Fundus Camera Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Fundus Camera Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The fundus camera market is expected to register a CAGR of 6.7% over the forecast period.

The outbreak of the COVID-19 pandemic has pushed the pharmaceutical industry into action, with a race to develop both therapeutic and preventive drugs. Exponentially increasing cases of the coronavirus worldwide are leading to the need for the development of novel treatments, with several clinical trials underway. Meanwhile, the manufacturers of medical devices focused on developing biological vaccines and drugs, which can also be applied in the diagnosis and treatment of COVID-19. The market witnessed moderate growth during the pandemic. The people who have suffered from COVID-19 have shown some ocular diseases post-recovery. For instance, as per the study titled, "Ophthalmic Manifestations Of Coronavirus (COVID-19)" published in May 2022, the prevalence of ocular manifestations in patients with COVID-19 ranged from 2.0% to 32.0%. It also stated that Conjunctivitis or lacrimation may be the first and even the only manifestation in a patient with a COVID-19 infection. Furthermore, several ocular manifestations of COVID-19 have been observed, including retinovascular disease, uveitis, optic neuropathies, and orbital fungal coinfections. However, some routine eye check up schedule was cancelled and only emergency cases were taken up during pandemic which hindered the market growth to some extent. Therefore, the market witnessed a moderate growth during the pandemic.

The rise in eye-related disorders and diabetes cases and increase in supportive government regulations are the major factors driving the market growth. The rise in eye-related disorders and diabetes is one of the key factors driving the market growth. For instance, as per the report published by the World Health Organization in October 2021, around 2.2 billion people have a near or distance vision impairment. It also reported that around 1.0 billion cases of vision impairment could have been prevented or has yet to be addressed, if timely diagnosis were done. Furthermore, it also stated that vision impairment represents a huge global financial burden, with annual global costs of lost productivity associated with visual impairment due to uncorrected myopia and presbyopia alone estimated as USD 244.0 billion and USD 25.4 billion, respectively. Fundus camers is generally used for detection of eye disorder. It is used for imaging the retina of the eye. Therefore, such factors are anticipated to propel the market growth over the forecast period.

However, high pricing pressure may likely to impede the market growth over the forecast period.

Key Market TrendsNonmydriatic Fundus Cameras Show Lucrative Growth Opportunities in the Global Fundus Camera Market

A non-mydriatic fundus camera makes use of the retina’s reflective properties in order to show details and store images whithate superior to slit lamps and other frequently-used tools. It does not require pupil dilation in the majority of cases and is painless for patients. These provide early detection and monitoring of a number of serious eye problems, such as macular degeneration, high blood pressure, glaucoma, damage resulting from multiple sclerosis, and diabetic retinopathy. Such a camera offers images that visually add to ophthalmologist notes, and creates a fuller picture of eye health that can be shared with other physicians effortlessly in the collaborative management of patient health. This type of camera is easy to operate with little training required and also offers a wide angle of the targeted retina.

The increasing cases of eye disorders and diabetes leading to diabetic retinopathy are the major factors propelling the segment growth over the forecast period. For instance, as per the report published by the International Agency for the Prevention of Blindness in December 2020, around 1 in 3 people living with diabetes have some degree of diabetic retinopathy, and 1 in 10 are expected to develop a vision threatening form of the disease. The report also stated that around 1.0 million people around the globe were blind due to diabetic retinopathy, and over 3.0 million people had moderate-severe vision impairment in 2020. Therefore, such instances are anticipated to propel the segment growth over the forecast period.

North America is Expected to Dominate the Fundus Camera Market Over the Forecast Period

North America is expected to dominate the overall fundus camera market, over the forecast period. The growth is due to factors such as increasing cases of eye disorders and increasing cases of diabetes in the region. For instance, according to the report published by Diabetes Canada in November 2021, the estimated prevalence rate of diabetes is around 10.0% in 2021 and is expected to reach 12.0% by 2031. It also reported that around 29.0% of Canadians live with diabetes or prediabetes and around 10.0% of Canadians are living with diagnosed diabetes. The same source also stated that diabetic retinopathy is the leading cause of vision loss in people of working age and the prevalence of diabetic retinopathy is around 25.0% in Canada. Therefore, increasing cases of diabetic retinopathy is expected to propel the demand of fundus camera, thereby surging the market growth in the North America region.

Key product launches, high concentration of market players or manufacturer's presence, and acquisition & partnerships among major players, and increasing cases of diabetic retinopathy in the United States are some of the factors driving the growth of the fundus camera market in the country. For instance, diabetic retinopathy is the leading cause of new cases of blindness among adults aged 20 to 74 years in the United States. According to the data published by the Centers for Disease Control and Prevention (CDC) in 2020 around 4.1 million Americans are affected with diabetic retinopathy, and nearly 900,000 Americans are threatened with vision-damaging retinopathy. Hence the increasing number of people living with diabetic retinopathy is expected to contribute to market growth across the country.

Therefore, owing to the aforesaid factors the growth of the studied market is anticipated in the North America Region.

Competitive Landscape

The global fundus camera market is competitive and consists of a few major players. The competitive landscape includes an analysis of a few international as well as local companies which hold the market shares and are well known including Canon, Inc., Carl Zeiss Meditec, Inc., CenterVue SpA, Epipole Ltd., Kowa Company Ltd., NIDEK Co., Ltd., Optomed Oy Ltd., Optovue, Inc., and Topcon Medical Systems, Inc., among others.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Please note: This publisher does offer titles that are created upon receipt of order. If you are purchasing a PDF Email Delivery option above, the report will take approximately 2 business days to prepare and deliver.