Global Fundus Cameras Market to Reach US$300.5 mn by 2019, Propelled by Greater Prevalence of Retinal Disorders A recent study by Transparency Market Research (TMR) forecasts that the global fundus cameras market will grow at a CAGR of 4.5% between 2013 and 2019. TMR, a market intelligence firm based in the U.S., states that the global fundus cameras market will reach a market value of US$300.5 million by 2019, up from US$220.5 million in 2012. The report, titled ‘Fundus Cameras Market - Global Industry Analysis, Size, Volume, Share, Growth, Trends and Forecast, 2013 - 2019’, is available for sale on the website.
The market for fundus cameras comprises mydriatic, non-mydriatic, hybrid and retinopathy of prematurity (ROP) types of fundus cameras. Hybrid fundus camera has been defined as a camera that incorporates mydriatic and non-mydriatic technologies in a single device or a fundus camera added with spectral-domain optical coherence tomography (SD-OCT). ROP camera is used to diagnose and monitor a potentially blinding retinal disorder called retinopathy of prematurity that is typically found in premature born babies. The global market for fundus cameras was valued at USD 220.5 million in 2012 and is expected to reach USD 300.5 million by the end of 2019, growing at a CAGR of 4.5% during the forecast period from 2013 to 2019. In 2012, nonmydriatic fundus cameras that are commercially available as a tabletop and handheld devices accounted for the largest share in terms of revenue (USD million) as well as volume (number of units). However, during the forecast period between 2013 and 2019, the market for hybrid fundus cameras has been anticipated to grow at a CAGR higher than the other market segments. One of the major factors responsible for the growing demand for hybrid fundus cameras include advantages associated with this product. Hybrid fundus camera encompassing multiple technologies in a single device offers upper hand to ophthalmologists and other trained medical professionals in diagnosing and monitoring retinal disorders. Globally, the market for fundus cameras is growing under the influence of rapidly increasing geriatric population coupled with increasing cases of various retinal diseases including diabetic retinopathy, retinal detachment, age related macular dystrophy (AMD) and glaucoma, and technical advances leading to hybrid cameras with multiple technologies in a single device. CX-1 by Canon, Inc., iFusion by Optovue, Inc. and VX-20 by Kowa Optimed, Inc. are some prominent hybrid fundus cameras that are commercially available in the market and are contributing in
market growth across the globe. The market may face a significant threat from high cost associated with new and innovative fundus cameras, especially in developing nations like India, China, Brazil and Mexico. In addition, the new governmental regulation “Patient Protection and Affordable Care Act� which imposes a 2.5% excise duty on all medical devices is also expected to serve the fundus cameras market as a growth restraint in North America. In terms of geography, the market for fundus cameras has been segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW). Of these, in 2012, North America accounted for the largest market share in terms of revenue (USD Million) as well as volume (number of units). Major factors driving the market growth in the region include continuously increasing elderly population, increasing incidence and prevalence of diabetic retinopathy and other retinal disorders, and technical advances leading to introduction of digital and handheld devices. According to the U.S. Census Bureau, around 89 million people will be aged over 65 years in the U.S. by 2050. As people age they are more likely to develop retinal disorders, indicates that rapidly increasing elderly population is expected to play a key role in driving the demand for fundus cameras by contributing in the prevalence and incidence of retinal disorders. Read Full Report: http://www.transparencymarketresearch.com/fundus-cameras.html According to the National Eye Institute (NEI), the prevalence of diabetic retinopathy in the U.S. is expected to reach 11.4 million in 2030 from 7.7 million in 2010. The growing incidence of diabetic retinopathy is also expected to play a key role in driving the fundus cameras market growth in the North American region. Europe held the second largest market in terms of revenue and volume both, followed by Asia-Pacific and RoW. According to the European Eye (EUREYE) study, approximately 3.3% of the people aged over 65 years in Europe are affected with AMD, indicating over 2.5 million cases of AMD across all 28 European Union member states. Such a large prevalence of AMD indicates a favorable market for fundus cameras in the European region. In Asia-Pacific and RoW regions, the market will be mainly driven by factors such as improving healthcare infrastructure and rise in awareness level regarding technically advanced fundus cameras. However, to some extent, the high cost associated with the technically advanced fundus camera may serve these markets as a growth restraint because it may create hesitance among healthcare providers (hospitals and ophthalmic offices) towards the purchase of highly priced fundus camera. Topcon Corporation, Carl Zeiss Meditec AG, Canon, Inc., Kowa Optimed, Inc., NIDEK Co., Ltd., Optomed Oy (Ltd.), Optovue, Inc., Clarity Medical Systems and CenterVue S.p.A. are some key players operating in the fundus cameras market. These players are in constant competition with each other in terms of product differentiation and price war. Browse Full Press Release on Fundas Cameras Market:
Press Release
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