Retinal Imaging Devices is Estimated to Witness High Growth Owing to Opportunity in Early Disease Detection
Retinal imaging devices are medical devices that are used to capture high-quality images of the retina for screening, detection, and diagnosing various eye-related diseases, including diabetic retinopathy, age-related macular degeneration, and glaucoma. Retinal imaging devices offer non-invasive and painless examination of the retinal structure and provides detailed information about the overall health of eyes. These devices provide accurate detection and diagnosis of various retinal conditions at an early stage.
The global retinal imaging devices market is estimated to be valued at US$ 2.52 Bn in 2023 and is expected to exhibit a CAGR of 9.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Early disease detection presents a major market opportunity for retinal imaging devices. Retinal conditions often do not show prominent symptoms at an early stage. However, early detection can help halt the progression of diseases such as glaucoma and age-related macular degeneration. Retinal imaging devices offer advanced imaging technology and allow eye care professionals to capture high-quality retinal images, which enables identification of various retinal abnormalities and signs of eye diseases at an early stage. This facilitates timely clinical intervention and management of disease and can help prevent vision loss. Thus, the ability of retinal imaging devices to effectively detect retinal conditions at an early stage is expected to witness high demand over the forecast period.
Porter’s Analysis
Threat of new entrants: Low capital requirements limit the threat of new entrants in the retinal imaging devices market. However, established brands have economies of scale and access to existing customer relationships.
Bargaining power of buyers: Individual hospital buyers have moderate bargaining power, while group purchasing organizations representing many hospitals have greater negotiating power over suppliers.
Bargaining power of suppliers: A few large medical device companies dominate the supply of retinal imaging devices, giving them strong bargaining power over buyers.
Threat of new substitutes: No significant technological substitutes currently threaten retinal imaging, though cheaper alternatives could emerge.
Competitive rivalry: The retinal imaging market is highly competitive with major companies fighting for market share.
SWOT Analysis
Strengths: Advancing technologies enable early disease detection and monitoring. Non-invasive nature increases patient acceptance.
Weaknesses: High device costs limit adoption in price-sensitive areas. Skilled professionals required to operate equipment.
Opportunities: Rising eye disease prevalence drives screening needs. Emerging economies present new customer markets.
Threats: Reimbursement uncertainty impacts sales. Regulatory changes increase compliance costs.
Key Takeaways
The global retinal imaging devices market is expected to witness high growth. Advancing technologies are diagnosing retinal conditions earlier and better guiding treatment. The retinal imaging devices market size for 2023 is US$ 2.52 Bn and is forecast to reach over US$ 4.5 Bn by 2030, growing at a CAGR of 9.5% over the forecast period.
Regional analysis shows North America currently commands the largest share of the retinal imaging devices market owing to regulatory approvals and reimbursement. However, Asia Pacific is poised to emerge as the fastest growing region with increasing affordability and rising awareness.
Key players operating in the retinal imaging devices market are Carl Zeiss Meditec AG, Topcon Corporation, NIDEK Co. Ltd., Optos plc, CenterVue SpA, Forus Health Pvt Ltd., Eyenuk Inc., Imagine Eyes, Clarity Medical Systems Inc., and Optomed Plc. Major players are focusing on product launches and acquisitions to expand their product portfolios and strengthen regional presence.
