Fundus Camera Market Size

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.