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Retinal Imaging Devices Market Size Worth $7.2 Billion By 2026: Grand View Research, Inc.
SAN FRANCISCO, Nov. 12, 2019 /PRNewswire/ -- The global retinal imaging devices market size is expected to reach USD 7.2 Billion by the end of 2026, expanding at a CAGR of 6.7% over the forecast period, according to a new report by Grand View Research, Inc. Rising incidence of eye-related disorders such as macular degeneration, glaucoma, and diabetic retinopathy is expected to drive the overall market growth.
Key suggestions from the report:
- Optical coherence tomography is predicted to register significant growth in the forecast period owing to its effectiveness of providing high-resolution and cross-sectional images of retinal nerve fiber layer (RNFL), retina, and optic nerve head
- Fundus camera held largest share in 2018 and is expected to grow at a significant growth rate. These cameras help in capturing detailed images of retina using digital sensors
- Ambulatory surgery centers (ASCs) segment is expected to grow at fastest growth rate during the forecast period. Effective reimbursement policies by Medicare for vitreoretinal surgery in the ASCs is expected to drive the segment growth
- Hospitals held largest retinal imaging devices market share in 2018 owing to the high demand for technologically advanced solutions
- Asia Pacific is anticipated to witness considerable growth in the forecast period due to improving healthcare facilities, expansion of retinal imaging in the region, and growing installation of various retinal imaging devices in the region
- Major players in the industry are focusing on expanding their reach in various regions for retinal imaging devices by acquisition of technology-based companies and launching advanced products
Read 90 page research report with ToC on "Retinal Imaging Devices Market Size Share & Trends Analysis Report, By Type (Fundus Camera, Optical Coherence Tomography (OCT)), By End-use (Hospitals, ASCs, Ophthalmic Care Centers) By Region, And Segment Forecasts, 2015 - 2026" at: https://www.grandviewresearch.com/industry-analysis/retinal-imaging-devices-market
North America dominated the market in 2018. 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.
Major market players are continuously engaged in various strategic activities to retain and expand their market share. For In October 2018, IDx and Topcon entered into an exclusive agreement to expand AI-based diagnostic solutions in the U.S. Under this agreement IDx has received exclusive rights for selling its IDx-DR technology incorporated in Topcon's NW400 fundus camera in the U.S. market. Therefore, such alliances and growing development of technologically advanced products is expected to drive the overall market growth during the forecast period.
Grand View Research has segmented the global retinal imaging devices market on the basis of type, end-use, and regions:
- Retinal Imaging Devices Type Outlook (Revenue, USD Million; 2015 - 2026)
- Fundus Camera
- Optical Coherence Tomography (OCT)
- Fluorescein Angiography
- Retinal Imaging Devices End-use Outlook (Revenue, USD Million; 2015 - 2026)
- Ambulatory Surgery Centers (ASCs)
- Ophthalmic Centers
- Retinal Imaging Devices Regional Outlook (Revenue, USD Million; 2015 - 2026)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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