Optomed as an investment

Optomed is a research and development as well as sales driven medical technology company in expansion phase.

Last modified: 6.4.2022

Optomed is one of the leading players in the growing and transforming handheld fundus camera market.1

Currently, the majority of diabetic retinopathy screenings are performed with traditional desktop cameras. Optomed has developed handheld fundus cameras that are smaller, lighter, easy-to-use and combined with screening software they enable an efficient screening process and affordable screening to everyone. Combined with remote consultation solutions and Artificial Intelligence they are easy-to-use also by other personnel than eye specialists.

The global handheld fundus camera market is estimated to grow at an annual growth rate of approximately 11.3 percent between 2017 and 20242. In the management’s view, Optomed is one of the leading players in the handheld fundus camera segment and is therefore a key player in growing the market.

Future growth potential from expansion into new markets and end-customer segments

Optomed’s management has also identified growth opportunities outside the traditional fundus camera market by integrating Artificial Intelligence to Optomed’s products and software solutions. Optomed sees a large market potential for handheld fundus cameras and automated image grading also in primary care, which is not considered a traditional end-user segment for desktop cameras. By deploying handheld fundus cameras and Artificial Intelligence diagnosing capabilities at local primary care clinics, the screening process for diabetic retinopathy may be transformed. By transforming the screening process to a customer centric locally produced service the likelihood of diabetic patients attending regular screenings is expected to increase.

Provider of proprietary technology with targeted value propositions for different markets and healthcare systems

Research and development have always been the core of Optomed’s operations and the management believes that the strong patent portfolio and continuous development of new camera and software solutions are the most important competitive advantage of the company. Optomed has developed a strong international patent portfolio comprising 52 international patents and 5 pending patents.

Optomed’s handheld fundus cameras provide a cost efficient, flexible and mobile solution for healthcare operators in developing countries to improve the screening coverage and quality of care for diabetics. In developed countries with a growing elderly population and increasing healthcare expenditure, the handheld cameras offer a cost-efficient alternative to screen and manage diabetic retinopathy.

Asset-light organisation through outsourced production and distribution, with a well-defined sales strategy and extensive distribution network

Optomed’s strategy is to sell its products in most geographies through distribution companies. The production is outsourced to an international EMS partner, who produces cameras under Optomed’s own label as well as cameras for the company’s OEM customers. Accordingly, minor capital expenditure is required to expand production and sales.

The company sells its handheld cameras and software solutions through three sales channels: OEM customers, distributors and direct sales. Optomed’s distribution network currently comprises approximately 55 active distributors in over 50 countries. The OEM customers offer Optomed’s cameras under their brands to different end-customers groups. Optomed focusses its direct sales efforts on selling complete screening solutions combining cameras with automated Artificial Intelligence grading of images.

Experienced management to promote the transformation of the fundus screening market

Optomed’s Leadership Team consists of highly skilled and industry-experienced professionals. The Leadership Team possesses the capabilities required to execute Optomed’s growth strategy and lead the transformation of the fundus camera market. In addition to an innovative product and a strong patent portfolio the Optomed management has built up a large distribution network, signed agreements with prominent OEM customers, established a subsidiary in China and acquired software company Commit; Oy.

Between 2013 and 2018, Optomed has sold approximately 8,700 handheld fundus cameras and reached pro forma revenue3 of EUR 14.5 million in 2018, comprising both camera and software sales. Confidence in Optomed’s management and strategy has been demonstrated through the support from reputable investors, through funding from Tekes and through the grant of EUR 2.0 million in funding from the European Union’s Horizon 2020 research and innovation programme.


1Zion Market Research (2018). In the management’s view, that the company’s leading position is based on the share of revenue in the handheld fundus camera market that is generated from sales of cameras manufactured by the company and sold to end-users by the company’s OEM customers, distributors and directly by the company.

2 Zion Market Research (2018).

3 Unaudited pro forma financial information is presented for the period 1 January 2018–31 December 2018 giving effect to the Commit; Oy acquisition, as if it had been effected on 1 January 2018, instead of the actual acquisition date of 26 March 2018.