging devices limits their adoption in price sensitive markets. Lack of skilled professionals also acts as a barrier in some regions.
Opportunity: Rising geriatric population and increasing prevalence of eye diseases drive the demand for retinal imaging devices. Growing healthcare expenditure in emerging nations creates new opportunities.
Threats: Strict regulations and lengthy approval processes increase the threat from substitutes. Economic slowdowns and funding cuts pose challenges.
Key Takeaways
The global retinal imaging devices market is expected to witness high growth. The global Retinal Imaging Devices Market is estimated to be valued at US$ 1,327 million in 2023 and is expected to exhibit a CAGR of 9.5% over the forecast period 2023 to 2030.
Regional analysis related content comprises retinal imaging devices have the highest adoption in North America owing to developed healthcare infrastructure and high awareness levels. Asia Pacific market is growing at the fastest pace due to rise in healthcare spending, availability of low-cost devices and large patient pool.
Key players related content comprises Key players operating in the retinal imaging devices market are Topcon Corporation, Carl Zeiss Meditec AG, Nidek Co Ltd, Optovue Inc, Heidelberg Engineering GmbH and Esaote SpA. Optovue Inc leads the industry and has a strong foothold in developed markets. Topcon Corporation and Heidelberg Engineering GmbH are gaining popularity in Asia due to their affordable offerings.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
