retinal imaging devices Market

The retinal imaging devices market is projected to reach 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 Insights

The prevalence of diabetes worldwide has led to an increase in cases of diabetic retinopathy and blindness in adults. According to the International Diabetes Federation (IDF), as of 2021, approximately 537 million adults aged 20-79 are living with diabetes, and this number is expected to rise to 643 million by 2030 and 783 million by 2045. Most people with diabetes live in low- and middle-income countries, and type 2 diabetes is the most common form. About 79% of individuals with type 2 diabetes reside in low and middle-income countries. Consequently, these factors are expected to drive the growth of diabetic retinopathy cases, which, in turn, will boost the retina imaging devices market during the forecast period.

Cataracts and age-related macular degeneration (AMD) are major causes of blindness worldwide. Cataracts are often left untreated in developing countries due to a lack of access to qualified ophthalmologists and are responsible for almost 50% of blindness in some countries. In contrast, cataracts are typically treated in developed countries, but age-related macular degeneration is the leading cause of blindness in those regions. For example, according to the 2019 Human Development Index, only 5% of people in countries such as the United States and the United Kingdom live with cataracts, while in Africa, approximately 65% of the population suffers from cataract-related issues. The introduction of low-cost retina imaging devices is expected to drive growth in the retinal imaging devices market during the forecast period.

Market Segmentation

The global for retinal imaging devices market has been segmented into fluorescein angiography, fundus camera, and optical coherence tomography (OCT), based on device type. In 2021, the fundus camera segment had the largest share of the retinal imaging devices market. However, the optical coherence tomography segment is expected to have the highest compound annual growth rate (CAGR) of 8.1% during the forecast period. The introduction of OCT angiography enables the visualization of retinal vessels in the macula without the use of dye. Additionally, OCT machines can capture high-quality images even through dense cataracts. 

The global retinal imaging devices market for has been segmented into fluorescein angiography, fundus camera, and optical coherence tomography (OCT), based on device type. In 2021, the fundus camera segment had the largest share of the retinal imaging devices market. However, the optical coherence tomography segment is expected to have the highest compound annual growth rate (CAGR) of 8.1% during the forecast period. The introduction of OCT angiography enables the visualization of retinal vessels in the macula without the use of dye. Additionally, OCT machines can capture high-quality images even through dense cataracts.

In the report on the retinal imaging devices market, several primary and secondary sources were consulted, including the National Center for Health Statistics, Indian Council of Medical Research, Centers for Disease Control and Prevention (CDC), International Diabetes Federation (IDF), the National Center for Biotechnology Information (NCBI), Industrial Biotechnology Leadership Forum, and World Health Organization.