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The optical coherence tomography for ophthalmology market share is expected to increase by USD 302.3 million from 2019 to 2024, and the market's growth momentum will accelerate at a CAGR of 7.68%.
This market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers market segmentation by product (conventional oct systems and Hand-held and integrated oct systems), end-user (hospitals and clinics, ASCs, and physicians' offices), and geography (North America, Europe, Asia, and ROW). The market report also offers information on several market vendors, including Abbott Laboratories, Canon Inc., Carl Zeiss Meditec AG, Danaher Corp., Heidelberg Engineering GmbH, NIDEK Co. Ltd., Optovue Inc., Thorlabs Inc., Tomey Corp., and Topcon Corp. among others.
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Based on our research output, there has been a positive impact on the market growth during and post COVID-19 era. The increasing incidences of ocular diseases is notably driving the market growth, although factors such as high cost associated with oct may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the optical coherence tomography for ophthalmology industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Market Driver
The increasing incidences of ocular diseases is one of the key factors driving the growth of the global optical coherence tomography for the ophthalmology market. The VISION 2020 is a global initiative by the World Health Organization (WHO) and the International Agency for the Prevention of Blindness (IAPB) aimed to reduce avoidable blindness caused due to ocular diseases such as cataracts glaucoma, corneal scarring, including trachoma, and diabetic retinopathy. Moreover, WHO, in partnership with other United Nations (UN) agencies, governments, non-governmental organizations (NGOs), and the corporate sector, is aiming to achieve a common goal of eliminating avoidable blindness. The increased awareness about various ocular diseases is expected to drive the growth of OCT devices for ophthalmology care. Such initiatives increase awareness about blindness and develop the focus of various healthcare institutions toward preventive, diagnostic care for blindness for which OCT devices can be used. Moreover, the increasing incidence of ocular diseases is significantly driving the growth of OCT for the ophthalmology market during the forecast period.
Key Market Trend
The growing focus on adaptive optics will fuel the global market growth. Adaptive optics techniques can be combined with fundus photography, scanning laser ophthalmoscopy, and OCT. However, originally adaptive technology was used in the ground-based telescope in the field of astronomy. This technique was later adopted in many other fields, including ophthalmology. There is a growing focus of manufacturers on developing OCT for ophthalmology toward adaptive optics as it improves the transverse resolution of ophthalmoscopes to foster in vivo imaging of the retina at the microscopic level. However, various manufacturers involved in developing OCT systems for ophthalmology also develop adaptive optics kits. For instance, companies like Thorlabs, Carl Zeiss Meditec, and Heidelberg Engineering use adaptive optics imaging in OCT systems developed by them. Thorlabs develops adaptive optics kits that enable easy integration of wavefront correction into imaging systems. Increasing focus on key and prominent players toward adaptive optics is an emerging trend witnessed in the OCT for the ophthalmology market.
Key Market Challenge
The high cost associated with OCT is a major challenge for the global market growth. The high price of OCT systems and excessive costs associated with their installation are increasing the cost burden for the end-users. The end-users such as hospitals and clinics, ASCs, and physicians' offices have a limited budget range. Owing to the high cost of OCT systems and installation costs, some end-users are not able to accommodate their budget allocation, which is affecting the adoption. Moreover, the estimated cost of OCT systems, which are used for ophthalmology applications, ranges between $68,000 and $370,000. Installation and service-related costs can increase the cost burden further. However, the initial investment and installation cost restrain the adoption of these devices in the primary care facilities and small- and medium-sized hospitals of developing countries such as Mexico and South Africa, where hospital infrastructure is in the developmental stage. Furthermore, advancements in OCT technology attribute to the increased cost of recently developed OCT systems in the market and significantly restrains the growth of OCT devices during the forecast period.
This market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2020-2024.
Technavio categorizes the global optical coherence tomography for the ophthalmology market as a part of the global healthcare equipment market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the market encompasses successful business strategies deployed by the key vendors. The market is concentrated and the vendors are deploying growth strategies such as owing to innovations and competitive pricing with a strong network of distributors and suppliers to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the global healthcare equipment market includes the following core components:
The report has further elucidated on other innovative approaches being followed by service providers to ensure a sustainable market presence.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Product
6 Segmentation by End-User
7 Customer landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
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