Fundus Cameras Market COVID-19 Impact Analysis, Trends, Business Growth & Forecast 2027
On this note, the global Fundus Cameras Market size is estimated to surpass USD 735 million by 2027, as per the latest study by Global Market Insights Inc.
Driven by technological advancements and increasing prevalence of retinal disorders, the global fundus cameras market is expected to expand at a significant pace over the coming years. As per recent estimates by the World Health Organization (WHO), globally, approximately 2.2 billion individuals suffer from distance or near vision impairment.
Furthermore, the vast majority of people with vision impairment and blindness are above the age of 50. As a result, a prominent demand for fundus cameras is expected to be driven by eye diseases such as hyperopia, glaucoma, diabetic retinopathy, cataracts, and age-related macular degeneration (AMD).
As per a recent market analysis by Global Market Insights, the global fundus cameras market is expected to exceed USD 735 million valuation by 2027.
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On the other hand, the expensive costs of fundus cameras, as well as a lack of qualified ophthalmologists in developing countries, might have a negative influence on the industry's growth. A majority of ophthalmologists in developing countries, including India, work in urban areas, resulting in an unequal distribution of ophthalmology services.
Below mentioned are major trends expected to underline the global fundus cameras market growth through 2027:
- High Preference for non-mydriatic fundus cameras for painless and early diagnosis
In 2020, The non-mydriatic fundus cameras category had a market share of more than 58%. The segment is projected to grow at a significant rate to exceed USD 431 million valuation by 2027. This large market share is attributed to the various benefits offered by non-mydriatic fundus cameras in retinal imaging. Additionally, rising patient preference towards painless and early diagnosis of retinal diseases would further consolidate industry outlook.
Recent developments in non-mydriatic fundus cameras, such as rapid focus mechanisms to minimize examination time, live-action systems to improve real-time analytics, and a small design to improve mobility, are also expected to elevate the adoption of these devices.
- Increasing number of ophthalmology clinics
The ophthalmology clinics category represented 57% of the market share in 2020 and is expected to thrive over the forecast period. Patient inclination towards ophthalmologists, as well as the growing presence of sophisticated ophthalmic clinics in developed and developing areas, would drive segmental expansion throughout the forecast timeframe.
Furthermore, a rise in the number of eye care clinics to offer patients with accurate diagnoses would also accelerate the industry’s growth.
Emerging economies across South Asia and Africa are home to a large proportion of the world’s population, yet they have a scarcity of ophthalmologists and access to ophthalmic treatments that are affordable.
To address the needs of this demographic, the commercialization of low-cost smartphone-based fundus cameras such as the Portable Eye Examination Kit (PEEK), Filmic Pro, and Welch Allyn iExaminer is expected to rise in local ophthalmology clinics.
- Presence of a favorable reimbursement scenario across North America
The Center for Medicaid and Medicare (CMS) in the United States is continuously working to make health insurance more accessible. For instance, in 2018, the CMS announced the introduction of new policies to increase coverage for diabetic retinopathy diagnosis through telemedicine. As a result of the effort, Medicaid and Medicare spending increased by 2.9% and 6.7%, respectively, in 2019.
These policy reforms helped patients get retinal checkups with fundus cameras from remote locations, as well as interpretation from well-qualified eye care experts. Overall, the favorable reimbursement environment in North America, which enables the availment of high-quality and low-cost eye care is expected to favorably boost the fundus cameras market expansion.
- Increasing prevalence of eye disorders in Brazil
Brazil dominated the Latin American market in 2020 and is anticipated to grow at a 3.7% CAGR throughout the forecast period. The country's leading market share is largely due to the high disease burden of eyes related diseases and the introduction of mobile eye care units. According to the 2017 Scielo Brazil publication, the prevalence of pterygium (14.05%), glaucoma (1.85%), cataracts (6.63%), and diabetic retinopathy (1.59%) was recorded in a survey conducted to measure the eye disease burden.
According to 2018 Nature Scientific estimates, the incidence of dry eye diseases in Brazil has hit the 12.8% mark throughout the country's five major geographic areas.
- Competitiveness between major industry players
To increase their geographical footprint, major industry players are concentrating on executing numerous strategic initiatives such as forward integration, mergers and acquisitions, research partnerships, and distribution agreements.
For instance, in April of 2021, Nidek reported that its NM-1000 Digital Non-Mydriatic Fundus Camera, which is used to image the retina and anterior eye segment, has received FDA 510(k) clearance in the United States.
Overall, given the growing demographic of people suffering from vision impairment, and the subsequent efforts from healthcare organizations, government agencies, and industry players to cover their medical needs, the demand for fundus cameras is slated to increase at a prominent rate.
Partial Table of Contents (ToC) of the report:
Chapter 4 Fundus Cameras Market, By Product
4.1 Key segment trends
4.2 Mydriatic fundus cameras
4.2.1 Market size, by region, 2016 – 2027 (USD Million)
4.2.2 Tabletop fundus cameras
22.214.171.124 Market size, by region, 2016 – 2027 (USD Million)
4.2.3 Handheld fundus cameras
126.96.36.199 Market size, by region, 2016 – 2027 (USD Million)
4.3 Non-mydriatic fundus cameras
4.3.1 Market size, by region, 2016 – 2027 (USD Million)
4.3.2 Tabletop fundus cameras
188.8.131.52 Market size, by region, 2016 – 2027 (USD Million)
4.3.3 Handheld fundus cameras
184.108.40.206 Market size, by region, 2016 – 2027 (USD Million)
4.4 Hybrid fundus cameras
4.4.1 Market size, by region, 2016 – 2027 (USD Million)
Chapter 5 Fundus Cameras Market, By End-use
5.1 Key segment trends
5.2.1 Market size, by region, 2016 – 2027 (USD Million)
5.3 Ophthalmology clinics
5.3.1 Market size, by region, 2016 – 2027 (USD Million)
5.4.1 Market size, by region, 2016 - 2027 (USD Million)
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