RETINAL IMAGING DEVICES MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2023 - 2030)

The global retinal imaging devices market size was valued at US$ 2.52 Bn in 2023 and is expected to reach US$ 4.83 Bn by 2030, grow at a compound annual growth rate (CAGR) of 9.7% from 2023 to 2030. Retinal imaging devices are used to capture images of the interior surface of the eye, including the retina, optic disc, and macula. These devices are vital for diagnosing and monitoring retinal diseases like diabetic retinopathy, AMD, retinal detachment, etc. Key devices used in fundus are cameras, OCT systems, and ophthalmic ultrasound. The rising prevalence of retinal disorders and the growing geriatric population are key factors driving market growth.

The retinal imaging devices market is segmented by product type, technology, end user and region. By product type, the market is segmented into fundus cameras, optical coherence tomography (OCT) systems, confocal scanning laser ophthalmoscopes (cSLO), fluorescein angiography systems, retinal photography systems, others. Optical Coherence Tomography (OCT) Systems segment is expected to account for the largest share during the forecast period owing to technological advancements and expanding applications of OCT imaging.

Global Retinal Imaging Devices Market Regional Insights

• North America is expected to be the largest market for retinal imaging devices during the forecast period, accounting for over 33.5% of the market share in 2022. The growth of the market in North America is attributed to the high incidence of retinal diseases, established healthcare infrastructure, and inorganic growth of market players in the region. For instance, in October 2019, Intelligent Retinal Imaging Systems, Inc. (IRIS), the industry leader in telemedicine solutions for diabetic retinal disease, announced a partnership with Remidio Innovative Solutions Pvt. Ltd., to bring their innovative smartphone-based non-mydriatic fundus camera to the U.S. market. Coupling the IRIS software & services program with an affordable and high-quality handheld camera will allow more service providers to successfully adopt a telemedicine program into their practices to examine, detect, and diagnose retinal disease in diabetic
• Europe market is expected to be the second-largest market for retinal imaging devices, accounting for over 27.2% of the market share in 2022. In Europe, optical coherence tomography (OCT) systems have emerged as the leading subsegment under retinal imaging devices product type. OCT technology has transformed retinal evaluation and management over the past decade. Its high-resolution, cross-sectional imaging allows for quantitative assessments of retinal structures. This provides ophthalmologists with detailed insights into pathologies like age-related macular degeneration, diabetic retinopathy, and retinal vessel occlusions.
• Asia Pacific market is expected to be the fastest-growing market for retinal imaging devices, with a CAGR of over 9.8% during the forecast period. In the APAC region, the optical coherence tomography (OCT) systems sub-segment leads the retinal imaging devices market in terms of revenue share. OCT imaging has seen increased adoption among eye care specialists in APAC due to its ability to capture high-resolution cross-sectional images of the retina. This allows doctors to efficiently detect various retinal disorders in their early stages. Per a report by the World Bank, eye diseases are among the top five causes of disability in Southeast Asian countries. As the elderly population in these countries continues to rise due to increased life expectancy, the prevalence of age-related retinal diseases will increase as well. This growing patient pool and emphasis on early disease detection are driving the use of OCT systems in countries like India, China, and Singapore. For example, several major hospitals in metro cities of India have installed new-generation OCT machines in their eye clinics in the last two years to better diagnose and monitor diabetic retinopathy.

Analyst View: The retinal imaging devices market is expected to grow significantly over the forecast period. The growing prevalence of ophthalmic diseases such as diabetic retinopathy, age-related macular degeneration and glaucoma are the major drivers fueling the demand for retinal imaging devices globally. However, high costs associated with advanced retinal imaging devices and a lack of awareness amongst people in developing and underdeveloped regions can restrain market growth. North America dominates the retinal imaging devices market owing to increasing healthcare expenditure and a rising geriatric population in the region.

Asia Pacific exhibits huge growth potential, mainly due to the growing medical tourism industry in countries like India, China, and Indonesia. Ophthalmic care centers and hospitals are major end-users of retinal imaging devices, and the growing number of these facilities, especially in emerging countries, presents lucrative opportunities for manufacturers. The advent of artificial intelligence enabled devices allowing automated disease detection and prediction is revolutionizing the market. Smartphone-based portable retinal cameras, which can perform screening in remote locations also have high growth potential. Increasing adoption of tele-ophthalmology, offering virtual consultations and remote monitoring of patients, particularly post-pandemic, will further boost the demand for retinal imaging devices.

