Market Trends of Fundus Camera Industry
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.
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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.
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