Optical Coherence Tomography Market Demand to Grow US$ 1,349.1 Mn by 2027
Added: (Tue Nov 07 2017)
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A significant rise in the occurrence of cardiovascular and ophthalmologic disorders has been recorded in recent years. As a countermeasure, state authorities and private organisations in ophthalmic care are introducing several eye care programs for the general public. Globally, the number of people with eye disorders has increased to a severe level, hence further escalating the need for advanced eye care imaging and treatment. This has been observed as a major factor fuelling the demand for optical coherence tomography of late. A new study conducted by Future Market Insights (FMI) reveals that the global optical coherence tomography market to grow from US$ 660.5 Mn in 2016 to US$ 1,349.1 Mn by 2027-end. This market is expected to expand at a CAGR of 6.7% in terms of revenue between 2017 and 2027. During this ten years of the forecast, the popularity of optical coherence tomography is expected to grow rapidly as medical companies are laying strong emphasis on development of portable devices in order to increase the adoption rate of such imaging technology.
Global Optical Coherence Tomography Market: Opportunities and Trends
Manufacturers of OCT systems are actively focusing on expanding their existing range of products. Some of the latest OCT systems now come with multi layers analysis of the surface as well as offer higher image resolutions. Moreover, making such systems portable and user-friendly is anticipated to encourage their robust adoption in the near future. Also, players in the global market for optical coherence tomography are expected to benefit from increasing medical and non-medical application of OCT.
In an attempt to further improve their market position, some of the leading market players are entering into partnership, merger, sales agreement and acquisition with local manufacturers from emerging countries. FMI in its report titled “Optical Coherence Tomography Market: Global Industry Analysis and Opportunity Assessment, 2017–2027” has profiled leading market players such as Leica Microsystems (Sub. Danaher), Optovue Inc., Carl Zeiss Meditec AG, Santec Corporation, Heidelberg Engineering GmbH, OPTOPOL Technology Sp. z o.o. (Sub. Canon Inc.), Topcon Corporation, Michelson Diagnostics Ltd, Tomophase Inc., Moptim Imaging Technique, NIDEK CO., LTD., Sonostar Technologies Co., Limited.
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Additional Highlights of the Report Include:
- Preference for spectral domain-OCT is projected to remain relatively higher as compared to other types of OCT throughout the forecast period.
- Application of OCT in ophthalmology is expected to bring in US$ 983.4 Mn in revenues towards the end of 2027.
- Based on end users, hospitals are estimated to account for more than 39% market share over the assessment period.
Among regions, North America is expected to hold the largest share of the market during the forecast period. By 2017-end, the region’s market is expected to reach a valuation of US$ 232.2 Mn. Meanwhile, the OCT market in Asia-Pacific excluding Japan is expected to witness the highest growth over 2027. Owing to this, a number of leading market players such as Carl Zeiss Meditec AG, Topcon Corporation and Heidelberg Engineering GmbH are increasing their penetration in some of the key countries in the region, especially in China with their high-quality product types and services.
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Future Market Insights (FMI) is a leading market intelligence and consulting firm. We deliver syndicated research reports, custom research reports and consulting services, which are personalized in nature. FMI delivers a complete packaged solution, which combines current market intelligence, statistical anecdotes, technology inputs, valuable growth insights, an aerial view of the competitive framework, and future market trends.
Submitted by:Ram Singh