Figure 1. Global Retinal Imaging Devices Market Share (%), by Region, 2023

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Retinal Imaging Devices Market Drivers:

• Rising prevalence of macular degeneration, diabetic retinopathy and other retinal diseases

The growing prevalence of age-related macular degeneration, diabetic retinopathy, and other retinal diseases is a major factor driving the adoption of retinal imaging devices globally. Macular degeneration affects millions of elderly individuals worldwide and is a leading cause of blindness. According to the World Health Organization (WHO), the number of people with macular degeneration is projected to increase dramatically from 195 million in 2020 to 288 million by 2050. Similarly, diabetic retinopathy cases have risen in tandem with the increase in diabetes cases over the years. As per the International Diabetes Federation, over 470 million individuals had diabetes in 2020, and this is estimated to rise to 578 million by 2030 and 700 million by 2045.

• Technological advancements in retinal imaging devices

Technological advancements are a major factor that is propelling the retinal imaging devices market forward. New innovations in imaging technology allow for higher resolution visualization of the retina, which is improving the detection of diseases. Earlier generations of retinal cameras produced low quality, images making diagnosis difficult, but recent devices use optical coherence tomography, artificial intelligence, and deep learning. These enhanced imaging modalities provide retina specialists with clear, high-definition scans that reveal subtle abnormalities with more accuracy.

For example, optical coherence tomography and angiography allow ophthalmologists to see the flow of blood through the retina and underlying vessels. This gives crucial insights into retinal conditions like age-related macular degeneration and diabetic retinopathy. Artificial intelligence and machine learning algorithms are now also being deployed in retinal imaging analysis. Powered by deep neural networks, AI tools can automate screening of large volumes of retinal scans and flag possible anomalies for review by experts. This helps improve efficiency and lowers the risk of human oversight.

• Increasing geriatric population

The increasing aging population globally is one of the major factors driving the growth of the retinal imaging devices market. As people are living longer due to improvements in healthcare and lifestyle, the number of aging populations aged 60 years and older is growing substantially. According to the data from the United Nations, the number of people aged 60 years or older is expected to more than double by 2050 and reach nearly 2.1 billion up from 962 million globally. Older populations are more prone to eye diseases like age-related macular degeneration, diabetic retinopathy and glaucoma. For instance, according to the WHO, around 1.1 billion people worldwide are estimated to have some form of age-related vision impairment by 2050, with 188 million having moderate or severe distance vision impairment.

Retinal Imaging Devices Market Opportunities:

• Adoption of tele-ophthalmology and portable retinal imaging devices

The use of tele-ophthalmology and portable retinal imaging devices presents a major opportunity in the retinal imaging devices market. Tele-ophthalmology allows eye care specialists to remotely monitor patients, interpret test results, image archives, and triage and manage acute and chronic eye diseases. This can enable improved access to eye care in rural and remote areas where there is a dearth of ophthalmologists and related infrastructure. According to the WHO, at least 1.1 billion people worldwide have a vision impairment or blindness, and 88% of the visually impaired live in low- and middle-income countries. The use of teleophthalmology can help address this challenge. Portable retinal imaging devices also improve access by enabling eye screenings to be conducted in communities instead of requiring patients to travel to clinics. This is particularly useful in developing countries where transportation access can be difficult. As the use of tele-ophthalmology and portable retinal imaging devices increases, it is expected to drive significant growth in the retinal imaging devices market. Their adoption allows for the cost-effective scaling up of eye care services to meet the rising disease burden. For example, the National Eye Institute estimates the number of Americans aged 40 and older with diabetic retinopathy will increase from 7.7 million in 2020 to 14.6 million by 2050. Widespread screening enabled by new technologies will be key to addressinf this. Their use also meets evolving customer demand for convenient, affordable healthcare options. The current pandemic has further accelerated digital healthcare adoption trends, benefiting technologies that enable remote care. All these factors are expected to have a continued positive impact on retinal imaging devices market performance in coming years 

• Combination of retinal imaging with artificial intelligence

Deep learning algorithms, when trained on large datasets of retinal images, can recognize early signs and abnormalities with superhuman accuracy. This can help clinicians vastly improve disease management and patient outcomes. For example, AI analysis of retinal images has shown great promise in early detection of diabetic retinopathy, a leading cause of vision loss. According to the International Diabetes Federation, over 465 million adults between the ages of 20 and 79 were living with diabetes worldwide in 2019, with the number projected to rise to 700 million by 2045. Timely screening and treatment can help prevent vision threatening complications in diabetic patients. AI assistance can help process the enormous volumes of retinal images generated through screening programs, flagging higher risk cases needing priority review by ophthalmologists.

