LONDON--(BUSINESS WIRE)--The latest market research report by Technavio on the global optical coherence tomography for ophthalmology market predicts a CAGR close to 7% during the period 2018-2022.
The report segments the global optical coherence tomography for ophthalmology market by product (conventional OCT systems and hand-held and integrated OCT systems), by end-user (hospitals and clinics, physicians’ office, and ASCs), and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global optical coherence tomography for ophthalmology market, according to Technavio healthcare and life sciences researchers:
- Increasing incidences of ocular diseases: a major market driver
- In 2017, the conventional OCT systems segment dominated the market by occupying almost 87% share
- The Americas dominated the global optical coherence tomography for ophthalmology market with 46% share in 2017
- Carl Zeiss Meditec, Danaher, Heidelberg Engineering, NIDEK, Optovue, and TOPCON are the leading players in the market
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Increasing incidences of ocular diseases: a major market driver
The increasing incidences of ocular diseases such as diabetic eye disease, glaucoma, diabetic retinopathy, cataract, corneal scarring, AMD, retinitis, refractive error, keratitis, and blepharitis, is significantly driving the sales of OCT devices. The leading cause of blindness is diabetic retinopathy, which is a medical condition that damages delicate blood vessels of the retina and causes vision distortion. As the prevalence of diabetes increases, the diabetic retinopathy incidence proportionally increases. The demand for OCT for ophthalmology diagnosis is expected to increase due to the increasing number of AMD and diabetic retinopathy that can lead to blindness and visual impairment.
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Americas: largest optical coherence tomography for ophthalmology market
Technavio researchers anticipate high growth for the global optical coherence tomography for ophthalmology market in the Americas due to the presence of developed countries such as the US and Canada. In terms of healthcare infrastructure, these countries are highly advanced. Moreover, there is increasing cases of various ophthalmological diseases such as diabetic retinopathy, glaucoma, macular degeneration, and optic neuropathy, which is significantly contributing toward the growth of OCT for ophthalmology market in this region.
According to a senior analyst at Technavio for research on medical imaging, “The growth rate of the optical coherence tomography for ophthalmology market in the Americas is slowing down a bit because of the region being a mature market. However, innovations and the increasing expenditure on R&D will bring back the growth momentum of the market in the region.”
Competitive vendor landscape
The global optical coherence tomography for ophthalmology market is concentrated with leading vendors. New vendors are also looking at capturing the market share. Through innovation, quality, and price, players are trying to compete in the market. With many new players entering the market, the competition is expected to intensify with players investing heavily in R&D activities. As a result, the key players are increasing their number of partnerships and acquisitions to integrate various technologies and increase their foothold in the market.
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