Widefield Imaging Systems Market To Generate a Significant Revenue of US$ 901.5 Million By 2027 | CAGR: 8.5%: Coherent Market Insights
Impact Analysis of Covid-19
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Wide-field imaging systems have several clinical applications such as diabetic retinopathy, retinal vein occlusion, pediatric retinal diseases, hemoglobinopathies, uveitis, chorioretinal diseases, retinal detachment, and macular diseases.
The global widefield imaging systems market is estimated to be valued at US$ 477.7 Mn in terms of value in 2019 and is expected to surpass US$ 901.5 Mn by 2027.
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Global Widefield Imaging Systems Market: Drivers
The increasing prevalence of ophthalmic disorders is expected to fuel growth of the global widefield imaging systems market over the forecast period. For instance, according to the International Agency for the Prevention of Blindness, 80 million people are expected to suffer from glaucoma by 2020, compared to 20 million since 2010.
Global Widefield Imaging Systems Market: Opportunities
The rising demand for faster diagnosis of ophthalmic disorders, among populace is expected to offer lucrative growth opportunities for players in the market. Widefield imaging systems offer several advantages, which include enhanced resolution, faster image processing time, faster image acquisition, an ease of image duplication and manipulation that are expected to drive adoption for diagnosis of ophthalmic disorders.
Global Widefield Imaging Systems Market: Restraints
In widefield imaging systems, out-of-focus burring degrades image and reduces visibility of final detail. Moreover, the system consume more time for deconvolved image output. These factors are expected to hamper growth of the market over the forecast period.
Among component, instrument segment was valued at US$ 364.5 Mn in 2018 and is expected to reach US$ 770.1 by 2027 and is expected to exhibit a CAGR of 8.5% during the forecast period. This is attributed to key players that are focusing on product launches. For instance, Carl Zeiss launched ZEISS CLARUS 500 Ultra-widefield system in the U.S. in 2017.
Moreover, diabetic retinopathy segment accounted for major market share of 34.4%, in terms of value in 2018. The segment growth is attributed to increasing prevalence of diabetic retinopathy, globally For instance, according to the International Agency for the Prevention of Blindness, 2016, one in three people having diabetes have high chances of getting affected by diabetic retinopathy. Moreover, according to the article published in The Lancet, 2018, the annual incidence of diabetic retinopathy ranges from 2.2% to 12.7%, globally.
The standalone systems segment accounted for major market share of 56.9%, in terms of value in 2018, followed by portable segment. The segment growth is attributed to increasing product launches by key players. For instance, Optos launched Monaco ultra-widefield retinal imaging system in European market in 2018.
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Key players in the market are focused on mergers, acquisitions, collaborations, and partnerships to expand their product portfolio and strengthen their position in the global market. For instance, in October 2018, Phoenix Technology Group acquired FocusROP, a telemedicine platform for retinopathy of prematurity screening, from InterVIEW Medical Systems. Similarly, in October 2018, LumiThera Inc. entered into a distribution agreement with Optos Plc to exclusively distribute the Valeda Light Delivery System for the treatment of dry age-related macular degeneration (AMD) in 12 European countries.
Global Widefield Imaging Systems Market: Competitive Landscape
Key players operating in the global widefield imaging systems market include Clarity Medical Systems Inc., Heidelberg Engineering, Inc., Visunex Medical Systems, Inc., Centervue SpA, Optos Plc. (Nikon Corporation), and ZEISS International.
Global Widefield Imaging Systems Market: Key Developments
- October 2018: OD-OS launched a new widefield objective, which brings non-contact panretinal photocoagulation with access to the far periphery (ora serrata) to the Navilas 577s Laser System
- June 2018: Optovue announced about an an expanded FDA 510(k) clearance for non-contact, quantitative measurements of the epithelial and stromal layers of the cornea, ETM or epithelial thickness mapping. The company also made ETM available on the Avanti Widefield OCT system.
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- By Component
- Image Viewing Software
- Data Analysis and Interpretation Software
- By Indication
- Diabetic Retinopathy
- Retinopathy of Prematurity
- Pediatric Retinal Diseases
- Retinal Vein Occlusion
- Ocular Oncology
- Chorioretinal Disease
- By Modality
- By End-User
- Specialty Clinics
- Ambulatory Surgical Centers
- By Region
- North America
- Latin America
- Asia Pacific
- Middle East
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