Fundus Camera Market Expected to Reach $710.20 Million by 2030

According to a new report published by Allied Market Research, titled, " Fundus camera market By Product, Portability, End User, and Region: Global Opportunity Analysis and Industry Forecast, 2021–2030," 

The global fundus camera market size was valued at $445.60 million in 2020, and is estimated to reach $710.20 million by 2030, growing at a CAGR of 4.50% from 2021 to 2030.

Fundus camera capture the photographs of the back of the eye, which is called as fundus. In addition, fundus mainly consists of 10 semi-transparent layers that serve a specific function in the process of visual perception. The main structure that can be visualized on fundus camera is the central and peripheral retina, optic disc and macula. Fundus camera is used to diagnose various types of retinal disorders such as glaucoma, diabetic retinopathy, retinal detachment, and age-related macular degeneration.

Across the globe, the leading causes of vision impairment are uncorrected refractive errors and cataracts, and most people with vision impairment are over the age of 50 years. As per the WHO, chronic eye diseases are the number one cause of vision loss, with the top two causes being un-operated cataracts and uncorrected refractive errors. Hence, the rising incidence of eye-related disorders is projecting a great impact on the growth of market studied. 

The rise in eye diseases is the primary factor responsible for fundus camera market growth. Around 24 million people aged above 40 suffer from cataracts. Around 1 billion people suffer from moderate or severe distance vision impairment or blindness due to unaddressed refractive error (123.7 million), cataract (65.2 million), glaucoma (6.9 million). In addition, the role of government initiatives in providing affordable fundus camera is driving the market growth. In the U.S., Medicare covers the cost of glaucoma screening, ocular prosthesis, and cataract surgery. The smartphone-based fundus photography is the technological advancements that will furnish the market growth. It utilizes the DR using images captured from smartphones in comparison to slit-lamp biomicroscopy with the advantage of far greater affordability. The restraints which will hinder the fundus camera market growth are the increased price incurred and the stiff competition followed by other developing technologies.

Diabetes eye disorders include diabetic retinopathy, diabetic macular edoema, glaucoma and cataract. In America, diabetic retinopathy patients are projected to double, from 7.7 million in 2010 to 14.6 million by 2050, according to the National Eye Institute (NEI). In addition, advancement is expected to drive the market. The COVID-19 had a negative impact on the market as it was not accurate and sufficient in the data collected during the pandemic to identify the eye condition. The tracing of disease, its management, and treatment were all hampered by a lack of data. However, portable fundus cameras may be an excellent option to capture retinal changes in COVID-19 patients present at multiple locations or environments. This pandemic may also improve portability.

On the basis of product, the global fundus camera market is divided into mydriatic fundus cameras, non-mydriatic fundus cameras, hybrid fundus cameras, and rop fundus cameras. The non-mydriatic cameras segment was the major revenue contributor in 2020, and is anticipated to remain dominant during the forecast period. This is attributed to the ability of a non-mydriatic cameras to view detailed retinal anatomy and, thereby, improves the diagnosis and management of eye disorders. In addition, non-mydriatic cameras advancements such as fluorescein imaging, mobility, and live-action systems are expected to drive the market throughout the forecasted years.

By portability, the global fundus camera market is bifurcated into handheld and tabletop. The tabletop segment dominated the market in 2020, and is anticipated to continue this trend during the forecast period. This is attributed to the advantages of these cameras as they offer more patient-friendly photography of the fundus by eliminating the use of bright lights and dilating drops.

Depending on end user, the global fundus camera market is segregated into hospital, ophthalmology clinics, and others (ophthalmic & optometrist offices). The hospitals segment led the market in 2020, and is anticipated to maintain its lead during the forecast period. This is attributed to increased acceptance by optometrists for primary eye care, and attendance of well-equipped hospitals in developing countries.

North America was the largest shareholder in the global fundus camera market in 2020. Diabetes has become much more prevalent in North America during the last decade and diabetic patients are at a much higher risk for diabetic retinopathy than non-diabetics. Moreover, growing geriatric population, increased healthcare expenditure, and government support for reimbursement and device screening is also responsible for the growth of market in this region. On the other hand, Asia-Pacific is expected to grow at the fastest rate in the forecasted years due to local presence of key players, availability of expert services, and growing medical tourism. Increased awareness in the region about retinal and ocular illnesses as well as rising awareness about treating diabetic retinopathy, is also driving the fundus cameras market.

Key Findings Of The Study 

• By product, the non-mydriatic cameras segment was the highest contributor to the fundus camera market in 2020.
• By portability, the tabletop segment was the highest contributor to the market in 2020.
• By end user, the hospitals segment is projected to grow at a significant CAGR of 4.10% from 2021 to 2030.
• By region, North America garnered the largest revenue share in 2020, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the review period.