Global Widefield Imaging Systems Market to Reach $1.3 Billion by 2031
According to a recent study by Future Market Insights (FMI), the global widefield imaging systems market is expected to register high growth during the forecast period. The market is expected to grow from US$ 556.9 Mn in 2021 to over US$ 1.3 Bn by 2031. It is expected register a CAGR of around 8.6% over the forecast period (2021-2031).
Growing cases of visual impairment and increasing prevalence of diabetic retinopathy coupled with technological advancements in imaging techniques are expected to be the factors driving the demand in the widefield imaging systems market.
Significant rise in cases of diabetic retinopathy is expected to propel the growth of the global widefield imaging systems market during the forecast period. Widefield retinal imaging includes imaging of peripheral retina that is the main site of various ocular diseases.
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Widefield imaging aids in diagnosis of peripheral retina diseases. Occurrence of eye diseases like vision impairment is rising among teenagers. Increasing usage of mobile phones and computers results into digital eye strain, and is mainly responsible for visual impairment among teenagers.
As per the Centers for Disease Control and Prevention, in 2020, approximately 6.8% of children below 18 years have been detected with vision and eye condition in the United States.
Increasing technological awareness and high focus on healthcare innovations are some of the factors encouraging the adoption of these instruments. Additionally, certain companies, as a part of their product strategies, are launching technologically advanced equipment, to consolidate larger market share.
Government funding towards expansion of healthcare infrastructure will support growth in developing countries. Moreover, corporate contracts based on rent-to-own model is a feasible option in emerging economies such as India and Brazil which could create significant opportunities for manufacturers of widefield imaging systems to capitalize on.
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“Growing prevalence of diabetic retinopathy, technological advancements in imaging techniques, and favorable government policies are expected to drive the widefield imaging systems market over the decade,” says the FMI Analyst
Key Takeaways From Widefield Imaging Systems Market Study
- Widefield imaging instruments will account for 80% sales in the global market in 2021 of.
- Diabetic retinopathy is the most rapidly growing segment by indication, accounting for nearly 1/3rd of the market share.
- Standalone type of modality will remain highly preferred, contributing 56.4% towards overall sales in the market in 2021.
- Demand in hospitals accounted for 40.2% of widefield imaging systems sales in 2020.
- North America will remain the dominant widefield imaging systems market globally, exhibiting a CAGR of nearly 8.6% between 2021 and 2031.
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Who Is Winning?
The key market players covered by FMI include Heidelberg Engineering GmbH, Visunex Medical Systems, Inc., Carl Zeiss Meditec AG, Clarity Medical Systems, Inc. Optos plc, and Centervue SpA.
The leading manufacturers of widefield imaging systems are focusing on new product development and launch of advanced versions of existing devices. Their aim is primarily to expand their portfolio to gain competitive edge. For instance:
- In March 2020, Heidelberg Engineering announced the reintroduction of its HRT3 Rostock Cornea Module (RCM) to offer in vivo corneal confocal microscopy in its anterior segment product portfolio, supporting cornea specialists worldwide to further improve patient care.
- In August 2020, ZEISS announces new software for the IOLMaster® 700, with enhanced features and connectivity designed to improve the cataract surgeons’ workflow efficiency and support better outcomes for surgeons and patients.
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