The handheld retinal scanners market is expected to grow from $790.3 million in 2017 to $3,216.3 million by 2026, representing exceptional growth at a compounded annual growth rate (CAGR) of 17.3% from 2018 to 2026. The human eye's retina has a very unique and intricate pattern of blood vessels that remain stable throughout the lifespan of a human being. Retinal scanning is thus a highly robust technology that is used in personal identification and authentication due to its accuracy and precision.
It is noteworthy to understand that a retinal scan should not be misunderstood for iris recognition, which is based on analyzing a person's random iris pattern, which can be easily spoofed during data matching. It has a wide range of applications in the early detection and diagnosis of eye disorders, and its biometric application in sectors such as banking and finance, and defense security is still in its early stages.
Market Synopsis
Rising public health awareness regarding the ocular disease and the availability of the latest technologically innovative retinal scanners drive the medical diagnosis market's growth.
The most common application for handheld retinal scanners is a medical diagnosis. Chronic diseases such as ADME, diabetic retinopathy, Lyme disease, atherosclerosis, and sickle cell anemia have a huge impact on the eye and hence can be helped in their diagnosis by early retinal scanning.
The banking and finance segment will register outstanding growth in the near future as several banking giants are now relying on the unique retinal blood vessel pattern rather than the earlier iris scan to prevent fraudulent bank transactions and maintain account security. EyeVerify, Inc. provides its services to Wells Fargo, Citigroup, Arizona Federal Credit Union, etc. Fraunhofer IPMS has developed a portable retinal scanner equipped with Mobile Authentication via Retina Scanner (MARS) to provide civilian and defense security identification applications.
The rising prevalence of retinal disease, as well as the widespread adoption of retinal biometric scanning technology in the banking sector, are driving market growth in North America.
In the present scenario, North America holds a 48% share of the global market for handheld retinal scanners. According to the latest research cited by the Centers for Disease Control and Prevention (CDC), in the United States, the number of patients suffering from diabetic retinopathy is set to reach 14.6 million by 2050. The rising prevalence of retinal disease, as well as the increasing adoption of retinal biometric scanning in the banking and finance sector, are driving market growth in North America.
Europe represents 27% of the market, primarily due to the rising prevalence of age-related macular degeneration (ADME) in the population aged between 40 and 65 years and the domicile of major players such as Fraunhofer IPMS, HEINE Optotechnik, Kirchner & Wilhelm GmbH + Co. KG, etc. With a 13% market share, Asia Pacific will experience exceptional growth as a result of developing healthcare infrastructure and rapid growth in the IT segment specializing in retinal biometric scanning technology.
Periods of History and Forecast
This research report presents the analysis of each segment from 2016 to 2026, considering 2017 as the base year for the research. The compound annual growth rate (CAGR) for each of the respective segments is calculated for the forecast period from 2018 to 2026.
Report Scope by Segments
The market is segmented by applications and by geography.
Archrivals participating in the handheld retinal scanner market are AOptix, BioEnable Technologies, Pvt. Ltd., Crystal HR & Security Solutions (P) Ltd., EyeVerify, Inc., Fraunhofer IPMS, HEINE Optotechnik, KIRCHNER & WILHELM GmbH + Co. KG, ROWIAK GmbH, Volk Optical, Inc., and Welch Allyn.
Key questions are answered in this report.
Which rivals are competing in the handheld retinal scanner market?
What are the latest technical innovations related to retinal scanners?
What will be the drivers, restraints, and opportunities related to the market for retinal scanners?
Which major chronic diseases are diagnosed by using retinal scanners?
What will be the market size and CAGR for the Asia Pacific regional segment during the forecast period from 2018 to 2026?
Frequently Asked Question:
The market for Handheld Retinal Scanners Market is expected to reach USD$ 3,216.3 Mn in 2026.
The Handheld Retinal Scanners Market is expected to see significant CAGR growth over the coming years, at 17.3%.
The report is forecasted from 2018 -2026.
The base year of this report is 2017.
BioEnable Technologies, Pvt. Ltd., Crystal HR & Security Solutions (P) Ltd., EyeVerify, Inc. are some of the major players in the global market.
