Retinal Imaging Devices Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2028

The global Retinal Imaging Devices market size is expected to be worth around US$ 7.6 billion by 2028, according to a new report by Vision Research Reports.

The global Retinal Imaging Devices market size was valued at US$ 4.5 billion in 2020 and is anticipated to grow at a CAGR of 6.14% during forecast period 2021 to 2028.

Growth Factors

Rising incidence of eye-related disorders such as macular degeneration, glaucoma, and diabetic retinopathy is expected to drive the overall market growth.

North America dominated the market in 2020. The regional market growth is fueled by the presence of a large patient pool, imaging centers, and high adoption of technologically advanced products. On the other hand, Asia Pacific is expected to grow at the fastest growth rate. This growth is due to increasing availability of advanced retinal imaging devices in this region.

High cost of advanced retinal imaging devices is expected to hinder the overall market growth. Optical coherence tomography (OCT) is one of the advanced retinal imaging devices used to capture detailed imaging of eye structure for identifying various ophthalmic disorders. However, these advanced devices are available at higher costs for various end users such as ophthalmic clinics. For instance, all the FDA approved OCT systems costs around $70,000.

Report Highlights

Based on type, the retinal imaging devices market is segmented into fundus camera, OCT, and fluorescein angiography. Fundus camera held the largest market share in 2020 largely due to advantages associated with this device such as portability and ergonomics. Moreover, the growing number of installations of fundus cameras with increasing number of ophthalmic clinics and ambulatory eye care centers is expected to drive the market growth.

Growing awareness and training programs in the field for ophthalmology is resulting into the adoption of advanced and sophisticated imaging devices. OCT segment is anticipated to grow at fastest growth rate during the forecast period. This growth is attributable to its effectiveness and accuracy in diagnosis. OCT device helps understand the pathogenesis of disease, thus leading to the development of customized therapies. In addition, advancements in communication technology including fiber optics & cloud storage facilities along with expanding applications of OCT in clinical studies are the factors expected to fuel the segment growth in upcoming years.

Fluorescein Angiography is also expected to exhibit significant pace during the forecast period. This modality has main application in detection of macular degeneration and diabetic retinopathy conditions. Growing prevalence of diabetic retinopathy and increasing demand for early detection solutions are the factors expected to contribute towards the segment growth. For instance, as per World Health Organization (WHO), 31.7 million people were affected by diabetic retinopathy in 2000. This number is expected to reach 79.4 million in 2030, boosting demand for advanced diagnostic and therapeutic solutions.

Base on end-use, the retinal imaging devices market is segmented into hospitals, ophthalmic centers, ambulatory surgery centers (ASCs), and others. Hospitals held largest market share in 2020. High adoption of advanced retinal imaging devices in hospitals is expected to drive the segment growth. Moreover, large-sized hospitals are deploying advanced retinal imaging devices to enhance early diagnosis of ophthalmic disorders. For instance, a hospitals in Guangdong, China is continuously deploying AI cameras for the detection of blindness-causing diseases. Therefore, such deployment of AI cameras for free consultations is expected to contribute towards the adoption of retinal imaging devices.

The ophthalmic centers segment is expected to grow at a significant growth rate during the forecast period. Increasing prevalence of eye related disorders and availability of affordable eye care are the factors resulting into the demand growth for small ophthalmic clinics. This in turn is creating opportunities for ophthalmic professionals to offer customized services. Rising competition in ophthalmic clinics is expected to boost the demand for advanced portable retinal imaging devices. Some of the ophthalmic centers using state of the art devices include Henry Ford Health System Ophthalmic Imaging Center, Shroff Eye Centre, and UC Davis Health System Eye Center's Ophthalmic Imaging Center.

North America held 26.1% of the total region-wise retinal imaging devices market in 2020. High prevalence of ophthalmic disorders, High adoption rate of advanced technology, and presence of a large number of global players in the market are the factors contributing to the largest market share. In May 2018, Optos launched Monaco, an ultra-widefield combination imaging device in the US.

Europe accounted for the second largest share in the retinal imaging devices industry. Global players in the market are strengthening their position by expanding their eye care portfolio in this region. For instance, Canon has expanded its eye care products such as digital retinal imaging systems, optical coherence tomography systems, fully automatic Ref-Keratometers, and Tonometers via its subsidiary Canon Medical Systems Europe B.V.

Key Players

Optos plc, Optomed, Epipole Ltd., Topcon Corporation, ZEISS International, Olympus, NIDEK CO., LTD., Robert Bosch GmbH, Eyenuk Inc., Centerveu, and Forus Health.

Market Segmentation

  • Type Outlook 

    • Fundus Camera

    • Optical Coherence Tomography

    • Fluorescein Angiography

  • End-use Outlook 

    • Hospitals

    • ASCs

    • Ophthalmic Centers

    • Others

  • Regional Outlook 

    • North America

      • The U.S.

      • Canada

    • Europe

      • Germany

      • The U.K.

      • France

      • Italy

      • Spain

    • Asia Pacific

      • China

      • Japan

      • India

      • Thailand

      • South Korea

    • Latin America

      • Brazil

      • Mexico

      • Argentina

      • Colombia

    • Middle East & Africa

      • South Africa

      • Saudi Arabia

      • UAE

The Retinal Imaging Devices market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of Retinal Imaging Devices market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global Retinal Imaging Devices market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Retinal Imaging Devices market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted Retinal Imaging Devices market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the Retinal Imaging Devices capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of Retinal Imaging Devices by regions (countries) and application.

Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Retinal Imaging Devices market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2028. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.

With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Retinal Imaging Devices market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Retinal Imaging Devices market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.

The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the Retinal Imaging Devices industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.

The Retinal Imaging Devices market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Retinal Imaging Devices market.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Retinal Imaging Devices market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Retinal Imaging Devices market. These factors have benefited the growth of the global market for Retinal Imaging Devices. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Retinal Imaging Devices. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).

In this study, the years considered to estimate the market size of Retinal Imaging Devices are as follows:

  • Historic Year: 2017-2020
  • Base Year: 2020
  • Forecast Year 2021 to 2028

Reasons to Purchase this Report:

- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

Market Size Estimation

Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).

The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.

Secondary Sources

Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.

Primary Sources

 In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.

The study objectives of this report are:

  • To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2028);
  • Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
  • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
  • To define, describe and forecast the market by type, application and region.
  • To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
  • To identify significant trends and factors driving or inhibiting the market growth.
  • To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
  • To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
  • To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
  • To strategically profile the key players and comprehensively analyze their growth strategies.

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