Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Wide Field Imaging Devices market.
Trusted Business Insights presents an updated and Latest Study on Wide Field Imaging Devices Market 2020-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Wide Field Imaging Devices market during the forecast period (2020-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Report Overview: Wide Field Imaging Devices Market
The global wide field imaging devices market size was valued at USD 363.4 million in 2020 and looks set to grow at a compound annual growth rate (CAGR) of 5.6% from 2021 to 2027. Wide field imaging devices helps diagnosis of peripheral eye diseases, such as peripheral diabetic eye and peripheral eye tumor. The posterior pole resolution of the device helps in capturing images in two zoom modes that are 100 degrees and 200 degrees. These zoomed images provide detailed information images which help in early and accurate diagnosis. Moreover, the time required to download these images is also less, hence, making the product more accessible for the doctors.
Market participants are frequently launching advanced wide field imaging devices to meet the growing demand for accurate diagnosis. In July 2019, Carl Zeiss received FDA 510(k) for Clarus 700 ultra-wide field imaging device. This is a high-resolution ultra-wide field imaging system, which incorporates range of fundus imaging modalities including fluorescein angiography. Launch of this device will help the clinicians to accurately diagnose various forms of ophthalmic diseases such as uveitis, diabetic retinopathy, choroidal masses, detachments, retinal tears, and peripheral ischemia. Similarly, in May 2018, Optos the subsidiary of Nikon Corporation launched Monaco, an ultra-wide field imaging device in the U.S. This device combines optical coherence tomography (OCT) with autofluorescence (AF) modalities, ultra-wide field color imaging, and 3-in-color depth imaging for enhanced retinal imaging.
Despite the several advantages associated with the wide field imaging devices, certain factors are impacting its adoption. This often leads ophthalmologists to go back to traditional methods if imaging as confirmatory tests. The images captured by wide field imaging device sometimes get distorted due to green and red laser wavelengths used. Moreover, the software installed in these devices may not support the 3D visualization, which again has deteriorating effect on the final image quality. In addition, autofluorescence on wide field imaging is not robust in comparison to other platforms mainly due to lack of optimal software. The high price of confocal scanning laser ophthalmoscopy (cSLO) wide field imaging is also hindering the market growth.
Application Insights: Wide Field Imaging Devices Market
Diabetic retinopathy segment held the largest share of 24.7% in 2019 and is expected to grow at the fastest growth rate. The high prevalence of diabetic retinopathy and its expected increase during the forecast period is driving the need of wide field imaging devices for its diagnosis. As per IAPB Vision Atlas, in 2015, 415 million adults have diabetes, out of which 145 million suffered from diabetic retinopathy. In 2040, the number of people with diabetes is expected to reach 642 million out of which 224 million will have diabetic retinopathy. Wide field imaging devices helps in visualizing larger area of retinal periphery which in turn improves the diagnosis and management of diabetic retinopathy.
Retinopathy of prematurity (ROP) also held significant share in the market largely due to increasing cases of eye diseases in premature babies. As per NIH, by July 2019, around 1,100 to 1,500 infants in the U.S. annually suffer from severe ROP which requires medical treatment. In addition, 400-600 infants in the U.S. are becoming blind due to ROP each year. Therefore, to increase the efficiency of ROP treatment, diagnosis of the same is necessary. Smartphone guided wide field imaging for the diagnosis of ROP is becoming prevalent, which in turn is expected to contribute towards the segment growth.
End-use Insights: Wide Field Imaging Devices Market
Hospitals held the largest share of 33.2% in 2019 mainly due to increasing retinal diseases cases such as diabetic retinopathy, ROP, and retinal occlusion. Patients admitted with various retinal disorders in the hospitals require proper diagnosis, thus the adoption of wide field imaging devices for a specific application is being used. However, high cost these wide filed imaging devices along with hospital indirect costs are expected to impact the adoption of the device in hospitals, which in turn may decline the segment growth during the forecast period.
Specialty clinic held a significant share and is expected to grow at the fastest rate during the forecast period. Development of wide field imaging devices which can be deployed in different clinical environment such as specialty clinics are expected to contribute towards the growth of the segment. Various market players are developing wide field imaging devices that can be effectively installed in these specialty clinics. For instance, Optos has developed and advanced wide field imaging device by incorporating Optos California technology. This technology-driven device captures detailed images and hence is adopted by various specialty clinics such as Sheridan Eyecare Center.
