SELBYVILLE, Del., August 18, 2021 (Newswire.com) – According to the latest report, “Fundus Camera Market by Product (Mydriatic Fundus Cameras, Non-Mydriatic Fundus Cameras, Hybrid Fundus Cameras), End-use (Hospitals, Ophthalmology Clinics), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027”, by Global Market Insights Inc., the market valuation of fundus cameras will cross $735 million by 2027.
A favorable reimbursement scenario in North America is anticipated to propel the market growth. The Center for Medicaid and Medicare (CMS) in the U.S. is focusing on making health insurance easily accessible. In 2019, Medicare and Medicaid spending grew to 6.7% and 2.9%, respectively. In addition, as per the Center for American Progress (CAP), in 2019, around USD 1.3 trillion was spent for healthcare reimbursement in the U.S. In 2018, the Centers for Medicare and Medicaid (CMS) announced the launch of new policies for the expansion of reimbursement for telemedicine-based diabetic retinopathy diagnosis. These reforms assisted the patients in receiving retinal screening using fundus cameras at a remote site along with interpretation from qualified eye care professionals.
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The non-mydriatic fundus camera market dominated more than 58% of revenue share in 2020 and is projected to reach USD 431 million by 2027. This revenue share is pertaining to numerous advantages offered by non-mydriatic fundus cameras in retinal imaging. Rising preference towards painless and early detection of retinal disorders is the major factor driving the segment growth. The advantages of non-mydriatic fundus cameras will further increase its adoption, thus accelerating the segment expansion. Recent advancements in non-mydriatic fundus cameras such as quick focus mechanism to reduce the examination time, live-action systems to simplify real-time analytics, and compact design to enhance mobility will promote the preference for these devices.
The ophthalmology clinics segment accounted for 57% of the fundus camera market share in 2020. High patient preference for ophthalmologists and the presence of well-established ophthalmic clinics in developed and developing regions are expected to fuel the segment progression over the forecast period. Moreover, an increasing number of eye care clinics to provide a correct diagnosis for patients will augment the industry growth. The developing countries in the African & South Asian regions feature high populations along with a lack of ophthalmologists and access to affordable ophthalmology services. In order to cater to the affected population in these countries, the commercialization of affordable smartphone-based fundus cameras such as Welch Allyn iExaminer, Portable Eye Examination Kit (PEEK) and Filmic Pro is set to increase.
The Brazil fundus camera market is slated to witness 3.7% growth rate by 2027 owing to the high burden of eye disorders and the emergence of mobile eye care units in the country. According to the Scielo Brazil 2017 publication, the study to assess the eye disease burden reported the prevalence of cataracts (6.63%), pterygium (14.05%), glaucoma (1.85%), and diabetic retinopathy (1.59%). As per the Nature Scientific Reports 2018 statistics, the prevalence of dry eye disease increased in Brazil and reached 12.8% across the five major geopolitical regions in the country. A high number of people suffering from eye disorders will promote the demand for fundus cameras for timely diagnosis of eye diseases. The advent of mobile health units providing retinal screening along with other eye care services is poised to spur the market expansion.
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Some of the major players operating in the fundus camera market are Carl Zeiss Meditec AG, Canon U.S.A, TOPCON CORPORATION, Revenio Group Oyj, Kowa American Corporation, NIDEK CO., LTD., OPTOMED LTD and Remidio among others. These companies implement several strategic initiatives such as mergers & acquisitions, research collaborations, forward integration, distribution agreements to expand their geographical presence and foster revenue generation.
Table of Contents (ToC) of the report:
Chapter 3 Fundus Camera Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 – 2027 (USD Million)
3.3 Industry impact factors
3.3.1 Growth drivers
3.3.2 Industry pitfalls & challenges
3.4 Growth potential analysis
3.4.1 By product
3.4.2 By end-use
3.5 COVID-19 impact analysis
3.6 Regulatory landscape
3.7 Technology landscape
3.8 Porter’s analysis
3.9 Competitive landscape, 2020
3.10 PESTEL analysis
Browse the Complete Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/fundus-cameras-market
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Source: Global Market Insights Inc.