Fundus Camera Market Analysis

A fundus camera is a specialized low power microscope with an attached camera. Fundus photography is used to inspect anomalies associated to diseases that affect the eye, and to monitor their progression. Standard fundus photography, ultra-widefield fundus photography, fundus autofluorescence, and smartphone fundus photography are the types of fundus photography. 

The global fundus cameras market is estimated to be valued at US$ 402.1 million in 2021 and is expected to exhibit a CAGR of 4.2% over the forecast period (2021-2028).

Recent Developments

In July 2021, Topcon Healthcare has acquired VISIA Imaging S.r.l, a company engaged in the manufacturing of ophthalmic devices. This strategic move will improvise Topcon’s manufacturing and development capabilities associated with anterior segment devices that include fundus cameras. This acquisition is further expected to bolster Topcon’s position in the ophthalmic device industry.

In April 2021, Samsung has launched the EYELIKE Fundus Camera to improve access to affordable eye care. The Eyelike fundus imaging system uses a lens attachment and AI algorithm on Samsung Galaxy smartphones to detect and analyse the images for eye diseases. This launch will strengthen the company’s smartphone-based fundus cameras portfolio and the product is set to witness significant demand in developing countries such as Vietnam, India, Morocco, and Papua New Guinea

In March 2021, Oculus has received FDA 510(k) clearance for Pentacam AXL Wave. Pentacam AXL Wave is the latest and most versatile member of the Pentacam family, incorporating intuitive reports based on clinical studies, with network compatibility and full operability of all Pentacam software and examinations.

North America held dominant position in the global fundus cameras market in 2020, accounting for 37.3% share in terms of volume, followed by Europe and Asia Pacific, respectively. Dominance of North America market in 2020 can be attributed to early adoption of advanced technology products in the region, recent launch & approval of products, and increasing lifestyle diseases with ophthalmic diseases in the region.

Figure 1. Global Fundus Cameras Market Value (US$ Mn), by Region, 2020

Global Fundus Cameras Market: Drivers

Increasing prevalence of glaucoma is expected to propel growth of the global fundus cameras market over the forecast period. For instance, according to The International Agency for the Prevention of Blindness, 80 million people are expected to suffer from glaucoma by 2020 compared to 20 million since 2010.     

Moreover, increasing geriatric population is also expected to boost adoption of fundus cameras. For instance, according to the World Health Organization, geriatric population is expected to reach 2 billion by 2050, up from 900 million in 2015.   

Global Fundus Cameras Market: Opportunities 

R&D in fundus photography is expected to offer lucrative growth opportunities for players in the global fundus cameras market. For instance, in February 2019, researchers from SASTRA Deemed University, India, proposed a hybrid segmentation algorithm to extract the blood vessels from the fundus image of retina.

Moreover, development of smartphone-based fundus camera is also expected to aid in growth of the market.

Fundus Cameras Market Report Coverage

Report Coverage	Details
Base Year:	2020	Market Size in 2021:	US$ 402.1 Mn
Historical Data for:	2017 to 2020	Forecast Period:	2021 to 2028
Forecast Period 2021 to 2028 CAGR:	4.2%	2028 Value Projection:	US$ 537.9 Mn
Geographies covered:	North America: U.S. and Canada Latin America: Brazil, Argentina, Mexico, and Rest of Latin America Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific Middle East: GCC Countries, Israel, and Rest of Middle East Africa: South Africa, North Africa, and Central Africa
Segments covered:	By Product Type: Mydriatic Fundus Cameras (Tabletop, Handheld), Non-Mydriatic Fundus Cameras (Tabletop, Handheld), Hybrid Fundus Cameras, ROP Fundus Cameras By End-Use: Hospitals, Ophthalmology Clinics, Ophthalmic & Optometrist Offices
Companies covered:	Carl Zeiss AG, Hoya Corporation, Canon Inc., Nidek Co., Ltd., Topcon Corporation, and Intelligent Retinal Imaging Systems, Inc.
Growth Drivers:	Increasing prevalence of glaucoma Increasing geriatric population
Restraints & Challenges:	High cost associated with fundus cameras and lack of awareness among patients in developing countries

Market Trends

Increasing prevalence of diabetes is expected to propel growth of the global fundus cameras market over the forecast period. For instance, according to the study, “Global and regional diabetes prevalence estimates for 2019 and projections for 2030 and 2045: Results from the International Diabetes Federation Diabetes Atlas, 9th edition”, published in the journal Diabetes Research and Clinical Practice, in September 2019, 463 million people are expected to suffer from diabetes in 2019 worldwide and the number is expected to reach 578 million by 2030 and 700 million by 2045.

Increasing prevalence of diabetic retinopathy is expected to propel growth of the global fundus cameras market over the forecast period. For instance, according to the study ‘Global causes of blindness and distance vision impairment 1990-2020: a systematic review and meta-analysis’, published in the journal Lancet, in 2015, 2.6 million people were visually impaired because of diabetic retinopathy, and the number is expected to reach 3.2 million in 2020.

Figure 2. Global Fundus Cameras Market Share, By Product Type, 2020

Key Takeaways of the Graph:

• Among Product Type, the Non-Mydriatic Fundus Camera held dominant position in the market and accounted for 49.6% share in the global fundus cameras market in 2020. The segment is expected to reach US$ 275.4 million in 2028.
• Dominance of Non-mydriatric Fundus Camera segment can be attributed to novel features of non-mydriatic cameras, such as fluorescein imaging, portability, and live-action systems, and detailed anatomy examination by this product
• Among End Use, the Ophthalmic & Optometrist Offices held dominant position in the market and accounted for 36.5% share in the global fundus cameras market in 2020. The segment is expected to reach US$ 199.0 million in 2028.
• Growing number of optometrist practitioners across the globe, increasing preference for primary eye care, and low-cost services offered by ophthalmic and optometrist offices compared to ophthalmologists are some of the major driving factors responsible for the growth of Ophthalmic & Optometrist Offices segment during the forecast period

Global Fundus Cameras Market: Restraints

High cost associated with fundus cameras is expected to hinder growth of the global fundus cameras market. For instance, VisuCam 200 (Carl Zeiss) costs in the range of US$ 25,000 to US$ 30,000, which may be significantly high for private clinics or tier II and tier III hospitals.

Moreover, lack of awareness among patients in developing countries is also expected to limit the adoption of fundus cameras.

Global Fundus Cameras Market: Competitive Landscape

Major players operating in the global fundus cameras market include, Carl Zeiss AG, Hoya Corporation, Canon Inc., Nidek Co., Ltd., Topcon Corporation, and Intelligent Retinal Imaging Systems, Inc.

Global Fundus Cameras Market: Key Developments

Major players in the market are focused on adopting partnership strategies to expand their product portfolio. For instance, in October 2019, Intelligent Retinal Imaging Systems, Inc. partnered with Remidio Innovative Solutions Pvt. Ltd. to launch smartphone-based non mydriatic fundus camera to the U.S. market.