A fundus camera, also known as a retinal camera, is a specialized low-power microscope with an attached camera that is used to photograph the interior surface of the eye, including the retina, retinal vasculature, optic disc, macula, and posterior pole (i.e. the fundus). Fundus photography is the process of photographing the eye continuously through the pupil. Fundus photography is used to aid in the interpretation of fluorescein angiography because certain retinal landmarks visible in fundus photography are not visible on a fluorescein angiogram.
Global Fundus Camera Market - Impact of the Coronavirus (COVID-19) Pandemic
Coronavirus (COVID-19) outbreak was first reported on December 31, 2019, in Wuhan, China. The World Health Organization declared COVID-19 as pandemic on March 11, 2020. According to the Coronavirus (COVID-19) Weekly Epidemiological Update by the World Health Organization, over 645 million cases and 6.63 million deaths due to coronavirus (COVID-19) were reported till December 10, 2022, across the globe.
Impact of COVID-19 on Demand and Supply of Fundus Camera
The COVID-19 pandemic and lockdown in various countries across the globe has impacted the financial status of businesses across all sectors including private healthcare sector. The COVID-19 pandemic has impacted the entire supply chain of the healthcare industry mainly due to strict lockdown in several regions. The COVID-19 pandemic has affected the economy of various regions across the globe in three main ways; 1) by directly affecting the production and demand; 2) by creating disruptions in distribution channels; and 3) through its financial impact on companies and financial markets. Several countries such as Thailand, Indonesia, and Singapore are facing problems with regards to transportation and distribution of healthcare products.
Thus, COVID-19 pandemic negatively impacted the global fundus camera market owing to decrease in the ophthalmology appointments during the COVID-19 pandemic. For instance, according to an article published in Clinical Ophthalmology, a peer-reviewed medical journal of ophthalmology, December 2021, a retrospective observational study was conducted on eye clinic patients in Stanford Eye Institute, U.S., where only 59.3% of eye clinic appointments were completed during COVID-19 pandemic (March 16 to May 31, 2020) as compared to the 82.0% of eye clinic appointments visited eye clinic before COVID-19 during January 1 to February 29, 2020.
Global fundus camera market is estimated to be valued at US$ 365.4 million in 2022, and is expected to exhibit a CAGR 5.4% over the forecast period (2022-2030).
Figure 1: Global Fundus Camera Market Share (%) Analysis, By Product Type, 2022
Global Fundus Camera Market – Key Drivers
Increasing number of product launches by market players are expected to fuel growth of the global fundus camera market over the forecast period. For instance, in November 2020, Optomed, health care technology company launched Aurora IQ. Aurora IQ is a handheld fundus camera with integrated artificial intelligence for faster eye screening. The Aurora IQ is CE-approved product.
Market players are engaged in partnerships, which is expected to boost the global fundus camera market growth over the forecast period. For instance, in August 2021, Thirona B.V., a high-tech company focusing on development and marketing of automated analysis tools for medical images partnered NIDEK CO., LTD., an organization engaged in design, manufacture, and distribution of ophthalmic, optometric, and lens edging equipment announced the integration of Thirona's RetCAD artificial intelligence eye disease detection software and NIDEK's NAVIS-EX image filing software. The partnership between two companies allows instant screening of Age-related Macular Degeneration (AMD) and Diabetic Retinopathy (DR) on color fundus images captured by the AFC-330 and Retina Scan Duo from NIDEK.
|Base Year:||2021||Market Size in 2021:||US$ 347.6 Mn|
|Historical Data for:||2017 to 2020||Forecast Period:||2022 to 2030|
|Forecast Period 2022 to 2030 CAGR:||5.4%||2030 Value Projection:||US$ 554.8 Mn|
Carl Zeiss AG, Hoya Corporation, Canon Inc., Nidek Co., Ltd., Topcon Corporation, Intelligent Retinal Imaging Systems, Inc., Kowa Company Ltd., Optomed Oy (Ltd.), Vision Equipment Inc., Clarity Medical Systems, Inc., Medimaging Integrated Solution Inc., S4OPTIK LLC., Shenzhen Thondar Technology Co., Ltd., CenterVue SpA
|Restraints & Challenges:||
Global Fundus Camera Market-Restraint
High cost associated with fundus cameras is expected to hinder growth of the global fundus cameras market. For instance, VisuCam 200 (Carl Zeiss), non-mydriatic color fundus camera, 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.
Global Fundus Camera Market – Regional Analysis
On the basis of region, the global fundus camera market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.
North America is expected to be the most lucrative region in the global fundus camera market, owing to increasing number of distribution agreements by market players. For instance, in June 2021, a U.S. based manufacturer, distributor of ophthalmic diagnostic products launched HFC-1 Non-Mydriatic Fundus Camera manufactured by Huvitz, Co. Ltd., a company engaged in manufacturing, supply and distribution of optometric medical equipment.
Europe is expected to witness significant growth in the forecast period, owing to increasing collaborations between market players. For instance, in September 2020, Optomed, a health care technology company headquartered in Finland, Europe announced the collaboration with AEYE Health, a digital health company that provides fully autonomous, AI-based diagnostic screening solutions for retinal imaging to introduce an AI fundus camera Aurora AEYE. The collaboration includes a clinical trial with the aim to receive the U.S. Food and Drug Administration (FDA) approval for autonomous AI for retinal screening.
Figure 2: Global Fundus Camera Market Value (US$ Mn), by Region, 2022
Global Fundus Camera Market – Competitive Landscape
Major players operating in the global fundus camera market include Carl Zeiss AG, Hoya Corporation, Canon Inc., Nidek Co., Ltd., Topcon Corporation, Intelligent Retinal Imaging Systems, Inc., Kowa Company Ltd., Optomed Oy (Ltd.), Vision Equipment Inc., Clarity Medical Systems, Inc., Medimaging Integrated Solution Inc., S4OPTIK LLC., Shenzhen Thondar Technology Co., Ltd., CenterVue SpA
The fundus camera is a tool used in fundus photography. Fundus photography captures images of the retina, optic nerve head, macula, retinal blood vessels, choroid, and vitreous. Fundus photography aids in the detection and screening of a variety of treatable and preventable blindness conditions, including diabetic retinopathy, age-related macular degeneration, glaucoma, and retinopathy of prematurity.
Increasing number of product launches by market key players is expected to propel the market growth over forecast period. For instance, in April 2021, Samsung, a multinational electronics corporation launched device called the Eyelike fundus camera. The new device is developed under the Galaxy Upcycling program that aims to repurpose company’s older Samsung Galaxy smartphones into medical diagnosis cameras. The newly launched Eyelike fundus camera connects to a lens attachment and uses an artificial intelligence (AI) algorithm on older Samsung Galaxy smartphones to analyze and diagnose the images for ophthalmic diseases.
Moreover, in October 2022, Topcon, a manufacturer of optical equipment, launched NW500 Non-Mydriatic Retinal Camera. NW500 Non-Mydriatic Retinal Camera is fully-automatic, non-mydriatic retinal camera that delivers reliable, sharp-quality imaging with enhanced capability.
Increasing prevalence of diabetic retinopathy is expected to drive growth of market over the forecast period. For instance, according to The Lancet Global Health, October 2022, a multicentre cross-sectional screening study was performed for diabetic retinopathy in people aged 40 years or older in ten Indian states and one union territory between Dec 20, 2018, and March 20, 2020. It was found that approximately 3 million people aged 40 years or older have VTDR (vision-threatening diabetic retinopathy) in India.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.
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