At 4.3% CAGR, the South & Central America Fundus Cameras Market is Projected to be worth US$ 46.01 million by 2030, says Business Market Insights
According to Business Market Insights research, the South & Central America fundus cameras market was valued at US$ 32.86 million in 2022 and is expected to reach US$ 46.01 million by 2030, registering a CAGR of 4.3% from 2022 to 2030. Increase in diabetic retinopathy screening procedures and launches of innovative products are the critical factors attributed to the South & Central America fundus cameras market expansion.
Patients who have diabetes often develop ophthalmic conditions such as abnormalities, glaucoma, cataracts, and neuropathies. Diabetic retinopathy (DR), the most prevalent microvascular consequence of diabetes, is a rapidly developing cause of blindness and visual impairment. Diabetes is a global epidemic. 642 million people are predicted to have diabetes by 2040, of which 35% (224 million) will have diabetic retinopathy in some form, and 11% (70 million) will have sight-threatening retinopathy. The prevalence of DR rose by 25% between 1990 and 2015, whereas the frequency of other forms of visual impairment declined, according to the Vision Loss Expert Group, despite international efforts. The reasons behind this discrepancy include the growing global population, a rise in the number of diabetes cases, longer life expectancies, and aging populations. According to predictions from the International Diabetes Federation (IDF), there will be 578 million individuals with diabetes worldwide by 2030, up from 463 million in 2019. Also, the majority of the 422 million diabetics worldwide, according to the World Health Organization, reside in low- and middle-income nations. Financially accessible diagnostic and treatment services are vital for timely diagnosis, survival, and long-term quality of life for individuals with the condition. Thus, the rising prevalence of diabetic retinopathy accelerates the demand for safe, effective, and efficient diagnostic systems, such as fundus cameras. The fundus camera units can be fixed or portable. Portable units, including handheld cameras, have revolutionized diabetic retinopathy screening programs with low costs and simplified operations compared to desktop ones equipped in ophthalmology clinics. However, a desktop fundus camera provides better image quality.
On the contrary, incorrect clinical diagnosis due to distorted fundus photography hurdles the growth of South & Central America fundus cameras market.
Based on type, the South & Central America fundus cameras market is categorized into mydriatic fundus camera, non-mydriatic fundus camera, hybrid fundus camera, and ROP fundus camera. The non-mydriatic fundus camera segment held 43.0% market share in 2022, amassing US$ 14.14 million. It is projected to garner US$ 19.78 million by 2030 to expand at 4.3% CAGR during 2022-2030.
Based on portability, the South & Central America fundus cameras market is bifurcated into handheld and tabletop. The tabletop segment held 69.8% market share in 2022, amassing US$ 22.94 million. It is projected to garner US$ 31.76 million by 2030 to expand at 4.1% CAGR during 2022-2030.
Based on application, the South & Central America fundus cameras market is categorized into diabetic retinopathy, age-related macular degeneration, retinal vascular disorders, and others. The diabetic retinopathy segment held 57.0% market share in 2022, amassing US$ 18.72 million. It is projected to garner US$ 27.48 million by 2030 to expand at 4.9% CAGR during 2022-2030.
Based on end user, the South & Central America fundus cameras market is categorized into hospitals, ophthalmology centers, and others. The hospitals segment held 54.8% market share in 2022, amassing US$ 18.01 million. It is projected to garner US$ 25.36 million by 2030 to expand at 4.4% CAGR during 2022-2030.
Based on country, the South & Central America fundus cameras market has been categorized into Brazil, Argentina, and the Rest of South & Central America. Our regional analysis states that Brazil captured 46.7% share of South & Central America fundus cameras market in 2022. It was assessed at US$ 15.34 million in 2022 and is likely to hit US$ 22.46 million by 2030, exhibiting a CAGR of 4.9% during 2022-2030.
Key players operating in the South & Central America fundus cameras market are Nikon Corp, Topcon Corp, NIDEK CO LTD, Canon Inc, Carl Zeiss AG, Visionix USA Inc, Kowa Co Ltd, and Volk Optical Inc, among others.
In Oct 2021, NIDEK Launched Retina Scan Duo 2 OCT / Fundus Camera.
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