Optical Coherence Tomography Market Growth Analysis, Application And Share By Technology (Sd-Oct, Swept-Source Oct), By Application (Cardiology, Ophthalmology, Dermatology, Others) and By Type Of Devices (Handheld, Tabletop, Catheter-Based Oct Devices) – Global Forecast till 2023
Global Optical coherence tomography Market – Overview
The global Optical Coherence Tomography Market is growing with a moderate pace; mainly due to increase in genetic and diabetes patient population. Also major players involve in research and development to provide better treatment options. In this regards, on Jan. 4, 2018, Blackbird Robotersysteme GmbH and participating in a research project with the Technical University of Munich’s Institute for Machine Tools and Industrial Management and multiple industrial partners to explore optical coherence tomography’s potential for remote laser welding in auto manufacturing.
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Additionally, The WHO estimated that diabetes leads to 1.6 million deaths in 2015 and it is the major causes of blindness, kidney failure, heart attacks, stroke, and lower limb amputation. Increase in incidence of diabetic eye disease owing to diabetes will drag the interest of biopharmaceutical researchers for developing effective treatment.
Companies are continuously engaged in merger and acquisition activities for the development of best Optical coherence tomography. In this regard, Carl Zeiss Meditec, Inc. and Insight Photonics Solutions, Incpertaining to the acquisition of 52 percent of the shares in Ophthalmic Laser Engines, LLC, to develop and produce an akinetic swept source laser for ophthalmology, and the associated OCT system elements.
Also in July 2017, NKT Photonics has entered into an agreement to acquire Onefive, one of the leading ultrafast laser manufacturer, to increase the product portfolio globally. These developments help companies to maximize the market share in the global market and also minimize the gap of demand and supply in developing regions.
Carl Zeiss Meditec AG (Germany), Heidelberg Engineering GmbH (Germany), Agfa Healthcare (Belgium), Imalux Corporation (U.S.), Michelson Diagnostics (U.K), Novacam Technologies Inc. (Canada) and OPTOPOL Technology S.A (Poland) are some of the leading players at the cutting edge of the competition in the market of optical coherence tomography, globally.
Optical coherence tomography is the imaging technique, which used for medical imaging and industrial nondestructive testing. It is a non-invasive imaging test, help to take cross-section pictures of your retina. This technique helps ophthalmologist to map and measure the thickness of the retina’s distinctive layers. This is one of the best technique that provide treatment guidance for glaucoma and diseases related to retina, such as age-related macular degeneration (AMD) and diabetic eye disease. A rising number in the patient suffering with diabetes are also the leading cause of diabetic retinopathy. Thus, this is a growing problem as the number of people living with diabetes increases.
According to the report published by the International Diabetes Federation, in 2016, it was evaluated that 420 million adult population were suffering with diabetes. If the patient population will grow with the same phase it was projected that around 625 million people will suffer with the disease by 2040, at a rate of 8.4%.
Global Optical coherence tomography Market – Regional Analysis
The market for optical coherence tomography is much higher in the Americas, According to reports published by the Centers for Disease Control and Prevention, in 2015, around 100 million of the United States adult populations are living with diabetes. The report suggests that 30.3 million Americans that is 9.4% of the United States population have diabetes and around 84.1 million have prediabetes, this is the condition, that if not treated often leads to type 2 diabetes within five years. The government has more focus towards research and development for introducing the best optical coherence tomography treatment for their citizen. Also major players are belonging from this region that help them to lead the market around the world.
The market of optical coherence tomography is growing rapidly in Asia Pacific region, owing to obesity population, stress, and unhealthy life balance. These are the factor which leads the diabetes to the growing base of patient population in this region. Most of the countries of this region have common lifestyle and economic conditions. Government of developing countries within this region are more focusing towards new technology and advance treatment option, thus more research and development programs are initiated for the development of better treatment. Countries such as India and China are more focused market for major market players owing to the huge patient population suffering with diabetes, increasing aging population, and growing purchasing power as compare to other countries in this region. Japan is a well developed country and have well established healthcare system and technology, whereas developing countries are still focusing on better technology for the treatment, this gap between the developed and developing countries will present significant growth opportunities for the optical coherence tomography market players in the next few years.
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