Retinal Imaging Device Market to Grow at a CAGR of 5.4% to reach US$ 2,836.99 Mn Million from 2020 to 2027
NEW YORK, UNITED STATES, November 18, 2021 /EINPresswire.com/ — According to The Insight Partners market research titled Retinal Imaging Device Market to 2027 – Global Analysis and Forecasts by Device Type, and End User. The report provides the trends prevailing in the global retinal imaging device market and the factors driving the market along with those that act as hindrances.
Report Coverage (Details)
Market Size Value in (US$ 1,868.06 million in 2019)
Market Size Value by (US$ 2,836.99 million in 2027)
Growth Rate (CAGR of 5.4% from 2020 to 2027)
Forecast Period (2020-2027)
Base Year (2020)
No. of Pages (137)
No. Tables (55)
Segments covered (By Device Type; End User and Geography)
Regional scope (North America; Europe; Asia Pacific; Latin America; MEA)
Country scope (US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina)
Report coverage (Revenue forecast, company ranking, competitive landscape, growth factors, and trends)
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Retinal imaging is a technique that is used to analyze and diagnose the condition of a patient's retina. Retinal imaging devices (RID) use high-resolution imaging systems to capture pictures of the inside of the eye. The captured image helps Virtual Private Network (VSP) network doctors assess the health of the retina, which helps in the detection and management of eye and health conditions as diabetes, glaucoma, and macular degeneration. The growth of the global retinal imaging device market is attributed to the rising prevalence of eye diseases, growing global initiatives for blindness and technological advancements. However, high cost of OCT devices is the major factor hindering the market growth.
Growing global initiatives for blindness to Drive Global Retinal Imaging Device Market Growth
Cataract and age-related macular degeneration (AMD) is a significant cause of blindness across the world. A cataract is often untreated in developing countries due to limited access to qualified ophthalmologists and is responsible for nearly 50% of blindness in some countries. Whereas, it is usually treated in developed countries. However, the leading cause of blindness in developed regions is age-related macular degeneration. For instance, according to the Human Development Index, data 2019, countries such as the US and UK only 5% of people live with cataracts compared to 65% in Africa.
The Vision 2020 provides guidance, technical, and resource support to countries to reduce the number of avoidable blindness. The estimated cost of the initiative was US$ 23.1 billion. Furthermore, the recent global plan of Vision 2020 was Universal Eye Health: A global action plan 2014 – 2019. It aimed to cut down the prevalence of avoidable visual impairment by 25% by 2019.
Therefore, to prevent the prevalence of blindness, global initiatives are being conducted by international agencies. For instance, Vision 2020 is a global initiative initiated by WHO and International Agency for the Prevention of Blindness (IAPB), it aims to eliminate avoidable blindness by the year 2020. The initiative was launched in collaboration with more than 20 international non-governmental organizations that are involved in prevention, and management, and eye care.
The Vision 2020 has made positive impact on global eye health by focusing on the undiagnosed people of various countries. Moreover, the awareness regarding the Vision 2020 is strong and is expected to remain as a strong brand. Thus, increasing awareness about the Vision 2020 is expected to support the growth of the retinal imaging device market across the world.
The COVID-19 has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The COVID-19 crisis has overburdened public health systems in many countries and highlighted the strong need for sustainable investment in health systems. As the COVID-19 pandemic progresses, the healthcare industry is expected to see a drop in growth.
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The global retinal imaging device market, based on the device type, is segmented into fundus camera, fluorescein angiography, and optical coherence tomography. The fundus camera segment led the retinal imaging device market by device type in 2019, and; it is expected to retain its dominance during the forecast period. Based on end user the market is classified as hospitals & clinics, specialized eye care centers, ambulatory surgical centers, and other end users (academic institutes, research institutes and retail clinics).
Retinal Imaging Device Market: Competitive Landscape and Key Developments
Carl Zeiss Meditec AG, Revenio Group Corporation (CenterVue SpA), Epipole Ltd., Eyenuk, Inc., Forus Health Pvt Ltd., Imagine Eyes, Nikon Corporation, Optomed Plc, Phoenix Technology Group, LLC, Topcon Corporation among others.
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Press Release: https://www.theinsightpartners.com/pr/retinal-imaging-devices-rid-market
More Research: https://www.biospace.com/article/artificial-retina-market-swot-analysis-by-top-vendors-and-forecast-research-to-2028/
Source: EIN Presswire