An Incisive, In-depth Analysis on the Optical Coherence Tomography Equipment Market
This study offers a comprehensive, 360 degree analysis on the Optical Coherence Tomography Equipment market, bringing to fore insights that can help stakeholders identify the opportunities as well as challenges. It tracks the global Optical Coherence Tomography Equipment market across key regions, and offers in-depth commentary and accurate quantitative insights. The study also includes incisive competitive landscape analysis, and provides key recommendations to market players on winning imperatives and successful strategies.
Spectral Domain-OCT is the most attractive segment in the global optical coherence tomography market with an attractiveness index of 2.9 over the forecast period
Spectral Domain-OCT segment by product type is projected to dominate the global optical coherence tomography market in terms of value and is expected to gain 161 BPS in 2027 as compared to that in 2017. The Swept Source-OCT segment is estimated to account for 29.2% revenue share of the global optical coherence tomography market by 2017 end and is expected to lose 122 BPS in its market share by 2027 over 2017. The Spectral Domain-OCT segment is estimated to create absolute $ opportunity of close to US$ 30 Mn in 2017 over 2016. Revenue from the Spectral Domain-OCT segment is anticipated to increase at a CAGR of 7.0% over 2017–2027, to reach more than US$ 900 Mn by 2027 end. Swept Source-OCT segment is estimated to create absolute $ opportunity of more than US$ 10 Mn in 2017 over 2016.
Spectral Domain-OCT dominated the North America optical coherence tomography market by product type in terms of revenue in 2016, and the trend is projected to grow throughout the forecast period. The segment is the most attractive segment, with an attractiveness index of 2 over the forecast period. In Western Europe, the Spectral Domain-OCT segment is expected to grow during the projected period with an attractiveness index of 2.1.
Increasing number of start-ups in the OCT market and rising number of agreements with distributors to increase product reach likely to boost revenue growth of the global optical coherence tomography market
Applications of OCT are growing as research and innovation are continuously paving way for the development of solutions for various disease treatments and medical diagnoses. OCT is used to examine tumours in the human body in real time, which will help in identification and treatment. It is also used in dental medicine for the estimation of the mineral density of teeth and observation of various dental surgeries. Dermatology and Ophthalmology are the two branches of medical science that use OCT applications. OCT is used in dermatology to identify skin cancer and visualise the different layers of the skin, while it is used in ophthalmology for the diagnosis of various diseases. OCT is also used in non-medical applications for identifying the layers, dimensions and characters of semi-conductor chips and LCD layers. This frequent usage of OCT applications is driving its growth in the global optical coherence tomography market.
Optical coherence tomography has covered a long journey from lab valve to commercialised devices as the first device introduced in the market in 1996 was a basic model working with the technology on Time Domain OCT. Now-a-days, OCT devices work on various technologies such as Fourier domain OCT. There are various medical innovations such as in April 2017, Optovue launched high-density OCT angiography for ophthalmology to provide high resolution and peripheral visualisation of the vasculature in eyes, while detection of macular edema of eye and identification of blood and cardiac walls in beating embryonic hearts are under innovation. Product innovation is also boosting the global optical coherence tomography market.
Companies are collaborating with a number of distribution channel partners in different locations to provide their products and services. This concept of partnering with regional distributors saves the company revenue and time spent in understanding local markets. For instance, in October 2016, Optopol Technology announced a partnership with BiB Ophthalmic Instruments, U.K for the distribution of OCT systems in the U.K. market. Another example is the partnership of Optovue with ROCOL SA for the marketing and distribution of medical and ophthalmology equipment. Agreements with distributers to increase product reach is creating a positive impact on the global optical coherence tomography market.
About the Report
Manufacturers in the global optical coherence tomography market are focussing on developing different product types such as spectral domain-OCT devices to retain larger market share. In a new report titled “Optical Coherence Tomography Market: Global Industry Analysis and Opportunity Assessment, 2017–2027” the analysts of Future Market Insights have observed that optical coherence tomography manufacturing companies are entering into mergers and acquisitions with medical device manufacturers or ophthalmic equipment manufacturers to expand their product type portfolio and market presence across the globe. Furthermore, they have noticed that the companies are focussing on the advancement of technology for different optical coherence tomography products such as spectral domain-OCT and other devices in order to reduce costs and thus compete in the market with reduced prices.
As far as regional analysis is concerned we have observed that North America represents the most lucrative market, followed by Western Europe and Asia Pacific Excluding Japan, while the optical coherence tomography market in MEA is expected to record comparatively less growth due to low awareness among key stakeholders such as patients and healthcare professionals.
Market Segmentation
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Research Methodology
Macro-economic indicators such as healthcare industry outlook, healthcare spending, prevalence of respiratory disease, gross domestic product and others have been considered to arrive at the indicated market numbers. Yearly change in inflation rate has not been considered while forecasting market numbers. Weighted Average Selling Price (ASP) has been considered to deduce market values. The analysts have covered the various market segments extensively while examining the global optical coherence tomography market. Market analysis has been done in terms of Basis Point Share, Y-o-Y growth projections, market attractiveness analysis and market size and value. This extensive report focusses on highlighting sales of optical coherence tomography products across the globe.
The analysts have collected insightful information through sources such as World Bank, IMF, companies’ annual and financial reports and industry associations’ publications. In-depth secondary research is used to ascertain overall market size, top industry players, products and industry associations. In order to conduct expert and industry interviews, Future Market Insights has formulated a detailed discussion guide. The analysts have conducted interviews with industry experts, players, distributors and retailers. The forecast presented in this report assesses total revenue of the global optical coherence tomography market. When developing the forecast of the market, the starting point involves sizing the current market, which forms the basis for the forecast of how the market is anticipated to take shape in the near future. Given the characteristics of the market, we have triangulated the outcome on the basis of analysis based on supply and demand sides. The report also takes into consideration year-on-year growth to understand the predictability of the market and to identify the right opportunities across the global optical coherence tomography market. As previously highlighted, the market for global optical coherence tomography is split into various categories. All these segments have been analysed in terms of basis point share to understand segmental contribution to overall market growth. This detailed level of information is important for identifying various key trends in the global optical coherence tomography market.
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