The integration of AI into retinal imaging devices allows automated and continuous monitoring of at-risk patient groups like diabetics over long periods of time. This can revolutionize chronic disease management. For instance, AI algorithms trained on a patient's historical retinal images can detect even subtle changes indicating disease progression or treatment response. Patients deemed low-risk based on AI analysis may need fewer frequent in-person exams, reducing the clinical load. The combination of AI and retinal imaging therefore has the potential to make screening programs far more effective and efficient while improving access to care, particularly in underserved regions. This presents significant opportunities for the growth and adoption of advanced retinal imaging devices with AI capabilities going forward.

Retinal Imaging Devices Market Trends:

• Increase in number of multi-specialty eye care centers

The rise in the number of multi-specialty eye care centers has had a significant influence on the retinal imaging devices market in recent years. As these centers aim to provide comprehensive eye care services under one roof, they are investing in technologically advanced retinal imaging equipment to strengthen their service offerings. This trend has boosted the demand for various types of retinal imaging devices across major markets.

More multi-specialty centers mean eye care patients now have better access to specialized retinal examination and early diagnosis capabilities within the same facility where they visit for other ophthalmology consultations or treatments. Centers find it useful to employ retinal imaging technologies like optical coherence tomography, fundus cameras, and retinal angiography systems to offer both primary eye examinations and detailed retinal screening. This one-stop provision of eye care has increased patient volumes for retinal tests as well.

A report by the American Academy of Ophthalmology showed retinal examination volumes rose by over 15% annually between 2019 and 2021 across the USA, due to expanded retina care facilities within large medical systems, ambulatory surgery centers, and private ophthalmology practices. Major equipment suppliers have witnessed growing sales of devices like optical coherence tomographs, likely correlated to this market trend. For example, according to annual reports, Zeiss expanded its North American installed base of optical coherence tomographs by over 20% during this period to meet the demands of multi-specialty centers.

• Launch of hand-held and smartphone-based retinal imaging devices: The launch of hand-held and smartphone-based retinal imaging devices is revolutionizing the retinal imaging devices market. These novel portable devices are allowing for eye screenings and retinal exams to be conducted virtually anywhere, from patient homes to community health events. This high convenience and accessibility is increasing the number of eye exams performed significantly. For example, in a 2021 diabetic retinopathy screening program conducted in rural India using a hand-held retinal camera, over 2500 patients were able to receive exams who otherwise may not have accessed care due to transportation barriers. This rise in screening is capturing diseases earlier and increasing the addressable patient population for the retinal imaging devices market. It is catching conditions like diabetes-related retinopathy in pre-symptomatic stages before vision is permanently lost. Early detection leads to timely treatment interventions like laser therapy, which can save vision. As a result, demand is growing for the retinal imaging device manufacturers that are manufacturing these inexpensive, easy-to-use portable models compared to traditional table-top devices. More manufacturers are entering this space to meet the growing demand.

Retinal Imaging Devices Market Restraints:

• High costs of advanced retinal imaging systems: Although basic fundus cameras are relatively economical, advanced imaging modalities like OCT and angiography systems entail high purchase and maintenance costs. The significant capital investment required is a key challenge for market adoption, especially in developing regions and smaller healthcare settings. The lack of reimbursement for newer modalities also constrains uptake. Market players are developing lower-cost versions and providing flexible financing options to improve affordability.
• Shortage of trained ophthalmologists and optometrists: The dearth of retina specialists and trained optometrists impacts the utilization of retinal imaging equipment and the adoption of newer technologies. There is a high need for qualified professionals who can operate advanced systems and interpret complex diagnostic data. Retinal imaging involves a learning curve, even for clinicians. Vendors are conducting training programs and workshops to educate medical professionals on the latest devices. However, the shortage of skilled staff continues to restrain market growth to some extent.
• Low awareness and lack of screening programs in developing regions: Limited knowledge about retinal conditions and the role of imaging among patients is a key challenge in developing countries. A lack of public awareness constrains market penetration. Additionally, insufficient screening programs lead to the under diagnosis of retinal diseases. Healthcare infrastructure limitations in rural areas also restrict access to retinal imaging. Companies need to focus on awareness campaigns and work with local health agencies to implement national eye screening initiatives to drive adoption in developing regions.

