Fundus Cameras Market Size, Share, Growth, And Industry Analysis by Type (Low-end Fundus Cameras, Middle-end Fundus Cameras & High-end Fundus Cameras) by Downstream Industry (Class 3 Hospital, Class 2 Hospital & Class 1 Hospital) and Regional Forecast to 2032

Updated On: 04 November 2024

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FUNDUS CAMERAS MARKET REPORT OVERVIEW

The Fundus Cameras Market Size was Valued at US$ US$ 370.84 Million in 2023. The Market is likely to Surpass US$ 669.3 Million by 2032 at a CAGR of 6.08% During the Forecast period [2024-2032].

A fundus camera is basically a very detailed imaging device in ophthalmology and optometry designed to allow clear visualisation of the rear interior of an eye, referred to as the fundus. These cameras are of three types such as low end, middle end and high end. It is used to diagnose eye diseases.

There are various factors driving the fundus cameras market growth such as increasing retinal disorders or eye diseases and rising awareness about the eye disorders. Due to the rising incidence of chronic diseases like hypertension, diabetes, and geriatrics, retinal abnormalities are on the rise. The integration of advanced technologies such as artificial intelligence and machine learning the accuracy of diagnosis is increasing.

COVID-19 Impact: Limited Functioning of Eye Hospitals Led To Decline in Demand

The COVID-19 pandemic has been unprecedented and staggering, with fundus cameras markets experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels once the pandemic is over.

The fundus cameras market felt the impact of COVID-19 pandemic because eye hospitals and clinics did not operate normally. As a result of lockdowns and restrictions, people came for medical treatment less often and fewer elective operations took place which led to less need for fundus cameras. In order to prevent infection by COVID-19, a number of eye care providers deferred unnecessary consultations and tests, hence purchasing of machinery became even lower. The fundus cameras production and sales went down as healthcare resources were focused on tackling the pandemic, thereby retarding the market.

LATEST TRENDS

"Integration of AI and Machine Learning in Cameras is A Prominent Trend "

One major thing which has significantly revolutionised ophthalmic diagnostics entails the blending of fundus cameras with artificial intelligence (AI) and machine learning agents. These innovative features serve to improve image analysis thereby facilitating early detection of conditions affecting human eyes for instance; diabetic retinopathy and/or glaucoma among others. Using AI algorithms ensures that even slight variations within retina images are well established hence more precise diagnoses at the right time. Furthermore, this fusion enables quicker and more consistent assessment procedures resulting in better patient outcomes in eye care as well as driving increased popularity for AI-driven fundus cameras.

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FUNDUS CAMERAS MARKET SEGMENTATION

By Type

Depending on the fundus cameras market given are types: Low-end Fundus Cameras, Middle-end Fundus Cameras & High-end Fundus Cameras

• Low-end Fundus Cameras: The low end fundus cameras are used for daily routine checkups. It has basic technology features.

• Middle-end Fundus Cameras: The middle end cameras have little higher technology used for diagnosis.

• High-end Fundus Cameras: These high end fundus cameras are equipped with the higher technology features. Have higher accuracy and higher cost.

By Downstream Industry

The market is divided into home Class 3 Hospital, Class 2 Hospital & Class 1 Hospital

• Class 3 Hospital: Class 3 hospitals are high end hospitals where tertiary care is available. Here high technology cameras are required.

• Class 2 Hospital: Class 2 hospitals offer secondary health care facilities. The middle end fundus cameras are required here.

• Class 1 Hospital: The class 1 hospitals are primary health care centres which require fundus cameras for just basic diagnosis and routine checkups.

DRIVING FACTORS

"Increasing Retinal Disorders and Eye Diseases Drive Growth in Market"

The increasing retinal disorders and eye diseases is one reason driving the fundus cameras market growth. As societies get older and diabetes rates rise, conditions like diabetic retinopathy, age-related macular degeneration and glaucoma are increasing with the commonality. The need for more advanced diagnostic aid for quick treatment and proper management of the upsurge in problems of eyes becomes more evident. Hence, there is an increased market demand resulting from this for fundus cameras since they are used to take detailed photographs of retina that help diagnose and monitor these problems.

"Increasing Awareness about Eye Disorders Propel Market Demand"

Another important reason driving the market is the increasing awareness about eye disorders. Increased recognition of the risks and symptoms of eye diseases among many individuals increases the demand for full eye examination services during the campaign and educational drive by public health advocates. It is at this time when most of them go for fundus camera diagnostic equipment therefore promoting market expansion as well as encouraging early diagnosis which in turn results in increased usage of these items in clinics and hospitals.

RESTRAINING FACTORS

"High Initial Instalment Cost Hamper the Market Growth"

One limiting factor affecting the training fundus cameras market is the requirement of high initial instalment cost of the camera. Advanced models with the latest technology and imaging capabilities with high-resolution require significant investment that makes it hard for smaller clinics and hospitals to afford. Consequently, market growth might be slowed down due to this financial barrier leading to lesser access to advanced eye diagnostic tools.

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FUNDUS CAMERAS MARKET REGIONAL INSIGHTS

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America and Middle East & Africa.

"North America to Dominate the Market due to Advancement of Technology "

North America is the dominant region in the market, with a large fundus cameras market share and a high development trajectory. Given the prominent place taken up by this region’s advancements made through medical technology innovation, there are enough modern diagnostic tools for use by its citizens. An increase in spent sums of money targeting varied types of explorations followed by certain manufacturers being present in this area also contribute to expanding economy.As well as that what encourages this kind of appliance is eyesight being appreciated more alongside how common retinal disorders have become hence necessitating state-of-the-art fundus cameras in North America to uphold its leading position on global ground.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

The fundus cameras market is significantly influenced by key industry players that play a pivotal role in driving market dynamics and shaping consumer preferences. These key players possess extensive retail networks and online platforms, providing consumers with easy access to a wide variety of alarm clocks. Their strong global presence and brand recognition have contributed to increased consumer trust and loyalty, driving product adoption. The collective efforts of these major players significantly impact the competitive landscape and future trajectory of the market.

LIST OF MARKET PLAYERS PROFILED

• Topcon (Japan)

• Kowa (Japan)

• Carl Zeiss (Germany)

• CenterVue (Italy)

• Canon (Japan)

• Optomed Oy (Finland)

• Resta (China)

• Nidek (Japan)

• RAYMOND (U.S.)

• Heidelberg (Germany)

INDUSTRIAL DEVELOPMENT

May 2024: Optomed USA, Inc. has announced the release of the Optomed Aurora AEYE, a portable Al fundus camera that detects more than mild diabetic retinopathy. It allows diabetic patients in primary care to receive on-the-spot eye examinations and rapid retinopathy identification before being directed to an eye care expert.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.