Retinal imaging devices are medical devices used to capture high-resolution digital images of the retina and help in diagnosis of retinal diseases such as glaucoma, diabetic retinopathy, macular degeneration, and others. These devices help doctors and clinicians get retinal images for evaluation of the retinal conditions and diseases.
Market key trends:
One of the major trends in the retinal imaging devices market is the increasing adoption of artificial intelligence and deep learning technologies. Market players are focusing on developing retinal imaging devices integrated with AI and deep learning capabilities. This helps in automated detection of retinal diseases and disorders from the scanned retinal images. For instance, the AI-based retinal disease screening system developed by Eyenuk can detect diabetic retinopathy at a sensitivity of more than 90%, which is higher than manual diagnosis. Such AI-based retinal imaging solutions are witnessing high demand, especially in emerging markets due to their ability to reduce workload of clinicians and improve patient diagnosis and treatment.
The global Retinal Imaging Devices Market Demand is estimated to be valued at US$ 2.52 Bn in 2023 and is expected to exhibit a CAGR of 9.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Strength: Retinal imaging devices provide non-invasive and painless retinal examinations. They capture high-resolution digital images that assist in early detection of retinal diseases.
Weakness: High cost of advanced retinal imaging devices limits their adoption, especially in price-sensitive developing markets. Lack of specialty eye care professionals hampers effective use of these devices in underdeveloped regions.
Opportunity: Rising prevalence of eye diseases worldwide and growing geriatric population prone to retinal disorders present lucrative opportunities. Increasing eye care awareness and medical tourism also augment the demand.
Threats: Presence of alternative eye examination methods and uncertified generic devices poses stiff competition. Data privacy and regulatory issues pertaining to AI-based retinal analysis threaten market growth.
The global retinal imaging devices market is expected to witness high growth, exhibiting CAGR of 9.5% over the forecast period, due to increasing prevalence of retinal disorders such as diabetic retinopathy, age-related macular degeneration and retinitis pigmentosa.
Regional analysis: North America dominates the global market owing to high awareness, robust healthcare infrastructure and presence of key market players in the region. Asia Pacific retinal imaging devices market is expected to grow at fastest pace due to rising medical tourism, growing eye care expenditures and increasing prevalence of diabetes in the region.
Key players operating in the retinal imaging devices market are Carl Zeiss Meditec AG, Topcon Corporation, NIDEK Co. Ltd., Optos plc, CenterVue SpA, Forus Health Pvt Ltd., Eyenuk Inc., Imagine Eyes, Clarity Medical Systems Inc., Optomed Plc. Key players are focused on developing advanced imaging technologies for early disease detection and collaborative initiatives to strengthen their market presence.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it