Fundus Cameras Market Size, Share & Trends Analysis Report By Product, By End-use (Hospitals, Ophthalmology Clinics, Ophthalmic & Optometrist Offices), By Region (North America, Europe, Latin America, MEA), And Segment Forecasts, 2023 - 2030

Fundus Cameras Market Size & Trends

The global fundus cameras market size was valued at USD 332.7 million in 2022 and is anticipated to grow at a compound annual growth rate (CAGR) of 6.2% from 2023 to 2030. The increasing geriatric population and chronic disorders, such as diabetes and hypertension, are responsible for the growth in the incidence of retinal disorders. Key retinal disorders include Diabetic Retinopathy (DR), Age-related Macular Degeneration (AMD), and Retinopathy of Prematurity (ROP). Furthermore, increasing awareness about eye disorders and commercializing several technologically advanced products are likely to propel the market during the forecast period.

Due to the rising incidence of chronic diseases like hypertension, diabetes, and geriatrics, retinal abnormalities are on the rise. The market is anticipated to expand due to rising awareness of eye problems and the launch of numerous cutting-edge products. Artificial intelligence, machine learning, and big data have enormous potential for improving healthcare. Diagnosing illnesses such as DR has proven to be quite accurate with the inclusion of AI in fundus cameras. It has been demonstrated that machine learning algorithms may detect eyes at risk for postoperative myopic regression following refractive surgery by using preoperative fundus photography in conjunction with other preoperative parameters, including anterior chamber depth, central corneal depth, age, and intended ablation thickness.

Diabetic eye diseases consist of several eye conditions, including DR, diabetic macular edema, glaucoma, and cataracts. According to the National Eye Institute (NEI), in the U.S., diabetic retinopathy patients in America are expected to double from 7.7 million in 2010 to 14.6 million in 2050. In addition, advancements in the field are expected to drive the market during the forecast period. COVID-19 has negatively impacted the market as the data captured during the pandemic was not accurate and sufficient to determine the eye problem. Lack of data limited the tracing of disease, its management, and treatment. However, handheld fundus cameras were a useful option due to their ability to capture retinal changes in COVID-19 patients in different settings or locations.

The development of digital cameras, red-free fundus cameras, film-based fundus cameras, and other tools for clear and detailed fundus imaging are likely to lead to market growth throughout the projected period. Additionally, supportive government policies are anticipated to promote corporate expansion. According to the rules and regulations of medical device agencies in the U.S. and Japan, fundus imaging cameras must be updated every four years. By ensuring the quality of the equipment, this regulation improves diagnosis and treatment. The law is likely to maintain and increase the country's need for electronics.

COVID19 impact: Demand for handheld fundus camera increases by more than 15% as compared with 2019

However, pricing pressure and competition from other developed technologies are expected to hinder market growth. Optical Coherence Tomography (OCT) is an advanced technology developed for retinal reimaging. The technology provides detailed retina and optic nerve images, viewable in 2D and 3D formats. Furthermore, swept-source OCT is the latest generation of Fourier domain OCT technology. Advantages associated with swept-source OCT are better sensitivity and faster speed than OCT.

Product Insights

Based on product, the market is segmented into hybrid fundus cameras, non-mydriatic fundus cameras, mydriatic fundus cameras, and ROP fundus cameras. The non-mydriatic cameras segment dominated the market and accounted for the largest market share of 49.5% in 2022. It improves the ability of a practitioner to view and observe detailed retinal anatomy, thereby improving the diagnosis and management of eye diseases. Furthermore, non-mydriatic cameras use fundus photography, eliminating the need for dilating drops and bright lights; hence, fundus photography is more patient-friendly. This property also helps glaucoma patients for whom dilation is contraindicated. Advancements in non-mydriatic cameras, such as fluorescein imaging, portability, and live-action systems, are anticipated to drive the market during the forecast period.

The hybrid fundus cameras segment is estimated to register the fastest CAGR of 6.8% over the forecast period. The mydriatic fundus cameras segment accounted for around 20.0% share in 2022. The low share of the mydriatic camera or traditional fundus camera is attributed to the necessity of pupil dilation with the help of bright light or dilating drop to obtain a clear image of the retina. This is not comfortable for patients suffering from glaucoma and photosensitivity. Furthermore, advancements in the fundus cameras provide more clear, quick, and reliable images of the retina, which has resulted in a decrease in the demand for mydriatic cameras. Lower investment by industry players due to the low demand for mydriatic cameras may restrain the market's growth during the forecast period.

