The latest market report published by Credence Research, Inc. “Fundus Camera Market – Growth, Future Prospects, Competitive Analysis, 2018 – 2026,” the global fundus camera market was valued at US$ 396.2 Mn in 2017 expanding at a CAGR of 6.3% from 2018 to 2026.
Browse the full report at https://www.credenceresearch.com/report/fundus-camera-market
Fundus camera are used for diagnosis of various eye disorders such glaucoma, age-related macular degeneration (AMD), retinal detachment, and diabetic retinopathy. Fundus camera gauges the abnormalities in the retina, helps in disease progression and possible treatment outcome for the disorder. Growing prevalence of eye disorders globally is the major reason for the growth of fundus camera market. According to World Health Organization (WHO), glaucoma is the second leading cause of blindness globally and leading cause in African-descent. It is estimated that over 3 million people in the United States suffer from glaucoma but only half of the population are aware about the disease. A recent study by Centers for Disease Control and Prevention (CDC) found that prevalence of diabetic retinopathy was high and affecting one in three adults in the United States. Technological advancements in ophthalmology devices is further assisting the growth of the market. The technological transition in the ophthalmology industry are majorly observed in the diagnostic devices and surgical devices such as implantable miniature telescope, ophthalmology smart adapters, fundus camera and others. The global geriatric population is growing constantly and it is projected that to increase drastically during coming years reaching its peak. As the geriatric population increase, the cases of eye disorders will increase subsequently. This has resulted in the innovation and R&D in ophthalmology industry targeting geriatric population due to growing demand for efficient and minimally invasive techniques.
In terms of end-user, the ophthalmic and optometrist offices held the largest share in the global fundus camera market. Rising number of optometrist offices with latest technology for eye care and well equipped setting is driving this end-user segment. For instance, there were around 31,930 optometrist in the U.S. in 2016. The ophthalmic and optometrist is also expected to grow at fastest rate during the forecast period. In terms of geography, North America held the largest share in the global fundus camera market owing to growing awareness of eye care in the masses. Sophisticated healthcare setting and availability of advanced ophthalmology equipment for diagnosis will augment the growth of the region. Moreover, the efficient reimbursement scenario and spending capacity of the population will further drive the market during the forecast period. Asia Pacific is expected to grow at fastest growth rate during the forecast period owing to developing economic conditions, rising investment in health care infrastructure, increasing focus of key manufacturers in emerging APAC countries, increasing consumer health and wellness awareness in upper-middle-income segment, and large patient pool in the region. The key players currently engaged in fundus camera market include Carl Zeiss Meditec, Inc., Optomed Oy, Kowa Company Ltd., Topcon Corporation, NIDEK Co., Ltd., Optovue Incorporated, CenterVue SpA, Clarity Medical Systems, Canon, Inc. among others.
Key Market Movements:
- Growing prevalence of eye disorders globally is major driver for the market
- Technological advancements and innovation in ophthalmology industry
- Growing number of ophthalmic clinics and optometrist offices to increase the demand of fundus camera
- Business strategies such as product launch and acquisitions in the market will auger market growth