Retinal Imaging Devices Market– Statistics And Analysis & Forecast To 2026Posted by Mrudula Anil Karmarkar on March 22nd, 2021 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. With Covid-19 infections rising globally, the apprehension regarding a shortage of essential life-saving devices and other essential medical supplies in order to prevent the spread of this pandemic and provide optimum care to the infected also widens. In addition, till a pharmacological treatment is developed, ventilators act as a vital treatment preference for the COVID-19 patients, who may require critical care. Moreover, there is an urgent need for a rapid acceleration in the manufacturing process for a wide range of test-kits (antibody tests, self-administered, and others). The report will account for Covid19 as a key market contributor. 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 ,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. Retinal Imaging Devices Market Report Highlights
Major market players are frequently launching advanced retinal imaging solutions. For instance, in May 2018, Optos launched Monaco, an ultra-wide field imaging device in combination with OCT in the U.S. The incorporation of OCT in this device has enabled practitioners to diagnose and treat retinal pathology at higher success rate. Integration of imaging modalities with artificial intelligence and the development of portable devices is expected to have a positive impact on the market growth during the forecast period. Acute competition and increasing volume of strategic initiatives among major as well as smaller market players are some of the major factors playing a significant role in market boost during the forecast period. Strategic initiatives adopted by the top level of the competition pyramid include mergers and acquisitions. On the other hand middle and lower levels of the pyramid focus on technological development and regional expansion. For instance, in 2018, Optos and Amydis announced a clinical alliance. This alliance is focused on development of eye test by Amydis for the detection of Alzheimer's disease. Amydis is frequently developing a pipeline of compounds for the detection of amyloid proteins in the retina using Optos' optomap ultra-widefield retinal imaging devices. In May 2017, Medical technology business group of ZEISS has released new technologies called Swept-Source OCT and OCT Angiography technology at ARVO (Association for Research in Vision and Ophthalmology) 2017 Annual Meeting. These technologies were developed using ZEISS Open Innovation approach with Advanced Retina Imaging (ARI) Network. Such strategic initiatives are expected to rise with increasing demand for advanced retinal imaging solutions.On the other hand, factors such as the high cost of advanced retinal imaging devices including fundus camera and OCT is expected to impede the market growth in low-income countries. Moreover, the lack of skilled medical professionals is expected to have a mild impeding impact on demand for these devices in upcoming years. Have a Query? Ask Our Expert: https://www.grandviewresearch.com/inquiry/6798/ibb The leading players include Optos plc, Optomed, Epipole Ltd., Topcon Corporation, ZEISS International, Olympus, NIDEK CO., LTD., Robert Bosch GmbH, Eyenuk Inc., Centerveu, and Forus Health. Presence of a large number of players both at global and regional level is making the market fragmented. These players are forming strategic alliances in the form of acquisitions, mergers, and distribution agreements to enhance their reach in retinal imaging devices. Moreover, these players are launching products frequently with advanced technologies incorporated. Grand View Research has segmented the global retinal imaging devices market on the basis of type, end-use: Retinal Imaging Devices Type Outlook (Revenue, USD Million; 2015 - 2026)
Retinal Imaging Devices End-use Outlook (Revenue, USD Million; 2015 - 2026)
About Grand View Research Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare. For More Information:www.grandviewresearch.com Like it? Share it! More by this author |