The worldwide market for retinal imaging devices is projected to grow from US$ 1,868.06 million in 2019 to US$ 2,836.99 million by 2027, reflecting a compound annual growth rate (CAGR) of 5.4% from 2020 to 2027.
This anticipated growth in the retinal imaging device sector is primarily driven by several factors, including the increasing incidence of eye-related diseases, the rise of global initiatives aimed at combating blindness, and ongoing technological innovations that are expected to enhance the market's expansion. Nevertheless, the high price point of optical coherence tomography (OCT) devices may pose a challenge to market growth during the forecast period.
Cataracts and age-related macular degeneration (AMD) are among the leading causes of blindness globally. In many developing nations, cataracts often go untreated due to a lack of access to qualified eye care professionals, contributing to nearly 50% of blindness in certain regions. In contrast, developed countries typically provide treatment for cataracts, while AMD remains the predominant cause of blindness in these areas. For example, data from the Human Development Index in 2019 indicates that only 5% of individuals in the US and UK suffer from cataracts, compared to 65% in parts of Africa.
To combat the rising rates of blindness, various global initiatives have been launched by international organizations. One notable initiative is Vision 2020, which was established by the World Health Organization (WHO) in collaboration with the International Agency for the Prevention of Blindness (IAPB). This initiative aims to eradicate avoidable blindness by the year 2020 and has been developed in partnership with over 20 international non-governmental organizations dedicated to eye care and prevention.
Vision 2020 offers guidance, technical assistance, and resource support to nations in an effort to decrease the incidence of preventable blindness. The initiative's estimated financial requirement was around US$ 23.1 billion. Additionally, the recent global strategy under Vision 2020, titled "Universal Eye Health: A Global Action Plan 2014 ? 2019," aimed to reduce the prevalence of avoidable visual impairment by 25% by the end of 2019.
The impact of Vision 2020 on global eye health has been significant, particularly in identifying and addressing the needs of undiagnosed individuals across various countries. The initiative has garnered strong awareness and is expected to maintain its reputation as a leading brand in eye health advocacy.
The retinal imaging device market is categorized based on device type and end user. In terms of device type, the market includes fluorescein angiography, fundus cameras, and optical coherence tomography. When considering end users, the market is divided into hospitals and clinics, ambulatory surgical centers, specialized eye care facilities, and other users.
In 2019, the fundus camera segment held the largest share of the global retinal imaging device market by device type. However, the optical coherence tomography segment is projected to experience the highest CAGR during the forecast period. A key factor contributing to the growth of this segment is the increasing number of primary retinal diagnoses that can be performed using handheld fundus cameras.
The report incorporates a variety of significant primary and secondary sources, including the All India Institute of Medical Sciences, the Brazilian Research Association for Vision and Ophthalmology, the Centers for Disease Control and Prevention, the European Innovation Partnership on Healthy and Active Ageing, the Food and Drug Administration, the Korean Health and Nutrition Examination Survey, and the World Health Organization, among others.