Fundus Camera Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 6.70 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Fundus Camera Market Analysis
The fundus camera market is expected to register a CAGR of 6.7% over the forecast period.
- The initial wave of the pandemic substantially influenced the fundus camera market since the utilization of fundus cameras was reduced in eye care clinics due to the global lockdown. For instance, as per the article published in August 2022 in MDPI journal, the lockdown due to COVID-19 had a major impact on ophthalmic outpatient care in Riyadh as hundreds of appointments were canceled. This affected the course of the disease, which led to neglect of existing symptoms, a delay in detecting potentially sight-threatening complications, or even a delay in vision-saving interventions, all of which may contribute to a worsening of visual outcomes.
- Thus, the utilization of fundus cameras was limited and thereby impacted the market growth. However, with the resumption of ophthalmic consultations and decreasing cases of COVID-19, the studied market is expected to recover from the decline of COVID-19 over the forecast period.
- The rise in eye-related disorders, the increase in government support for the visually impaired population, and technological advances in fundus cameras are the major factors driving the market growth. For instance, as per the RANZCO Pre-Budget Submission 2022-2023, the estimated prevalence of glaucoma in Australians over 50 years is 2.2%. The prevalence of glaucoma in Australia is predicted to increase to 379,000 patients by 2025. Fundus photographs are widely used as a useful examination for glaucoma detection. Therefore, a rise in eye diseases is likely to increase the demand for fundus cameras and thereby drive market growth.
- Furthermore, rapid technological advancements, strategic initiatives by the key players, and product launches are likely to fuel market growth. For instance, in October 2021, NIDEK CO., LTD. launched the Retina Scan Duo 2, a combined OCT and fundus camera system. The new imaging system incorporates new features that enhance screening and clinical efficiency in addition to user-friendly features that were incorporated from the previous model.
- Furthermore, the research studies demonstrating comparative study of fundus cameras are likely to provide opportunities for the adoption of fundus cameras. For instance, as per the article published in November 2022 in Nature, when compared to ophthalmoscopy, ultra-wide-field fundus imaging improve the quality of the clinical evaluation, allowing to compare images of the same eye acquired at different moments, thus helping to monitor chronic diseases, such as diabetic retinopathy, and easily detect recurrences (i.e., choroidal and retinal tumors), also by using some tools intrinsic to the system. Moreover, it allows an accurate assessment of specific retinal areas, such as the macula or very peripheral sectors, without increasing the discomfort of the patient, as may happen during a prolonged ophthalmoscopic evaluation.
- Thus, due to the rise in eye diseases, increase in product launches, and technological advancements, the studied market is anticipated to witness significant growth over the forecast period. However, the high price for the fundus camera is likely to impede market growth over the forecast period.
Fundus Camera Market Trends
Nonmydriatic Fundus Cameras is Likely to Show Lucrative Growth Opportunities in the Fundus Camera Market Over the Forecast Period
- A non-mydriatic fundus camera is commonly used to screen at-risk individuals for curable, sight-threatening eye disorders such as diabetic retinopathy. Non-mydriatic fundus photography is an effective alternative to direct ophthalmoscopy for examining the ocular fundus in non-ophthalmology settings. Factors such as a rise in diabetic retinopathy, an increase in product launches, and a surge in awareness for early diagnosis are likely to boost segment growth over the forecast period.
- An article published in November 2021 in the KJO journal demonstrated that diabetic retinopathy affects one in five patients with diabetes mellitus in Brunei Darussalam, comparable to rates reported for other Asian populations. Hence, an increase in diabetes leads to the risk of retinopathy, and the rise in diabetic cases boosts the adoption of nonmydriatic fundus cameras.
- For instance, as per the International Diabetes Federation, in 2021, approximately 537 million adults (20-79 years) were living with diabetes. The total number of people living with diabetes is projected to rise to 643 million by 2030 and 783 million by 2045. Therefore, the rise in diabetes cases is expected to increase the cases of diabetic retinopathy, thereby driving the growth of the segment studied.
- Furthermore, increasing research studies involving technological advancements in non-mydriatic fundus cameras are likely to fuel the market expansion. For instance, as per the article published in December 2022 in the SPIE digital library, a group of orthogonal polarizers was used in the non-mydriatic fundus camera to eliminate the stray light caused by the front eyepiece, and a circular light source was used to suppress corneal reflection. The imaging quality of the system was found to be good in the 480-700 nm band. The study provided a reliable scheme for telemedicine for senile ophthalmic diseases. Hence, such advanced technologies in the non-mydriatic fundus camera are likely to increase demand and drive market growth.
- Furthermore, increasing awareness about the early detection of eye disease is likely to boost the adoption of the non-mydriatic fundus camera. For instance, in July 2022, as part of the ABP, Novartis and The Fred Hollows Foundation launched the Integrated Eye Health Program for blindness prevention in Kenya. Aiming to improve access to eye health services for the most vulnerable and marginalized communities, the program focuses on glaucoma, diabetic retinopathy, and cataract. For 2022, the partnership's ambitious goal was to have over 400,000 community members educated in eye health and approximately 40,000 patients screened.
- Therefore, due to the rise in eye diseases, product launches, and technological advancements, the studied segment is anticipated to witness significant growth over the forecast period.
North America Anticipated to Hold a Significant Share in the Market Over the Forecast Period
- North America is expected to hold a significant market share in the overall fundus camera market over the forecast period due to factors such as increasing cases of eye disorders, a rise in product launches, and rapid technological advancements in the studied region.
