The fundus camera sector is projected to expand from US$ 708.01 million in 2022 to US$ 1,298.25 million by 2030, reflecting a compound annual growth rate (CAGR) of 7.9% from 2022 to 2028. This growth is primarily fueled by an increase in screening procedures for diabetic retinopathy and the introduction of innovative products.
Fundus photography plays a crucial role in identifying and screening various conditions that can lead to treatable and preventable blindness, including diabetic retinopathy (DR), age-related macular degeneration (AMD), glaucoma, and retinopathy of prematurity. The Centers for Disease Control and Prevention (CDC) identifies AMD as a leading cause of vision loss among individuals aged 65 and older in the United States. The CDC projects that the elderly population in the US will nearly double from 48 million in 2015 to 88 million by 2050, with around 20 million adults currently affected by some form of AMD.
Diabetic retinopathy is a frequent complication among those with diabetes. The International Diabetes Federation (IDF) reported that approximately 537 million adults aged 20 to 79 were living with diabetes in 2021, with projections suggesting this number could rise to 643 million by 2030. Additionally, a study by the American Association for Pediatric Ophthalmology and Strabismus (AAPOS) indicated that around 3.9 million infants are born annually in the US with retinopathy of prematurity, with about 14,000 affected by the condition. Of those, 90% have mild disease, while 1,100 to 1,500 develop severe cases requiring medical intervention. The increasing prevalence of retinopathy of prematurity, DR, and AMD significantly contributes to the growth of the fundus camera market in the United States.
Moreover, rapid product approvals in China for treating macular edema are further propelling the adoption of fundus cameras in the Asia Pacific region. For instance, Bayer received approval for Eylea, a treatment for patients experiencing visual impairment due to macular edema. This approval marks the first indication for Eylea sanctioned by Chinese regulatory authorities, and it is used to address conditions such as wet AMD, retinal vein occlusion, and diabetic macular edema. These developments are expected to enhance the fundus camera market's growth during the forecast period from 2022 to 2030.
Market Opportunity
Smartphone Fundoscopy
The advancement of high-resolution smartphone cameras has the potential to transform traditional fundus photography. Ophthalmologists are innovating in fundoscopy by investigating the feasibility of substituting binocular indirect ophthalmoscopes with smartphones. Smartphone-assisted fundoscopy offers a high-tech, cost-effective imaging solution that benefits users through its portability. Equipped with light sources, smartphone cameras also provide immediate access to secure networks for data sharing.
Mobile devices that incorporate augmented reality are creating a novel experience in fundoscopy. Companies within the fundus camera market are collaborating with MedTech firms to develop app-based fundoscopy solutions that streamline the eye examination process. For example, the Ullman Indirect App allows users to manage the smartphone camera's functions, enabling manual focus, saving focal points, adjusting exposure, controlling flashlight intensity, rotating images and videos for accurate documentation, and exporting high-quality images without needing screenshots.
Insights by Type
The fundus cameras market is categorized into mydriatic fundus cameras, non-mydriatic fundus cameras, hybrid fundus cameras, and ROP fundus cameras. In 2022, the non-mydriatic fundus camera segment held the largest market share. The mydriatic fundus camera segment is also experiencing significant growth. Non-mydriatic fundus cameras excel in capturing high-definition images of the optic disc, retina, and lens without requiring pupil dilation, making them more patient-friendly and eliminating the lengthy waiting period associated with mydriatic cameras. This efficiency enhances the diagnostic process for ophthalmologists.
Canon's CX-1 Hybrid Digital Mydriatic/Non-Mydriatic (MYD/NM) Retinal Camera is an example of a hybrid device that utilizes Fundus Autofluorescence (FAF) photography, offering five photographic modes: color, red-free, cobalt, fluorescein angiography (FA), and FAF.
Additionally, a standalone mydriatic fundus camera prototype has been developed, capable of point-and-shoot operation with automated image focusing and exposure, producing image quality comparable to existing commercial models. The mydriatic fundus camera is particularly beneficial for screening patients with diabetic retinopathy and age-related macular degeneration.
In October 2020, Volk Optical launched "The Volk VistaView," a portable mydriatic retinal camera designed for fundus imaging, which features high-resolution, all-glass optics and intuitive digital platforms for capturing sharp, wide-field images while managing patient data.
Insights by Portability
The global fundus cameras market is divided into handheld and tabletop categories. The tabletop segment dominated the market in 2022, while the handheld segment is anticipated to grow at a higher CAGR from 2020 to 2030. Fundus photography is essential for detecting and screening various causes of preventable blindness, including diabetic retinopathy, age-related macular degeneration, glaucoma, and retinopathy of prematurity. Handheld cameras are compact, portable devices that operate on batteries and do not require a stand or table, making them more affordable and accessible for retinal imaging. They are increasingly used in homes, mobile clinics, and health fairs.
Modern handheld fundus cameras, equipped with autonomous AI systems, are particularly effective for diabetic retinopathy screening without the need for pupil dilation, thanks to their high sensitivity and image quality. However, improvements in specificity are necessary through better data modeling. The Volk iNview fundus camera can connect to an iPhone 6s/6/5s or iPod Touch (Gen 6) via an app, while the Volk Pictor Plus is a non-mydriatic fundus camera with both posterior and anterior imaging capabilities, utilizing a proprietary lens and an application for capturing fundus images. Handheld cameras are emerging as a cost-effective solution for diabetic retinopathy screening, especially for patients lacking access to ophthalmological care.
Insights by Application
In terms of application, the fundus cameras market is segmented into diabetic retinopathy, age-related macular degeneration, retinal vascular disorders, and others. The diabetic retinopathy segment represented the largest share of the fundus cameras market in 2022. Diabetes mellitus is recognized as a significant health crisis, with 37.3 million individuals in the US currently diagnosed with the condition, according to the Diabetes Research Institute.
Diabetic retinopathy is one of the most serious long-term complications of diabetes and a leading cause of blindness among individuals aged 20 to 74. As of 2020, approximately 8 million adults in the US were affected by diabetic retinopathy, a number expected to double to 16 million by 2050. This condition can be classified as proliferative or nonproliferative, depending on the presence of abnormal blood vessel growth in the retina. Nonproliferative retinopathy is more common and may not necessitate treatment, while proliferative retinopathy can lead to significant vision loss. Regular eye exams are essential for monitoring the progression from nonproliferative to proliferative retinopathy. Fundus photography is vital for managing and documenting diabetic eye diseases, with digital fundus photography gaining popularity for its ease of use, immediate image review, and straightforward image magnification capabilities.
Key sources referenced in the preparation of this report on the fundus camera market include the Food and Drug Administration, the American Association for Pediatric Ophthalmology and Strabismus, the Saudi Food and Drug Authority (SFDA), and the American Hospital Association (AHA).