Global fundus camera market is projected to witness a CAGR of 5.74% during the forecast period 2024-2031, growing from USD 448.69 million in 2023 to USD 701.23 million in 2031. Growth in the global fundus camera market is driven by various factors, such as the growing prevalence of vision impairments, an increase in the elderly population, growing awareness about the importance of early diagnosis, and the introduction of technologically advanced fundus cameras. Moreover, government support, initiatives, policies, and programs in research and development for innovative and advanced fundus cameras and increasing investments by private companies will further promote growth in the global fundus camera market.
The global fundus camera market is consistently undergoing robust growth due to the increasing prevalence of vision impairment, which is increasing the demand for fundus cameras for early and accurate diagnosis. The growing geriatric population is the major cause of vision impairment. As global population grows older, they are prone to develop ophthalmic diseases such as macular degeneration, glaucoma, proliferative diabetic retinopathy, and presbyopia. Fundus camera has the potential to provide in-depth evaluation of the eye, detailed assessment of retina, and evaluation of any kind of diseases associated with the eye. Technological advancements, product launches, increased disposable incomes, government initiatives, and increasing access to fundus cameras in low and middle-income countries are some of the factors driving the global fundus camera market growth.
Increasing Number of Patients with Vision Impairments
There has been a surge in demand for fundus cameras by healthcare providers due to the rising number of vision impairments worldwide. Geriatric people are prone to develop eye related issues such as cataract, myopia, hyperopia, diabetic retinopathy, glaucoma, age related macular degeneration, and presbyopia. According to WHO, 2.2 billion people have a near or distance vision impairment globally and it is also stated that, out of these, around 50% of these cases could be prevented if access to preventive measures, such as early detection, accurate diagnosis, and diseases management, would be provided at the right time. The prevalence of vision impairment is most common in low- and middle-income countries. Early detection and early intervention by improved access to eyewear, such as using fundus cameras for accurate and early diagnosis for timely management, are crucial in treating vision impairments.
Technological Advancements are Driving Innovation in the Market
With the high prevalence of vision impairment cases, there is a high demand for expediting innovation in early detection devices, such as fundus cameras, for better in-depth analysis. Integrating AI with fundus camera enables the algorithm to analyze fundus photography and OCT simultaneously, thus offering fast and efficient eye screening. As consumers become more aware and conscious of their eye health, manufacturers continuously invest in research and development to meet this growing demand for innovative solutions. In June 2023, Eyenuk, a global leader in manufacturing AI based digital health products, such as AI-based fundus cameras and AI predictive biomarkers, recently received U.S. FDA clearance to integrate AI with Topcon NW400 retinal camera, which will help in detecting diabetic retinopathy with automation and high precision for diabetic patients.
Government Initiatives
Eye care facilities, such as eye ophthalmic clinics, are essential part of ophthalmology worldwide. Recognizing the growing burden of eye diseases and the need for advanced diagnostic devices, many governments have formulated healthcare policies and initiatives to support the adoption of ophthalmic diagnostic devices.
Programs for funding, grants for research, and subsidies for the development of these diagnostic devices have encouraged medical facilities and practitioners to incorporate these devices into their practices.
For instance, in May 2023, National Health Service (NHS) England announced implementation of a new clinical guidance, which could reduce waiting times for eye care services for patients in England as well as provide improved efficient eye care diagnosis and treatment with the help of latest digital diagnostic appliances such as fundus cameras. This, in turn, will improve the speed and quality of eye care treatment for patients. As a result, such initiatives by the government help enhance growth in the global fundus camera market.
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Growth in Non-Mydriatic Fundus Cameras
Among the product segment, non-mydriatic fundus camera is expected to grow with a faster rate. Technological advancements in this segment have led to the emergence of advanced products, such as AI-based fundus cameras, that enhance its photography capability. Non-mydriatic cameras have the potential to provide early detection and monitoring of several serious eye health conditions without pupil dilation and pain. Due to this, there has been a tremendous demand among patients and healthcare providers, further driving this segment's growth. Many key market players understand the growing demand of this segment and are launching non-mydriatic fundus cameras.
