Retinal Imaging Devices Market To Reach $6.35 Billion By 2030

Retinal Imaging Devices Market Growth & Trends

The global retinal imaging devices market size is expected to reach USD 6.35 billion by 2030, registering a CAGR of 7.9% from 2024 to 2030, according to a new report by Grand View Research, Inc. The market is driven by several key factors. One of the primary market drivers is the increasing prevalence of retinal disorders, such as diabetic retinopathy, age-related macular degeneration (AMD), and glaucoma. These conditions are becoming more common due to an aging population and a rise in lifestyle-related diseases like diabetes and hypertension, which have direct implications for eye health. As a result, there is a growing demand for advanced diagnostic tools that can detect these disorders early and accurately, leading to better patient outcomes and more effective management of eye health.

Technological advancements are playing a crucial role in the expansion of the market. Innovations such as optical coherence tomography (OCT), fundus photography, and the integration of artificial intelligence (AI) for automated image analysis are significantly enhancing the accuracy and efficiency of retinal imaging. For instance, Nikon’s UWF retinal imaging technology launch in March 2022 dramatically boosts Japan’s market. This UWF imaging captures up to 200 degrees of the retina in one image, enhancing the detection and management of retinal diseases such as diabetic retinopathy and AMD. It meets the growing demand for advanced diagnostic tools driven by Japan’s aging population. These technologies enable earlier and more precise diagnosis of retinal disorders, which is essential for preventing vision loss. AI-driven solutions, in particular, are transforming the field by providing ophthalmologists with sophisticated tools for analyzing complex retinal images, thereby facilitating more informed decision-making and personalized treatment plans.

The competitive landscape in the market is characterized by the presence of several major players. These companies are actively enhancing their product portfolios through strategies such as continuous product upgrades to incorporate the latest technological advancements, strategic collaborations, and exploring opportunities for acquisitions. Obtaining government approvals for their products is also crucial to ensure compliance with regulatory standards, which can enhance product credibility and facilitate market entry.

Government initiatives and programs are significantly contributing to the growth of the market. Many governments are investing in public health campaigns and screening programs to promote the early detection and management of eye diseases. Such initiatives not only increase awareness about the importance of regular eye exams but also drive demand for advanced retinal imaging technologies. Additionally, favorable regulatory frameworks and policies that support innovation and investment in healthcare infrastructure are creating a conducive environment for market growth. These efforts are essential in ensuring that cutting-edge retinal imaging devices are accessible to a broader population, ultimately improving eye health outcomes on a global scale.

Some of the key players in the market are Carl Zeiss Meditec AG, Topcon Corporation, NIDEK Co., Ltd., Heidelberg Engineering GmbH, Optos Plc (a Nikon Company), Canon Inc., Alcon Inc., Bausch + Lomb (a division of Bausch Health Companies Inc.), Optovue, Inc., Essilor International, and Olympus Vision. In April 2024, the company announced that the Optomed Aurora handheld fundus camera, equipped with AEYE’s AI, received FDA clearance. These players are involved in various strategic initiatives such as product launch and approval in order to cater to a global clientele.

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Retinal Imaging Devices Market Report Highlights

• Based on device, Optical Coherence Tomography (OCT) devices accounted for largest revenue share of 28.9% in 2023. Optical Coherence Tomography (OCT) is a noninvasive imaging technology used to obtain high-resolution cross-sectional images of biological tissues. OCT has become a critical tool in ophthalmology, enabling detailed visualization of the retina's layers and aiding in the diagnosis & management of various eye conditions, such as macular degeneration, Diabetic Retinopathy (DR), and glaucoma.

• Based on application, disease diagnosis dominated the market and accounted for the largest share of 53.9% in 2023.The increasing prevalence of retinal diseases, such as DR and AMD, is a significant driver for the disease diagnosis segment of the market.

• Based on indications, Diabetic retinopathy segment is dominated the indication segments with the largest market share of 32.1% in 2023. As increasing global prevalence of diabetic retinopathy increases, need for advanced diagnostic and monitoring technologies surges contributing to the segments high market share.

• Based on end use, hospitals segment is dominated the end use segments with the largest market share of 39.5% in 2023. This is attributable to advanced imaging technologies in hospitals that enable the early detection of retinal disorders, allowing for prompt intervention and treatment. In addition, partnerships & collaborations between hospitals and other companies to meet clinical needs contribute to market growth.

• North America dominated the global market due to the attributed to the well-established healthcare sector, commitment to innovation, advanced infrastructure, a strong emphasis on R&D, the high prevalence of retinal disorders, and rapid adoption of innovative technologies

• Asia Pacific region is expected to witness fastest growth with a CAGR of 8.6% over the forecast period from 2024 to 2030, due to presence of manufacturers with innovative devices manufacturing capabilities coupled with accelerated diagnostic research capabilities.

Retinal Imaging Devices Market Segmentation

Grand View Research has segmented global retinal imaging devices market based on device, application, indications, end use, and region:

Retinal Imaging Device Outlook (Revenue, USD Million, 2018 - 2030)

• Optical Coherence Tomography (OCT) Devices

  • Spectral-Domain OCT (SD-OCT)

  • Swept-Source OCT (SS-OCT)

  • Handheld OCT

• Fluorescein Angiography Devices

• Fundus Cameras

  • Mydriatic Fundus Cameras

  • Non-Mydriatic Fundus Cameras

  • Hybrid Fundus Cameras

  • ROP fundus cameras

• Retinal Ultrasound Imaging Systems

  • Ophthalmic A-Scan Ultrasound

  • Ophthalmic B-Scan Ultrasound

  • Ophthalmic Ultrasound Biomicroscopes

  • Ophthalmic Pachymeters

• Ultra widefield Retinal Imaging Devices

• Widefield Retinal Imaging Devices

• Other Devices

Retinal Imaging Devices Application Outlook (Revenue, USD Million, 2018 - 2030)

• Disease Diagnosis

• Treatment Monitoring

• Research and Development

Retinal Imaging Devices Indications Outlook (Revenue, USD Million, 2018 - 2030)

• Diabetic Retinopathy

• Age-Related Macular Degeneration (AMD)

• Glaucoma

• Retinal Vein Occlusion

• Other Indications

Retinal Imaging Devices End-use Outlook (Revenue, USD Million, 2018 - 2030)

• Hospitals

• Ophthalmology Clinics

• Ambulatory Surgical Centers (ASCs)

• Other End-use

Retinal Imaging Devices Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

• U.S.

• Canada

• Mexico

• Europe

• UK

• Germany

• France

• Italy 

• Spain

• Denmark

• Sweden

• Norway

• Asia-Pacific

• Japan

• China

• India

• Australia

• Thailand

• South Korea

• Latin America

• Brazil

• Argentina

• Middle East Africa

• South Africa

• Saudi Arabia

• UAE

• Kuwait

List of Key Players in Retinal Imaging Devices Market

• Carl Zeiss Meditec AG

• Topcon Corporation

• NIDEK Co., Ltd.

• Heidelberg Engineering GmbH

• Optos Plc (a Nikon Company)

• Canon Inc.

• Alcon Inc.

• Bausch + Lomb (a division of Bausch Health Companies Inc.)

• Optovue, Inc.

• Essilor International

• Olympus Vision