December 06, 2021 05:38 ET | Source: Research and Markets Research and Markets
Dublin, Dec. 06, 2021 (GLOBE NEWSWIRE) -- The "Nonmydriatic Handheld Fundus Cameras - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering. Global Nonmydriatic Handheld Fundus Cameras Market to Reach $192.6 Million by 2026
The global market for Nonmydriatic Handheld Fundus Cameras estimated at US$122.5 Million in the year 2020, is projected to reach a revised size of US$192.6 Million by 2026, growing at a CAGR of 7.9% over the analysis period.
Ophthalmology Clinics, one of the segments analyzed in the report, is projected to grow at a 8.2% CAGR to reach US$128.6 Million by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Hospitals segment is readjusted to a revised 7.6% CAGR for the next 7-year period. This segment currently accounts for a 21.5% share of the global Nonmydriatic Handheld Fundus Cameras market. The U.S. Market is Estimated at $39 Million in 2021, While China is Forecast to Reach $21.7 Million by 2026
The Nonmydriatic Handheld Fundus Cameras market in the U.S. is estimated at US$39 Million in the year 2021. The country currently accounts for a 30.01% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$21.7 Million in the year 2026 trailing a CAGR of 9.2% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 6.4% and 7.5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 7.3% CAGR while Rest of European market (as defined in the study) will reach US$23.9 Million by the close of the analysis period. The market is being driven by steady pace of technological advancements, growing awareness about eye care, increasing geriatric population and favorable government initiatives.
For instance, laws and regulations of different medical device authorities in Japan as well as the US require fundus imaging cameras to be replaced every four years. This not only maintains instrument performance but also improves treatment and diagnosis. The incorporation of digital technology and artificial intelligence are also some of the factors propelling growth of nonmydriatic handheld fundus cameras. Since the cost of glaucoma screening, eye prosthesis and cataract surgery is covered under Medicare, it is also expected to boost the market for fundus cameras. Fundus cameras are used by optometrists, ophthalmologists and other medical professionals.
These cameras are available as handheld devices or as tabletops and manufacturers are introducing new high-performance cameras. Many manufacturers are trying to introduce miniature tabletop fundus cameras, which can display live eye images to help alignment using infrared illumination.
Manufacturers are also developing affordable and effective designs that include a seamless auto mosaic function, optical red-free filter, compensation lens switch, anterior para position and split aligning focus. This is also expected to drive further market growth of nonmydriatic portable fundus cameras. North America and Europe are the leading regional markets for nonmydriatic handheld fundus cameras. In North America, the market growth is being driven by increasing geriatric population, high occurrence of diabetic retinopathy and rapid pace of technological advancements.
The launch of sophisticated devices combined with the presence of important companies in this region is another factor leading to growth of fundus camera market. A 2.5% excise duty is levied on all medical devices in North America under the Patient Protection and Affordable Care Act, which can be an obstacle in the growth of fundus camera market in this region. Europe is another major market for nonmydriatic handheld fundus cameras.
The high incidence of AMD, and widespread adoption of advanced healthcare technology are some other factors responsible for the increasing use of fundus cameras in Europe.
Asia-Pacific and China are poised to record high growth in demand for nonmydriatic fundus cameras due to growing awareness and developing healthcare infrastructure. Increasing medical tourism is also a factor in the growth of the fundus camera market in Asia Pacific. Key Topics Covered: I. METHODOLOGY II. EXECUTIVE SUMMARY 1. MARKET OVERVIEW
2. FOCUS ON SELECT PLAYERS(Total 36 Featured)
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