In October 2023, Topcon Healthcare, a leading provider of medical devices and software solutions for the global eye care industry, announced launch of NW500 to the European market. The NW500 is a robotic colour fundus camera that provides enhanced image quality in ambient light. It has a touch-screen capability that enables users to capture images rapidly with just one touch. It is fully automated, easy to use, and enhances the overall efficiency of the fundus photography workflow, which is gaining popularity among healthcare providers.
North America Holds the Largest Share in Fundus Camera Market
North America accounts for the highest share in the global fundus camera market. The United States offers a strong infrastructure and advanced healthcare facilities, making it a hub for cutting-edge medical technology, including sophisticated fundus cameras. People are becoming more conscious about the advantages of early detection and screening in the fight against eye diseases. In addition to these variables, the number of people with diabetes in North America is rising. Diabetes has a significant impact on the eyes, which increases the incidence of eye conditions like diabetic retinopathy. Moreover, the presence of key market players like Coburn Technologies, Inc and Eyenuk Inc. plays a pivotal role in promoting growth in the fundus camera market in the region. One million Americans suffer from blindness, and six million Americans have vision impairment. People under 40 years account for more than 1.6 million blind or visually impaired population. More than 350,000 blind or visually impaired people reside in nursing homes or prisons in the United States.
Future Outlook
The global fundus camera market is expected to grow in the coming years due to the increasing geriatric population, which is more prone to developing eye-related diseases. Fundus cameras are cost-effective and plays a crucial role in providing early intervention. Growing awareness among the population regarding importance of early diagnosis and disease prevention have further accelerated growth of global fundus camera market. Technological advancements, such as the integration of wide-field imaging technology and portable cameras, are expected to drive innovation in the market. Government initiatives, regulatory policies, and collaborations between medical device companies and research institutions, are the factors that are driving growth in global fundus market.
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A globally surging ageing population, sedentary lifestyle leads to diabetes.
As per a new report by Renub Research, Global Fundus Camera Market will be US$ 642 Million by 2026.Across the globe, Fundus photography is the most valuable clinical tool for evaluating the progression of retinopathy in individual patients as well as participants in clinical trials.
Due to Covid-19, the global market of Fundus camera have slowed down during the first two quarters of 2020, and it is estimated to gain momentum during the forecast period.Factors Driving the Fundus Camera IndustryThe factors which are driving the growth of global fundus camera market are advancement in artificial intelligence which raised the use of automated screening.
Smartphone adaptors are available in market by many companies and also teach how to use it in different sectors of end-users.By product, Non-mydriatic fundus camera market will grow during the forecast time frame because of its revolutionary device that captures and show detailed images of the retina and optic nerve, which is necessary for addressing eye diseases.
By regions, the United States is using fundus camera most because of its large number of the elderly population and rising number of diabetic people.Renub Research report title “Fundus Camera Market Global Forecast by Product type (Mydriatic Fundus Cameras, Non-mydriatic Fundus Cameras, Hybrid Fundus Cameras, ROP Fundus Cameras), End-Users (Ophthalmic & Optometrist Offices, Ophthalmology Clinics, Hospitals), Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa), Company (Carl Zeiss Meditec AG, Topcon Medical Systems, Inc., Merit Medical Systems Inc., NIDEK CO, Revenio group Oyj)” provides a complete study of global fundus camera industry.Request a free Brochure copy of the report: https://www.renub.com/request-sample-page.php?gturl=fundus-camera-market-p.phpProducts- Four Types of Fundus Camera Market is Covered in this Report1.
Middle East and AfricaAll the Key players have been covered from 3 Viewpoints• Overview• Recent Developments• Revenue AnalysisCompany Insights• Carl Zeiss Medites AG• Topcon Medical Systems, Inc.• Merit Medical Systems Inc.• NIDEK CO• Revenio group oyjAbout the Company:Renub Research is a Market Research and Consulting Company.
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