Rapid Technological Advancement in Ophthalmology Drives Retinal Imaging Devices Market Growth
According to our new research study on "Retinal Imaging Devices Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Device Type, and End User," US$ 3.00 billion by 2028 from US$ 2.06 billion in 2021; it is estimated to grow at a CAGR of 5.6% during 2021-2028.
Market Overview
The increase in global healthcare spending has driven rapid technological progress in ophthalmology, blending digital technology with clinical diagnostics and imaging for eye diseases. This innovative approach offers benefits like noninvasive, fast, and safe imaging, providing detailed images of the retina and sub-surface of the eyes using eye-safe near-infrared light. Digital retinal imaging and OCT scans are among the latest techniques that utilize sound waves and light to generate high-resolution images without radiation. OCT is crucial for early detection of macular degeneration, glaucoma, and diabetic retinopathy, producing color-coded, cross-sectional images of the retina that can help prevent vision loss or blindness.
Market Dynamics
The report focuses on market trends and growth drivers, including the increasing incidence of eye diseases, global efforts to combat blindness, and technological advancements. The increasing incidence of eye diseases and technological progress are the two major factors driving the growth of the retinal imaging devices market. With the rise in the aging population and changing lifestyles, the prevalence of eye diseases such as glaucoma, diabetic retinopathy, and macular degeneration is increasing worldwide. This has created a growing demand for early diagnosis and treatment of eye diseases, which has, in turn, increased the use of retinal imaging devices.
Furthermore, advances in technology have led to the development of high-resolution retinal imaging devices that provide precise and accurate images of the retina and sub-surface of the eye. These devices use digital technology and clinical diagnostics and imaging, making imaging noninvasive, fast, and safe. They have also made possible the color-coded, cross-sectional images of the retina that assist in preventing vision loss or blindness. Nevertheless, the retinal imaging devices market's growth is impeded by the high expense of OCT devices.
Market Segmentation
Based on device type, the retinal imaging devices market is categorized into fluorescein angiography, fundus camera and optical coherence tomography. On the basis of end-user, the retinal imaging devices market is segmented into hospitals & clinics, ambulatory surgical centers, specialized eye care centers and other end users. By geography, the retinal imaging devices market is segmented into North America (the US, Canada, and Mexico), Europe (the UK, Germany, France, Italy, Spain, and the Rest of Europe), Asia Pacific (China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific), the Middle East & Africa (the UAE, Saudi Arabia, South Africa, and the Rest of the Middle East & Africa), and South and Central America (Brazil, Argentina, and the Rest of South and Central America).
In 2021, North America had the largest portion of the global retinal imaging devices market. The United States' retinal imaging device market is predicted to increase from US$ 500.44 million in 2021 to US$ 755.08 million by 2028, with a projected CAGR of 6.1% during the forecast period. The growth of the North American market is fueled by the rising implementation of technological advancements and the growing use of retinal imaging devices by specialized eye centers. These factors have bolstered the retinal imaging device market's expansion in recent years and are anticipated to persist throughout the forecast period.
Key Companies
The retinal imaging devices market is dominated by top companies such as Carl Zeiss Meditec, Revenio Group Oyj, Nikon Corporation, Optomed, Topcon Corporation, Imagine Eyes, Epipole Ltd, Forus Health Pvt Ltd, Eyenuk Inc, and Phoenix Technology Group LLC.
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