Market Trends of Global Optical Coherence Tomography Industry
This section covers the major market trends shaping the Optical Coherence Tomography Market according to our research experts:
Opthalmology by Application in Optical Coherence Tomography Market is Expected to Witness a Healthy Growth in Future.
Ophthalmology is expected to witness healthy growth in the future owing to the increasing incidences of retinal and choroidal disorders. Furthermore, raising awareness about the early diagnosis of glaucoma and other disease diagnosis related to eye ocular pressure and the adoption of new products in the market further boost the growth of the studied market in Spain. For instance, in February 2021, Specsavers Ópticas has its Glaucoma 2021 campaign to raise awareness of the condition known as the silent thief of sight, which affects more than half a million people in Spain alone. Thus, increasing awareness is expected to increase market growth. In February 2020, Specsavers launched a new multi-million-pound marketing campaign to raise public awareness of the optical coherence tomography (OCT) technology that is available in its United Kingdom practices. The advertising campaign was designed to encourage members of the public to have an eye examination who have never had an eye test with an OCT before. Such initiatives over time are expected to pull a large number of people for eye tests through OCT scanners because of their high accuracy and reliability. This will augment the market during the study period.
Thus, the abovementioned factors are likely to increase the market growth.
North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period
North America is expected to hold a major market share in the global Optical Coherence Tomography market due to the increasing aging population, increasing R&D investments, and adoption of new products in the region. According to the data published by the Centers for Disease Control and Prevention (CDC) in 2020 about 12 million people aged 40 and above suffer from vision impairment. Around 4.1 million Americans are affected with diabetic retinopathy, and nearly 900,000 Americans are threatened with vision-damaging retinopathy. Diabetic retinopathy is one of the leading disorders of posterior segment eye disorders. Increasing prevalence will increase the demand for diagnosis in a huge population which will boost the growth of the market in the country. In January 2021, the first study in the United States was started by Notal Vision, Inc. utilizing its experimental home-based optical coherence tomography (OCT) technology. With the use of the user-friendly, self-operated Notal Home OCT device, the study will assess the capacity of participants with wet age-related macular degeneration (AMD) to undertake consecutive daily self-imaging of their eyes at home. Similarly, in November 2020, Carl Zeiss Meditechas presented latest integrated diagnostic and surgical advancements such as Retina and Glaucoma Workflows, Cataract Workflow, Corneal Refractive Workflow, etc. at the 2020 American Academy of Ophthalmology's (AAO) Annual Meeting. Thus, the above-mentioned factors are expected to increase the market growth.
