The global retinal imaging device market is expected to reach US$ 2,836.99 Mn in 2027 from US$ 1,868.06 Mn in 2019. The market is estimated to grow with a CAGR of 5.4% from 2020-2027.
The growth of the retinal imaging device market is estimated to due to driving factors such as rising prevalence of eye diseases, growing global initiatives for blindness, and technological advancements are likely to promote the growth of retinal imaging device market. However, the high cost of OCT devices is expected to hamper the growth of the market during the forecast years.
Cataract and age-related macular degeneration (AMD) is a significant cause of blindness across the world. A cataract is often untreated in developing countries due to limited access to qualified ophthalmologists and is responsible for nearly 50% of blindness in some countries. Whereas, it is usually treated in developed countries. However, the leading cause of blindness in developed regions is age-related macular degeneration. For instance, according to the Human Development Index, data 2019, countries such as the US and UK only 5% of people live with cataracts compared to 65% in Africa.
Therefore, to prevent the prevalence of blindness, global initiatives are being conducted by international agencies. For instance, Vision 2020 is a global initiative initiated by WHO and International Agency for the Prevention of Blindness (IAPB), it aims to eliminate avoidable blindness by the year 2020. The initiative was launched in collaboration with more than 20 international non-governmental organizations that are involved in prevention, and management, and eye care.
The Vision 2020 provides guidance, technical, and resource support to countries to reduce the number of avoidable blindness. The estimated cost of the initiative was US$ 23.1 billion. Furthermore, the recent global plan of Vision 2020 was Universal Eye Health: A global action plan 2014 – 2019. It aimed to cut down the prevalence of avoidable visual impairment by 25% by 2019.
The Vision 2020 has made positive impact on global eye health by focusing on the undiagnosed people of various countries. Moreover, the awareness regarding the Vision 2020 is strong and is expected to remain as a strong brand.
The market is segmented into device type, and end user. Based on type the market is segmented as fluorescein angiography, fundus camera, and optical coherence tomography. And based on the end user the market is categorized as hospitals & clinics, ambulatory surgical centers, specialized eye care centers, and other end users.
The retinal imaging device market on the basis of type is segmented into fluorescein angiography, fundus camera and optical coherence tomography. In 2019, the fundus camera segment accounted for the largest market share in the global retinal imaging device market by device type. However, the optical coherence tomography segment is anticipated to register the highest CAGR in the market during the forecast period. The prominent factor which is likely to increase the growth of the segment is rising number of primary retinal diagnosis that can be done with handheld fundus cameras.
Some of the important primary and secondary sources included in the report are All India Institute of Medical Sciences, Brazilian Research Association for Vision and Ophthalmology, Centers for Disease Control and Prevention, European Innovation Partnership on Healthy and Active Ageing, Food and Drug Administration, Korean Health and Nutrition Examination Survey, and World Health Organization among others.