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Retinal imaging devices are ophthalmic diagnostic devices used for the screening and detection of retinal diseases. Retinal imaging helps in non-invasive visualization of the retina and provides high-resolution digital images of the retinal structure and vasculature. With rising prevalence of age-related macular degeneration and diabetic retinopathy among aged populations, retinal imaging devices are playing a crucial role in timely diagnosis and treatment of retinal disorders. The global Retinal Imaging Devices Market is estimated to be valued at US$ 2.52 Bn 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:
One of the major trends fueling the growth of the retinal imaging devices market is the growing geriatric population globally. As per the UN’s World Population Ageing report, the number of people aged 65 years and above is projected to grow from 727 million in 2020 to 1.5 billion by 2050. Growing pool of aging population is expected to increase the burden of ophthalmic diseases such as age-related macular degeneration and diabetic retinopathy which in turn is projected to drive the adoption of retinal imaging devices for early screening and diagnosis of retinal disorders. With urbanization and changing lifestyle, aging populations in developing economies are also at a higher risk of developing retinal diseases augmenting the demand for these devices in emerging markets during the forecast period.
SWOT Analysis
Strength: Retinal imaging devices offer non-invasive screening and detection of retinal diseases. These devices provide high-quality retinal images for accurate diagnosis and detection of conditions like diabetic retinopathy, macular degeneration and glaucoma at an early stage.
Weakness: High cost of advanced retinal imaging devices is a major limitation in developing and underdeveloped countries. Dependency on trained professionals for operation of these devices increases the cost of screening.
Opportunity: Increasing prevalence of retinal diseases driven by aging population and rising lifestyle diseases provides significant growth opportunities. Growing healthcare expenditure and improving access to healthcare in emerging markets also offers scope.
Threats: Reimbursement issues related to retinal imaging scans act as a barrier in developed markets. Alternative low-cost retinal imaging options can pose competition.
Key Takeaways
The global retinal imaging devices market is expected to witness high growth over the forecast period of 2023 to 2030 supported by rising disease burden. The North American region currently dominates the market owing to high adoption and increasing demand for early detection and diagnosis of retinal diseases. Europe also captures a major share and is expected to grow at a significant rate during the forecast period.
Key players operating in the retinal imaging devices market are Carl Zeiss Meditec AG, Topcon Corporation, NIDEK Co. Ltd., Optos plc, CenterVue SpA, Forus Health Pvt Ltd., Eyenuk Inc., Imagine Eyes, Clarity Medical Systems Inc., and Optomed Plc. These players are focusing on new product launches and enhancing their geographical presence worldwide especially in emerging markets of Asia Pacific and Latin America.
Regional analysis comprises- The Asia Pacific region is poised to witness the fastest growth rate over the forecast period in the global retinal imaging devices market. Improving access to healthcare, rising medical tourism, increasing healthcare spending, and growing incidences of retinal conditions due to rapidly deteriorating lifestyle diseases are some of the key factors driving market growth in Asia Pacific countries. China, India, Japan, South Korea and other emerging Asian countries offer immense opportunities for players in the retinal imaging devices market.
Key players related content comprises- Key players operating in the retinal imaging devices market are Carl Zeiss Meditec AG, Topcon Corporation, NIDEK Co. Ltd., Optos plc, CenterVue SpA, Forus Health Pvt Ltd., Eyenuk Inc., Imagine Eyes, Clarity Medical Systems Inc., and Optomed Plc. These players are focusing on new product launches and enhancing their geographical presence worldwide especially in emerging markets of Asia Pacific and Latin America.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
