Global Industry Analysts Predicts the World Optical Coherence Tomography (OCT) for Ophthalmology Market to Reach $754.4 …
FACTS AT A GLANCE
Edition: 6; Released: August 2021
Executive Pool: 447
Companies: 26 – Players covered include Carl Zeiss Meditec AG; Danaher Corporation; Heidelberg Engineering GmbH; Nidek Co., Ltd.; Optovue, Inc.; Topcon Corporation and Others.
Coverage: All major geographies and key segments
Segments: Segment (Conventional OCT Systems, Handheld & Integrated OCT Systems)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; and Rest of Europe); Asia-Pacific; Rest of World.
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Global Optical Coherence Tomography (OCT) for Ophthalmology Market to Reach $754.4 Million by the Year 2026
Optical coherence tomography (OCT), a non-invasive, diagnostic technology is fast becoming an established imaging technology in ophthalmic diagnosis. OCT relies on light waves for capturing high-quality 3D retinal images in a non-invasive manner, enabling medical professionals to study eye conditions. An aging population, growing prevalence of ocular diseases, rapid increase in diabetic population and increasing focus on curbing healthcare expenditures continue to drive the demand for ophthalmic diagnostic equipment. With rise in the average life span, there is an increasing incidence of ophthalmic and ocular conditions which is a natural phenomenon of aging. In addition, lifestyle trends and rising levels of pollution in developed and developing countries have put an ever-increasing number of people at risk of developing potential eye allergies, hypersensitivity to environmental elements such as pollen, dust, and dry eye syndrome among others. A key trend in the space is integration of various devices into single equipment. The ongoing shift to spectral domain OCT technology from time domain OCT is spurring growth in the market. Spectral domain OCT, an advancement in imaging technology enables efficient examination of ocular pathologies. Further infusing growth into the segment is the integration of built in devices such as fundus cameras and OCT scanning laser ophthalmoscopes. Software upgrades in OCT systems are introducing advanced disease-progression analysis featuring greater range in data capture and imaging.
Amid the COVID-19 crisis, the global market for Optical Coherence Tomography (OCT) for Ophthalmology estimated at US$526.2 Million in the year 2020, is projected to reach a revised size of US$754.4 Million by 2026, growing at a CAGR of 6.3% over the analysis period. Conventional OCT Systems, one of the segments analyzed in the report, is projected to grow at a 5.8% CAGR to reach US$667.4 Million by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Handheld & Integrated Oct Systems segment is readjusted to a revised 8.9% CAGR for the next 7-year period. This segment currently accounts for a 14.6% share of the global Optical Coherence Tomography (OCT) for Ophthalmology market. Handheld OCT systems are gaining traction in lieu of their affordability and portable design, and also due to their improved capabilities in resolving issues pertaining to image quality and dearth of technological infrastructure, a major reason that hampers adoption of traditional OCT systems. Handheld instruments facilitate screening of large number of patients outside the traditional point-of-care facilities, in relatively much shorter period of time than conventional OCT systems.
The U.S. Market is Estimated at $169.9 Million in 2021, While China is Forecast to Reach $96.9 Million by 2026
The Optical Coherence Tomography (OCT) for Ophthalmology market in the U.S. is estimated at US$169.9 Million in the year 2021. The country currently accounts for a 30.97% share in the global market. China, the world’s second largest economy, is forecast to reach an estimated market size of US$96.9 Million in the year 2026 trailing a CAGR of 9.2% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 5.1% and 6.1% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 5.3% CAGR while Rest of European market (as defined in the study) will reach US$106.4 Million by the year 2027. Growth in developed countries is largely driven by the growing aging population and increasing incidences of refractive error, cataract and glaucoma. Growth in the market is also attributable to technology innovations. In Asia-Pacific region, countries such as India and China offer high growth potential, primarily owing to large population base, improving healthcare infrastructure, rising disposable incomes, increasing awareness regarding eye diseases coupled with high diagnosis rates. More
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