- For instance, according to the report published by Diabetes Canada 2022 report, an estimated 5.71 million people were living with diabetes in Canada, and this number is likely to increase to 7.27 million by 2032. The same source also stated that diabetic retinopathy is the leading cause of vision loss in working-age people, and the prevalence of diabetic retinopathy is around 25% in Canada. Therefore, increasing cases of diabetic retinopathy are expected to propel the demand for fundus cameras, thereby surging the market growth in the North American region.
- Key product launches, high concentration of market players or manufacturer's presence, and acquisition & partnerships among major players are some of the other factors driving the growth of the fundus camera market in the country.
- For instance, in March 2022, epipole, a provider of handheld fundus cameras, launched their new epiCam fundus camera to the United States eye care market at the Vision Expo East in New York City. The epiCam is a high-powered, ultra-portable, wireless fundus camera that captures live high-resolution video footage of the living retina, along with the accompanying still images, using Epipole's new video direct ophthalmoscopy (VDO) platform.
- Hence, the studied segment is anticipated to witness significant growth over the forecast period due to the increase in eye diseases, product launches, and technological advancements.
Fundus Camera Industry Overview
The global fundus camera market is competitive and consists of a few major players. The companies introduce various strategic plans such as partnerships, acquisitions, and mergers to increase their product availability and market growth. Some of the major key players are Canon, Inc., Carl Zeiss Meditec, Inc., CenterVue SpA, Epipole Ltd., Kowa Company Ltd., NIDEK Co., Ltd., Optomed Oy Ltd., Optovue, Inc., and Topcon Medical Systems, Inc., among others.
Fundus Camera Market Leaders
-
NIDEK Co., Ltd.
-
Carl Zeiss Meditec, Inc.
-
Canon, Inc.
-
Topcon Medical Systems, Inc.
-
Epipole Ltd.
*Disclaimer: Major Players sorted in no particular order
Fundus Camera Market News
- November 2022: Jipmer installed the state-of-the-art machine in ophthalmology during Diabetic Eye Disease Awareness Month. The equipment enables taking ultra-widefield retinal images and is also used to perform fundus fluorescein angiography to diagnose various conditions.
- October 2022: Topcon introduced a fully automated non-mydriatic retinal camera, NW500, that provides innovative slit scan illumination and a rolling shutter mechanism. The fully automatic retinal camera is intended to provide reliable, sharp-quality imaging with improved capability.
Fundus Camera Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rise in Ophthalmic Diseases
4.2.2 Increase in Government Initiatives to Support Eye Care and Rapid Technological Advancements
4.3 Market Restraints
4.3.1 High Price for the Fundus Camera
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD Million)
5.1 By Product Type
5.1.1 Mydriatic Fundus Cameras
5.1.2 Nonmydriatic Fundus Cameras
5.1.3 Hybrid Fundus Cameras
5.1.4 Other Product Types
5.2 By End-User
5.2.1 Hopitals
5.2.2 Speciality Clinics
5.2.3 Other End-Users
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Italy
5.3.2.5 Spain
5.3.2.6 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 Japan
5.3.3.3 India
5.3.3.4 Australia
5.3.3.5 South korea
5.3.3.6 Rest of Asia-Pacific
5.3.4 Middle East and Africa
5.3.4.1 GCC
5.3.4.2 South Africa
5.3.4.3 Rest of Middle East and Africa
5.3.5 South America
5.3.5.1 Brazil
5.3.5.2 Argentina
5.3.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Canon, Inc.
6.1.2 Carl Zeiss Meditec, Inc.
6.1.3 Revenio Group (iCare)
6.1.4 Epipole Ltd.
6.1.5 Kowa Company Ltd.
6.1.6 NIDEK Co., Ltd.
6.1.7 Optomed Oy Ltd.
6.1.8 Visionix
6.1.9 Topcon Corporation (Topcon Healthcare)
6.1.10 Beye, LLC
6.1.11 HEINE Optotechnik GmbH & Co. KG
6.1.12 Phelcom Technologies
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Fundus Camera Industry Segmentation
As per the scope of the report, a fundus camera, also known as a retinal camera, is referred to as a specialized low-power microscope with an attached camera. Its optical design is established on the indirect ophthalmoscope. They provide an objective photographic profile of any condition in the fundus. The device is also used to take photographs of the anterior segment of the eye.
The fundus camera market is segmented by product type (mydriatic fundus cameras, nonmydriatic fundus cameras, hybrid fundus cameras, and others), end user (hospitals, specialty clinics, and others), and geography (North America, Europe, Asia-Pacific, Middle East, and Africa, and South America). The report also covers the estimated market sizes and trends for 17 countries across major regions globally.
The report offers the value (in USD) for the above segments.
| By Product Type | |
| Mydriatic Fundus Cameras | |
| Nonmydriatic Fundus Cameras | |
| Hybrid Fundus Cameras | |
| Other Product Types |
| By End-User | |
| Hopitals | |
| Speciality Clinics | |
| Other End-Users |
| Geography | ||||||||
| ||||||||
| ||||||||
| ||||||||
| ||||||||
|
Fundus Camera Market Research FAQs
What is the current Fundus Camera Market size?
The Fundus Camera Market is projected to register a CAGR of 6.70% during the forecast period (2024-2029)
Who are the key players in Fundus Camera Market?
NIDEK Co., Ltd., Carl Zeiss Meditec, Inc., Canon, Inc., Topcon Medical Systems, Inc. and Epipole Ltd. are the major companies operating in the Fundus Camera Market.
Which is the fastest growing region in Fundus Camera Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Fundus Camera Market?
In 2024, the North America accounts for the largest market share in Fundus Camera Market.
What years does this Fundus Camera Market cover?
The report covers the Fundus Camera Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Fundus Camera Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Fundus Cameras Industry Report
Statistics for the 2024 Fundus Cameras market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Fundus Cameras analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
