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.
The report highlights trends prevailing in the market and factors driving its growth. The market’s growth is attributed to the rising prevalence of eye diseases, growing global initiatives for blindness, and technological advancements. However, bulky size of the mydriatic camera makes it unsuitable for use high volume screening, critically impacting the overall market growth.
The growing prevalence of diabetes across the globe has resulted in the rising cases of diabetic retinopathy and blindness in adults. According to the International Diabetes Federation (IDF), data for 2021, nearly 537 million adults (20-79 years) are living with diabetes. The total number of people living with diabetes is projected to rise to 643 million by 2030 and 783 million by 2045. Three out of four adults with diabetes live in low- and middle-income countries. The report by IDF also stated the maximum portion of people in most of the countries is suffering from type 2 diabetes. Nearly 79% of the people living with type 2 diabetes are living in low and middle-income countries. Thus, such factors will result in the growth of cases related to diabetic retinopathy, which in turn will assist the retina imaging devices market over the forecast period.
Additionally, cataract and age-related macular degeneration (AMD) is 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, only 5% of people live with cataracts in countries such as the United States and the United Kingdom whereas, in Africa, approximately 65% of the population suffer from cataract-related issues. Penetration of low-cost retina imaging devices will spur the retinal imaging devices market during the forecast period.
Based on device type, the global retinal imaging devices market has been segmented into fluorescein angiography, fundus camera and optical coherence tomography (OCT). The fundus camera segment held the largest share of the market in 2021. However, the optical coherence tomography segment is anticipated to register the highest CAGR of 8.1% in the market during the forecast period. The recent addition of OCT angiography allows dyeless visualization of retinal vessels in the macula. The OCT machines can capture good quality images even through dense cataracts.
Based on end-user, the global retinal imaging devices market is segmented into hospitals and clinics, specialty clinics, ambulatory care centers, and others. The hospitals & clinics segment held the largest share of the market in 2021 and specialized eye care centers is expected to register the highest CAGR of 6.6% in the market during the forecast period.
A few of the major primary and secondary sources referred to while preparing the report on the Retinal Imaging Devices market are 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.