Ambulatory surgery centers are also adopting wide field imaging devices to improve ophthalmic care in remote areas. Wide field imaging device EIDON, by CENTERVUE combines various advantages such as confocal imaging with natural-white light illumination, which makes them effective for diagnosis. This device by CENTERVUE is largely adopted by ambulatory surgery center, to enhance the diagnostic ability of the clinicians for conducting the treatment procedure. On the other hand, increasing number of clinical trial studies in various institutes and research centers is also expected to contribute towards the growth of others segment.
Modality Insights: Wide Field Imaging Devices Market
Tabletop wide field imaging devices held largest share of 66.7% in 2019. Major wide field imaging devices are available in compact sizes that can properly fit onto a table. These devices help in stabilizing patient movement to acquire clear images. Moreover, the advanced features incorporated in these wide field imaging devices help the clinicians to properly examine the retina. Silverstone, an ultra-wide field imaging device by Optos is a tabletop device that integrates swept source OCT to enhance examination of retina-vitreous to the sclera. Similarly, there are various other tabletop wide field imaging devices developed by market players such as Heidelberg Engineering, Visunex Medical Systems, Carl Zeiss Meditec, and CENTERVUE.
Hand-held wide imaging devices is expected to experience the fastest growth rate during forecast period. Increasing development of hand-held smart wide field imaging devices for the diagnosis of various retinal diseases is expected to contribute towards the segment growth. In July 2016, Forus Health, launched 3nethra Neo, a hand-held digital wide field imaging device for the diagnosis of ROP. Similarly, companies such as Epipole has also come up with a hand-held fundus camera called epiCam C, which helps in capturing the real-time video of the retina through its wide field view . Therefore, growing development of smart or digital hand-held wide field imaging devices by market players is expected to propel the growth of the overall market.
Regional Insights: Wide Field Imaging Devices Market
North America held the largest share of 26.1% in 2019 largely due to the increasing launch of wide field imaging devices in region. In October 2019, Optos launched Silverstone at the American Academy of Ophthalmology, San Francisco. Silverstone develop 200-degree optomap image with the help of OCT guided technology. Similarly, in September 2017, Carl Zeiss Meditec launched Zeiss Clarus 500, an ultra-wide field imaging fundus imaging system in the U.S. Moreover, increasing technological advancement in the region for developing advanced wide field imaging devices is also expected to contribute towards growth of the market in this region.
Wide field imaging devices market in the European followed North America in 2019 and expected to grow at a moderate rate. Increasing availability of wide field imaging devices in the European region is contributed towards market growth. In February 2018, Carl Zeiss Meditec launched its ultra-wide field imaging device Clarus 500 in the UK. In addition, the 3nethra Neo the digital wide field imaging device is also available for the sale in Europe.
Asia Pacific region is expected to experience the fastest growth rate during the forecast period. The global market players are acquiring companies to expand their distribution network in the region. In July 2018, Nikon Corporation acquired Chuo Sangio Co., who is a distributor and importer of ophthalmic instruments. After acquisition of the company, Nikon merged it with Optos, a Nikon subsidiary to establish Nikon Healthcare Japan on October 1, 2018. Chuo Sangio acts as a distributor for ophthalmic products by Optos such as wide field imaging devices. Therefore, growing demand for wide field imaging devices in the region is expected to contribute towards its growing adoption during the forecast period.
Key Companies & Market Share Insights: Wide Field Imaging Devices Market
The market is fragmented in nature with the presence of many global as well as local players. These players engage in various strategic alliances such as partnerships, collaborations, and mergers and acquisitions. For instance, in April 2019, Revenio Group Corporation acquired CENTERVUE. This acquisition will strengthen the position of Revenio Group Corporation in ophthalmic diagnostics and monitoring market. Such strategic initiatives will help the companies increase their global market reach. Some of the prominent players in the wide field imaging devices market include:
Key companies Profiled: Wide Field Imaging Devices Market Report
- Heidelberg Engineering Inc.
- Visunex Medical Systems, Inc.
- Carl Zeiss Meditec AG
- CENTERVUE S.P.A.
- Clarity Medical Systems, Inc.
- MEDIBELL MEDICAL VISION TECHNOLOGIES LTD
- Forus Health Pvt Ltd
- oDocs Eye Care
- Phoenix Technology Group, LLC
- Epipole Ltd.
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the global wide field imaging devices market report on the basis of application, modality, end use, and region:
Application (Revenue, USD Million, 2016 – 2027)
- Diabetic Retinopathy
- Retinopathy of Prematurity
- Choroidal Melanoma
- Retinal Vein Occlusion
Modality Outlook (Volume, Units; Revenue in USD Million, 2016 – 2027)
End-use Outlook (Revenue, USD Million, 2016 – 2027)
- Specialty Clinics
- Ambulatory Surgical Centers
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