The global fundus camera market was worth US$ 396.2 million in 2017 and is expected to expand at a compound annual growth rate (CAGR) of 6.3% from 2018 to 2026. The fundus camera is used for determining the structural documentation of the retina, which can be photographed directly as the pupil is used as both the entrance and exit for the fundus camera's illuminating and imaging light rays.
Ophthalmologists use the fundus camera to determine the etiology of diseases such as diabetic retinopathy and neoplasms of the choroid, cranial nerves, and retina. Fundus cameras provide real-time images of the retina, which is a major advantage in comparison to ophthalmoscopes. The growing prevalence of eye disorders and diabetes is the major driving factor for the growth of the market. According to the International Diabetes Federation's 2017 report, the number of people suffering from diabetes was 425 million, with one-third of the diabetic patients suffering from diabetic retinopathy. Moreover, it is estimated that the number of people with cataracts in the U.S. is expected to double from 24.4 million to about 50 million by 2050.
According to the World Health Organization survey, age is the key factor for developing AMD, with the occurrence increasing from 2% for those ages 50 to 59 years to 30% by the age of 75 years. There has been a massive technological drift in the last two decades in the ophthalmology industry, both in terms of surgical and diagnostic devices. Many key ophthalmology device manufacturers are emphasizing research and development of novel techniques in order to cater to the needs of patients more precisely, which would further drive the global fundus camera market during the forecast period.
Market Synopsis
Technological Developments and Product Launches to Drive the Non-Mydriatic Fundus Camera Market
In 2017, non-mydriatic fundus cameras held the largest share in the global fundus camera market, owing to the large number of products available in the market and their ability to screen glaucoma patients with light sensitivity. Carl Zeiss Meditec AG (VISUCAM PRO NM) and Kowa Optimed (non-mydriatic Alpha-D digital fundus camera) are two major players in the fundus camera market.
Mydriatic fundus cameras held the second-largest share of the market. The most significant disadvantage of the mydriatic fundus is that it cannot be used on patients with glaucoma or who are photosensitive. Because of the combination of both technologies, hybrid fundus cameras are expected to grow at the fastest rate. Market participants are engaging in the launch of hybrid fundus cameras, making it the most lucrative product segment.
North America Dominated the Global Fundus Camera Market
In 2017, North America held the largest share of the global fundus camera market, owing to growing awareness and the prevalence of eye disorders. Factors such as the growing incidence of degenerative diseases of the eyes, the aging baby boomer population, and an increase in R&D activities in ophthalmology further drive the market.
According to the National Eye Institute (NEI), a part of the National Institutes of Health, currently, 2.7 million Americans have glaucoma, and it is estimated that 4.3 million will have glaucoma by 2030; 24 million Americans will be affected by cataracts; an estimated 38.7 million will be affected by cataracts by 2030. Asia Pacific is expected to grow at the fastest rate during the forecast period due to an improving economic climate, rising healthcare awareness, and augmented investments made by key manufacturers in these emerging markets.
Periods of History and Forecast
This research report presents the analysis of each segment from 2016 to 2026,considering 2017as the base year for the research. The compound annual growth rate (CAGR) for each of the respective segments was calculated for the forecast period from 2018 to 2026.
Report Scope by Segments
Fundus camera market report provides quantitative analysis as well as current market trends. The market is segmented based on product type, end-user, and geography.
The market is studied in order to understand the current dynamics and future trends in the global fundus camera market. The study includes market size and forecasts for all considered segments presented in the report for the period from 2016 to 2026, along with respective compound annual growth rates (CAGRs) for the forecast period from 2018 to 2026, considering 2017 as the base year.
The key players currently engaged in the fundus camera market include Carl Zeiss Meditec, Inc., Optomed Oy, Kowa Company Ltd., Topcon Corporation, NIDEK Co., Ltd., Optovue Incorporated, CenterVue SpA, Clarity Medical Systems, and Canon, Inc., among others. The market players are engaged in mergers and acquisitions to strengthen their geographic presence and enhance their distribution channels. For instance, Topcon Corporation, based in India, acquired Mehra Eyetech, a leading distributor of ophthalmic medical equipment in India.
Key questions are answered in this report.
How will the global fundus camera market perform during the forecast period from 2018 to 2026?
What are the latest trends in the fundus camera market and valuable opportunities for key players?
Who are the leading players in the global fundus camera market?
Which is the leading and fastest-growing region in the global fundus camera market?
What are the drivers and restraints governing the global fundus camera market?
What is the epidemiology of different eye disorders globally?
Frequently Asked Question:
The market for Fundus Camera Market is expected to reach USD$ 396.2 Mn in 2026.
The Fundus Camera Market is expected to see significant CAGR growth over the coming years, at 6.3%.
The report is forecasted from 2018 -2026.
The base year of this report is 2017.
Carl Zeiss Meditec, Inc., Optomed Oy, Kowa Company Ltd., Topcon Corporation, NIDEK Co. are some of the major players in the global market.
