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(March 20, 2017)
NEW YORK, March 20, 2017 /PRNewswire/ -- There is a huge opportunity in the global widefield imaging systems market owing to increasing cases of visual impairment and rising prevalence of diabetes causing diabetic retinopathy
Global widefield imaging systems market revenue is expected to register a CAGR of 8.0% over the assessment period (20162026). The global widefield imaging systems market was valued at more than US$ 380 Mn in 2016. The market is projected to be valued at more than US$ 510 Mn in 2020 and will rise to nearly US$ 850 Mn in the year 2026.
North America Widefield Imaging Systems Market Analysis, 2016 2026
In 2012, around 75% of adults in the U.S. opted for some form of vision correction treatment
The U.S was expected to account for 90.5% market share of the North America widefield imaging systems market by 2016 end and is likely to experience a decline of 60 BPS in its market share by 2026 over 2016. The U.S widefield imaging systems market is expected to register moderate Y-o-Y growth throughout the forecast period. The U.S. widefield imaging systems market is estimated to account for the highest market share with a value of nearly US$ 150 Mn in 2016 and is projected to remain dominant during the forecast period.
Canada is expected to register higher Y-o-Y growth as compared to the U.S market throughout the forecast period. Revenue contribution of the Canada market to the North America widefield imaging systems market is expected to exhibit a CAGR of 8.8% over the forecast period.
The U.S. widefield imaging systems market is the most lucrative market in North America owing to increasing number of FDA approvals for widefield imaging systems
The U.S. widefield imaging systems market is estimated to create absolute $ opportunity of nearly US$ 15 Mn in 2017 over 2016
Revenue from the U.S. market is projected to register a CAGR of 8.1% from 2016 to 2026 to reach more than US$ 300 Mn by 2026
The Canada widefield imaging systems market is estimated to create absolute $ opportunity of US$ 1.3 Mn in 2017 over 2016
Revenue from the Canada market is projected to expand at a CAGR of 8.8% from 2016 to 2026 to reach nearly US$ 40 Mn by 2026
North America Widefield Imaging Systems Market Attractiveness Analysis, 2016 2026
Rise in incidence of chorioretinal disease is expected to drive demand for widefield imaging systems during the forecast period
The U.S. market dominated the North America widefield imaging systems market in revenue terms in 2015 and is projected to continue to do so throughout the forecast period. The U.S. widefield imaging systems market is the most attractive regional market in the North America widefield imaging systems market with an attractiveness index of 1.8 during the forecast period. The diabetic retinopathy segment dominated the North America widefield imaging systems market in revenue terms in 2015 and is projected to continue to do so throughout the forecast period.
Specialty clinics end user segment is expected to emerge as the most lucrative segment owing to increasing number of specialty clinics during the forecast period
The hospitals segment dominated the North America widefield imaging systems market in revenue terms in 2015 and is projected to continue to do so throughout the forecast period. The standalone segment is the most attractive modality segment in the North America widefield imaging systems market, recording an attractiveness index of 1.0 during the forecast period.
North America Widefield Imaging Systems Market Trends
Tracking changing customer preferences in real time and addressing the same could help in generation of higher sales
Increased preference for outright owning of devices over leasing is fuelling the installed base in North America, especially the U.S. For example, companies have noted that the installed base of new products witnessed a sales volume growth of up to 15% per year in the last two fiscals
There has also been significant traction in the number of customers possessing financial leases for devices; but this is only applicable for devices with RTO (rent-to-own) option
Changing customer preferences indicate a favourable capital-based market for these devices in North America over the forecast period
Increase in the number of corporate account renewals and new corporate accounts are fuelling the sales volume and revenue growth from the devices in the U.S.
Contributing factors include price erosion of existing devices and attraction towards availing device up gradation free of cost with a renewal of contract
Increasing distributor base is another factor expected to contribute significantly towards revenue growth in the near future
California technology offered by Optos plc. is the future of the global widefield imaging systems market
Optos Plc. is a renowned provider of retinal imaging devices for ultra-widefield, high resolution digital images. The company started operating in the global widefield imaging systems market in 2000 with the launch of P200 in the U.S. and U.K. Subsequently in 2004, the company expanded the availability of widefield imaging products in Germany, Austria, Switzerland, France, Spain, Norway, Sweden, Korea, China and Australia. The company's most advanced imaging devices for disease management and treatment support ophthalmologists and retinal specialists in the medical care market. The latest products of the company viz. Daytona and California represent the newest generation of the company's ultra-wide field imaging technology. California is the most advanced technology offered by the company offering Indocyanine Green angiography while retaining all other features of 200Tx.
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