End-use Insights

Based on the end use, the market is segmented into hospitals, ophthalmology clinics, and ophthalmic & optometrist offices. The hospital segment accounted for the largest revenue share of 44.9% in 2022. Hospitals include secondary care, tertiary care, and advanced care. Hospitals are mostly preferred for pediatric eye care services and complicated procedures where one or more ophthalmologists and diagnostic and surgical support services are available. However, preference for specialty eye clinics, such as ophthalmologist and optometrist offices, may restrain the market's growth.

The ophthalmic & optometrist offices segment is estimated to register the fastest CAGR of 6.9% over the forecast period due to increasing optometrist practitioners, preference for primary eye care, and low-cost services by ophthalmic and optometrist offices compared to ophthalmologists. Furthermore, a stagnated supply of ophthalmologists allows optometric offices to dominate the market. For instance, the lack of ophthalmologists in low-income countries in the Asia Pacific, Latin America, and Africa increases the demand for optometrists in emerging regions.

Highly skilled ophthalmologists and comprehensive eye examinations in clinics are expected to increase the demand for ophthalmology clinics for complex situations. However, the high examination cost, lack of ophthalmologists, and low patient preference for consulting ophthalmologists for primary eye care may restrain the market's growth. For instance, in 2022, about 19,216 ophthalmologists were practicing in the U.S., which is expected to remain stable until 2030.

Regional Insights

North America dominated the fundus cameras market and accounted for the largest revenue share of 37.4% in 2022. Major factors contributing to the growth of this region include the increasing geriatric population and technical advances in the field. Furthermore, the approval and launch of fundus cameras in the U.S. and Canada and the high adoption of new technologies will likely boost the market share. The widening application of fundus cameras for early detection and screening for eye diseases and lifestyle-associated diseases is anticipated to propel the market during the forecast period.

In Europe, the market is likely to witness a CAGR of 6.3% over the forecast period due to the local presence of major market players, technological developments in fundus cameras, such as easy-to-use, portability, and development of hybrid cameras, and adoption of newer products. For instance, key players such as Carl Zeiss Meditec Group, Optomed Oy (Ltd.), and CenterVue SpA are headquartered in Europe. In November 2022, Optomed announced the release of Aurora IQ, a handheld fundus camera with built-in artificial intelligence for quicker eye inspection. Furthermore, a rising number of diabetic retinopathy patients and the geriatric population is expected to boost the overall market during the forecast period.

Asia Pacific is expected to grow at the fastest CAGR of 6.4% during the forecast period because of the local presence of key players, the availability of expert services, and growing medical tourism. In Asia Pacific, the market is driven by China, Japan, India, and Australia. Japan dominated the market in terms of revenue share in 2020. This can be attributed to the local presence of major market players and a large geriatric population pool, whereas China is anticipated to register the fastest growth during the forecast period in the Asia Pacific.

Key Companies & Market Share Insights

Key strategies of the company include the expansion of the global sales network, the establishment of new production systems, and the enhancement of R&D capabilities. In January 2023, Topcon Healthcare, a leading provider of medical devices and software solutions for the global eye care community, announced the launch of NW500, its new user-friendly, robotic fundus camera that delivers reliable, sharp-quality imaging even in ambient light. The NW500 contributes to a streamlined workflow and enhanced patient experience by offering the ability to acquire retinal images in a lighted setting without dilating patients.

In July 2021, Topcon Corporation, a leading provider of medical devices and software solutions for the global eye care community, announced the acquisition of VISIA Imaging S.r.l, an ophthalmic device manufacturer headquartered in Florence, Italy. The acquisition enhances Topcon’s development and manufacturing capabilities of anterior segment devices and software, which complements the company’s strong portfolio of posterior segment imaging devices, including fundus cameras. Such strategic initiatives by the market players are expected to drive the market during the forecast period.

Fundus Cameras Market Report Scope

Global Fundus Cameras Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global fundus cameras market report based on product, end-use, and region:

• Product Outlook (Revenue, USD Million, 2018 - 2030)

  • Mydriatic Fundus Cameras

  • Tabletop

  • Handheld

  • Non-mydriatic Fundus Cameras

  • Tabletop

  • Handheld

  • Hybrid Fundus Cameras

  • ROP Fundus Cameras

• End-use Outlook (Revenue, USD Million, 2018 - 2030)

  • Hospitals

  • Ophthalmology Clinics

  • Ophthalmic & Optometrist Offices

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • UK

    • Germany

    • France

    • Italy

    • Spain

    • Denmark

    • Sweden

    • Norway

  • Asia Pacific

    • Japan

    • China

    • India

    • Australia

    • Thailand

    • South Korea

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • Middle East and Africa

    • South Africa

    • Saudi Arabia

    • UAE

    • Kuwait