Recent Developments

New product launches

• On June 22, 2023, Eyenuk, a global artificial intelligence (AI) digital health company, and the leader in real-world applications for AI Eye Screening and AI Predictive Biomarkers, announced that the company had received U.S. Food and Drug Administration (FDA) clearance to use the Topcon NW400 retinal camera with its EyeArt AI system to automatically detect diabetic retinopathy (DR), adding to the already-cleared usage with Canon CR-2 AF and Canon CR-2 Plus AF cameras.
• On March 13, 2023, Sony Electronics, a subsidiary of Sony Corporation, announced the DSC-HX99RNV kit, a new retinal projection camera kit that helps people with visual impairments see and capture the world around them. This kit consists of Sony's DSC-HX99 compact camera and QD Laser's RETISSA NEOVIEWERi , a viewfinder that uses laser retinal projection technology.
• In April 2022, Optos Plc, a provider of high-resolution ultra-widefield (UWF) retinal imaging and image-guided Optical Coherence Tomography (OCT) devices for eye care professionals, announced the launch of the first CE-marked AI-based solution to automate the detection of more-than-mild diabetic retinopathy (DR) and diabetic macular odema, both vision-threatening diseases, using optomap ultra-widefield retinal images.
• In June 2020, Vasoptic Medical, a medical device company, announced that it had received U.S. FDA 510 (k) clearance for the XyCAM RI noninvasive retinal imager. The XyCAM RI provides dynamic and quantifiable blood flow measurement synchronized with finger pulse oximeter data. The device images retinal vessels and blood flow with high spatio-temporal resolution, high reproducibility of measurements, and dynamic flow-sensitivity over a wide range, according to Vasoptic. The device provides multiple display modes for different applications, including reconstructed fundus image mode, dye-free angiogram mode, and colored flow visualization mode.

Acquisition and partnerships

• On July 25 2023, RetinAI Medical AG, a leader in clinical and imaging data management software and advanced analytics using artificial intelligence (AI), and Retina Consultants of America (RCA), the largest retina care provider in the U.S. with more than 1.7million annual patient visits and over 200 locations in the U.S , announced a strategic partnership to develop the most extensive and AI-insight driven Real World Evidence (RWE) U.S.-based database in Ophthalmology.
• On May 31, 2023, AINNOVATECH, a developer of artificial intelligence (AI)-powered healthcare solutions, chose ITEK, a growing medical device manufacturer, as their service provider for the development of a new retinal camera. This collaboration highlights AINNOVATECH’s commitment to revolutionizing the way retinal images are taken and providing accessible solutions to detect early-stage diseases.
• On May 9, 2023, Optomed and Thirona Retina, a company specializing in the field of artificial intelligence (AI) assisted retinal image analysis, entered into a partnership to distribute Optomed Aurora handheld fundus camera together with Thirona Retina’s AI in Europe and selected Middle East and Asian countries.

Figure 2. Global Retinal Imaging Devices Market Share (%), by Product Type, 2023

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Top companies in Retinal Imaging Devices Market

• Icare Finland Oy
• Carl Zeiss Meditec AG
• Topcon Corporation
• NIDEK Co., Ltd.
• Optos plc (Nikon Corporation)
• CenterVue SpA
• Forus Health Pvt Ltd.
• Eyenuk, Inc.
• Imagine Eyes
• Clarity Medical Systems, Inc.
• Optomed Plc
• Eye-Tech.

Definition: Retinal imaging devices refer to ophthalmic medical instruments used to capture high-resolution images of the interior surface of the eye, especially the retina. These include fundus cameras, optical coherence tomography (OCT) systems, fluorescein angiography devices, ophthalmic ultrasound imaging systems, and specialized scanning laser systems.