Retinal Imaging Devices Market Size, Share| Report 2021, 2028

Retinal Imaging Devices Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Device Type (Fluorescein Angiography, Fundus Camera, and Optical Coherence Tomography), and End-User (Hospitals & Clinics, Ambulatory Surgical Centers, Specialized Eye Care Centers, and Other End Users)

Publication Month : Jan 2022

  • Report Code : TIPRE00008683
  • Category : Medical Device
  • Status : Published
  • No. of Pages : 148
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The retinal imaging devices market is projected to reach US$ 3.00 billion by 2028 from US$ 2.06 billion in 2021; it is estimated to grow at a CAGR of 5.6% during 2021–2028.

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 inside pictures of an 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 such as diabetes, glaucoma, and macular degeneration, amongst others.

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Retinal Imaging Devices Market: Strategic Insights

retinal-imaging-devices-rid-market
Market Size Value inUS$ 2.06 billion in 2021
Market Size Value byUS$ 3.00 billion by 2028
Growth rateCAGR of 5.6% from 2021 to 2028
Forecast Period2021-2028
Base Year2021
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The growth of the retinal imaging devices market is attributed to the improved ophthalmologists’ access to the retina, growing global initiatives for blindness and technological advancements. However, the high cost of OCT devices hampers the market growth. 

Lucrative Regions in Retinal Imaging Devices Market

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Market Insights
Rising prevalence of eye diseases

Retinal imaging devices are widely used to diagnose and treat various eye-related diseases such as diabetic retinopathy, age-related macular degeneration, glaucoma, ocular melanoma, and mild vision problems. In addition, across the world, concern for blindness or vision impairment is growing significantly. According to the data published by the World Health Organization (WHO) in October 2021, nearly 2.2 billion people live with a vision impairment or blindness. Among which approximately one billion vision impairment cases can be prevented by proper diagnosis and treatment. These one billion people have different eye problems related to moderate or severe distance vision impairment or blindness. Image-related diagnostic technologies have begun to offer unprecedented growth into eye diseases based on morphological datasets. Such a factor is expected to aid the retinal imaging devices market over the forecast period.

Device Type-Based Insights

Based on device type, the global retinal imaging devices market has been segmented into fluorescein angiography, fundus camera, and optical coherence tomography. The fundus camera segment held the largest share of the market in 2021. Fundus photography has transformed from electronic flashes to smartphone-based cameras to a more recent portable eye examination kit (PEEK). PEEK is a smartphone-based application for a comprehensive eye examination. The advantage of these cameras is that a non-ophthalmologist can take pictures and, with some training, grade them as well. However, the optical coherence tomography segment is anticipated to register the highest CAGR of 8.1% in the market during the forecast period. The optical coherence tomography allows the evaluation of different levels of macular ischemia that are not diagnosed in primary imaging. The technique is used as a standard for imaging modalities for eyes.

Retinal Imaging Devices Market, by Device Type – 2021 and 2028

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End-User-Based Insights

Based on end-user, the global retinal imaging devices market is segmented into hospitals and clinics, specialty clinics, ambulatory care centers, and others. The hospitals & clinics segment held the largest share of the market in 2021 and specialized eye care centers is expected to register the highest CAGR of 6.6% in the market during the forecast period.

Regional Insights

Based on regions, the North America region accounted for the largest share in 2021 and is expected to follow a similar trend over the forecast period. The Asia Pacific region is expected to witness the highest growth rate over the forecast period. The application of Artificial intelligence (AI) and deep learning system (DLS) to improve screening coverage in Singapore is expected to assist the regional growth over the next seven years.

Product launches and approvals are commonly adopted strategies by companies to expand their global footprints and product portfolios. Moreover, the retinal imaging devices market players focus on the partnership strategy to expand their clientele, which, in turn, permits them to maintain their brand name across the world.

Based on device type, the retinal imaging devices market is categorized into fluorescein angiography, fundus camera and optical coherence tomography. Based on end-user, the market is segmented into hospitals & clinics, ambulatory surgical centers, specialized eye care centers and other end users. By geography, the retinal imaging devices market is segmented into North America (the US, Canada, and Mexico), Europe (the UK, Germany, France, Italy, Spain, and the Rest of Europe), Asia Pacific (China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific), the Middle East & Africa (the UAE, Saudi Arabia, South Africa, and the Rest of the Middle East & Africa), and South and Central America (Brazil, Argentina, and the Rest of South and Central America).Some of the company profiles listed in our research scope are Carl Zeiss Meditec, Revenio Group Oyj, Nikon Corporation, Optomed, Topcon Corporation, Imagine Eyes, Epipole Ltd, Forus Health Pvt Ltd, Eyenuk Inc, and Phoenix Technology Group LLC amongst others.

Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Device Type, and End-User

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States

Frequently Asked Questions


What are the drivers and restraints for the retinal imaging devices market?

The growth of the market is attributed to the rising prevalence of eye diseases, growing global initiatives for blindness and technological advancement in ophthalmology drives the market growth. However, the high cost of OCT devices hampers the market growth.

Which is the potential market for retinal imaging devices in terms of the region?

The Asia Pacific registered as the fastest-growing region in the global retinal imaging devices market. The market in this region is expected to grow significantly in countries such as China, Japan, and India. The market is driven by the rising prevalence of eye diseases and related factors. In China, eye diseases such as uncorrected sight problems, limited access to ophthalmologists in rural parts are driving the market growth. Whereas in Japan, the cost of eye health is rising significantly, and in India, the prevalence of diabetic retinopathy is growing exponentially. Also, factors such as the rising geriatric population in South Korea and global initiatives such as Vision 2020 in Australia are likely to support the growth of the market during the forecast period

Who are the key players in the retinal imaging devices market?

The retinal imaging devices market majorly consists of players such as Carl Zeiss Meditec, Revenio Group Oyj, Nikon Corporation, Optomed, Topcon Corporation, Imagine Eyes, Epipole Ltd, Forus Health Pvt Ltd, Eyenuk Inc, and Phoenix Technology Group LLC among others.

Which retinal imaging device type are often used?

The fundus camera type held the largest share of the market in 2021. However, the optical coherence tomography type is anticipated to register the highest CAGR of 8.1% in the market during the forecast period. The optical coherence tomography allows the evaluation of different levels of macular ischemia that are not diagnosed in primary imaging. The technique is used as a standard for imaging modalities for eyes.

What is the market CAGR value of the retinal imaging device market during the forecast period?

The global retinal imaging devices market is expected to reach US$ 3,009.55 million by 2028 from US$ 2,060.01 million in 2021; it is estimated to grow at a CAGR of 5.6% during 2021–2028.

The List of Companies - Retinal Imaging Device Market

  1. Carl Zeiss Meditec
  2. Revenio Group Oyj
  3. Nikon Corporation
  4. Optomed
  5. Topcon Corporation
  6. Imagine Eyes
  7. Epipole Ltd
  8. Forus Health Pvt Ltd
  9. Eyenuk Inc
  10. Phoenix Technology Group LLC

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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