The market for fundus cameras comprises mydriatic, non-mydriatic, hybrid and retinopathy of prematurity (ROP) types of fundus cameras. Hybrid fundus camera has been defined as a camera that incorporates mydriatic and non-mydriatic technologies in a single device or a fundus camera added with spectral-domain optical coherence tomography (SD-OCT). ROP camera is used to diagnose and monitor a potentially blinding retinal disorder called retinopathy of prematurity that is typically found in premature born babies. The global market for fundus cameras was valued at USD 220.5 million in 2012 and is expected to reach USD 300.5 million by the end of 2019, growing at a CAGR of 4.5% during the forecast period from 2013 to 2019. In 2012, non-mydriatic fundus cameras that are commercially available as a tabletop and handheld devices accounted for the largest share in terms of revenue (USD million) as well as volume (number of units). However, during the forecast period between 2013 and 2019, the market for hybrid fundus cameras has been anticipated to grow at a CAGR higher than the other market segments. One of the major factors responsible for the growing demand for hybrid fundus cameras include advantages associated with this product. Hybrid fundus camera encompassing multiple technologies in a single device offers upper hand to ophthalmologists and other trained medical professionals in diagnosing and monitoring retinal disorders.
Globally, the market for fundus cameras is growing under the influence of rapidly increasing geriatric population coupled with increasing cases of various retinal diseases including diabetic retinopathy, retinal detachment, age related macular dystrophy (AMD) and glaucoma, and technical advances leading to hybrid cameras with multiple technologies in a single device. CX-1 by Canon, Inc., iFusion by Optovue, Inc. and VX-20 by Kowa Optimed, Inc. are some prominent hybrid fundus cameras that are commercially available in the market and are contributing in market growth across the globe. The market may face a significant threat from high cost associated with new and innovative fundus cameras, especially in developing nations like India, China, Brazil and Mexico. In addition, the new governmental regulation “Patient Protection and Affordable Care Act” which imposes a 2.5% excise duty on all medical devices is also expected to serve the fundus cameras market as a growth restraint in North America.
In terms of geography, the market for fundus cameras has been segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW). Of these, in 2012, North America accounted for the largest market share in terms of revenue (USD Million) as well as volume (number of units). Major factors driving the market growth in the region include continuously increasing elderly population, increasing incidence and prevalence of diabetic retinopathy and other retinal disorders, and technical advances leading to introduction of digital and handheld devices. According to the U.S. Census Bureau, around 89 million people will be aged over 65 years in the U.S. by 2050. As people age they are more likely to develop retinal disorders, indicates that rapidly increasing elderly population is expected to play a key role in driving the demand for fundus cameras by contributing in the prevalence and incidence of retinal disorders.
According to the National Eye Institute (NEI), the prevalence of diabetic retinopathy in the U.S. is expected to reach 11.4 million in 2030 from 7.7 million in 2010. The growing incidence of diabetic retinopathy is also expected to play a key role in driving the fundus cameras market growth in the North American region. Europe held the second largest market in terms of revenue and volume both, followed by Asia-Pacific and RoW. According to the European Eye (EUREYE) study, approximately 3.3% of the people aged over 65 years in Europe are affected with AMD, indicating over 2.5 million cases of AMD across all 28 European Union member states. Such a large prevalence of AMD indicates a favorable market for fundus cameras in the European region. In Asia-Pacific and RoW regions, the market will be mainly driven by factors such as improving healthcare infrastructure and rise in awareness level regarding technically advanced fundus cameras. However, to some extent, the high cost associated with the technically advanced fundus camera may serve these markets as a growth restraint because it may create hesitance among healthcare providers (hospitals and ophthalmic offices) towards the purchase of highly priced fundus camera.
Topcon Corporation, Carl Zeiss Meditec AG, Canon, Inc., Kowa Optimed, Inc., NIDEK Co., Ltd., Optomed Oy (Ltd.), Optovue, Inc., Clarity Medical Systems and CenterVue S.p.A. are some key players operating in the fundus cameras market. These players are in constant competition with each other in terms of product differentiation and price war.
Fundus photography constitutes one of the indispensable ocular technologies that facilitate imaging of retina and sub retina covering the inner surface of the eye. Fundus cameras enable the diagnosis and monitoring of several ocular disorders such as diabetic retinopathy, glaucoma and age related macular degeneration. Fundus cameras are usually used by optometrists, ophthalmologists and other trained medical professionals. These devices are classified on the basis of diagnostic processes into mydriatic and non-mydriatic fundus cameras. Global fundus cameras market is highly saturated owing to technological obsolescence especially with reference to mydriatic fundus cameras. However, manufacturers are focusing on development of robust and high performance fundus cameras with improved quality, for instance development of hybrid cameras is one of the revolutionary technologies that have been evolved over the past few years. Hybrid cameras comprises both optical coherence tomography (OCT) and fundus photography and hence is advantageous as compared to individual type of fundus photography. Hence, all these developments will accelerate the market growth in near future.
The global fundus cameras market is analyzed on the basis of four prominent product categories, namely, mydriatic fundus cameras, non-mydriatic fundus cameras, hybrid fundus cameras and retinopathy of prematurity (ROP) fundus cameras. The mydriatic and non-mydriatic fundus cameras product categories have been further segmented into tabletop and handheld fundus cameras. These segments elucidate the detailed usage pattern of these devices across the globe both in terms of revenue and volume. The report also studies the market of fundus cameras by the end users. The end users segment comprises hospitals, ophthalmology clinics and ophthalmic & optometrist offices. A detailed market analysis and forecast for each of these segments have been provided in this study, in terms of market revenue (USD million) and volume (number of units) for the period 2011 to 2019. The report also provides the compounded annual growth rate (CAGR %) for each of these segments for the forecast period from 2013 to 2019, considering 2011 and 2012 as base years. A detailed qualitative analysis on the average selling prices (ASPs) of major product types has also been provided in the report.
In terms of the geographical distribution, the global fundus cameras market has been segmented into four major regions, of North America, Europe, Asia-Pacific and Rest of the World (RoW). The current and future market size in terms of revenue (USD million) and volume (number of units) for each of these regions along with CAGR have also been provided in the report, considering from 2013 to 2019 as a forecast period and, 2011 and 2012 as base years. The market overview section of the report demonstrates the major market dynamics such as drivers, restraints and opportunities that influence the current as well as future status of this industry. Along with Porter’s five forces analysis and market attractiveness analysis by geography, the market overview section also includes qualitative analysis on event impact analysis and regulatory & reimbursement scenarios in major markets, in order to give a thorough analysis of the overall competitive scenario in the global fundus cameras market. The market overview section of the report also includes the qualitative and quantitative analysis of the competitive landscape.
The study also suggests a list of recommendations which would be useful for the existing and future market players in decision making. The report concludes with the company profiles section which includes key information about the major players in this market such as financial overview, business strategies and recent developments. Topcon Corporation, Carl Zeiss Meditec AG, Canon, Inc., Kowa Optimed, Inc., Nidek Co., Ltd., Optomed Oy (Ltd.), Optovue, Inc., Clarity Medical Systems and CenterVue S.p.A. are the major players profiled in this report.
The global fundus cameras market is segmented as follows:
Fundus Cameras Market, by Product Type
Mydriatic Fundus Cameras (By Revenue and Volume)
Non Retractable Fundus Cameras (By Revenue and Volume)
- Hybrid Fundus Cameras (By Revenue and Volume)
- Retinopathy of Prematurity (ROP) Fundus Cameras (By Revenue and Volume)
Fundus Cameras Market, by Geography
- North America
- Rest of the World (RoW)