Optical
coherence tomography is a non-invasive diagnostic procedure most
commonly used in the field of ophthalmology. However, due to its
technological benefits and in-depth visualization, optical coherence
tomography finds extensive use in other medical disciplines such as
dermatology, oncology, and endoscopic diagnosis.
One
of the major reasons for the growth of the optical coherence
tomography market is growing geriatric population. According to the
World Health Organization, 13% of the global population in 2010 was
constituted by the elderly, and this is expected to grow to over 50%
by 2020.
Optical
coherence tomography: Areas of segmentation
The
optical coherence tomography market is highly fragmented and can be
categorized on the basis of parameters such as geography,
applications, volumetric images used, device type, and technology.
Region-wise,
the global optical coherence tomography market is divided into North
America, Europe, Asia-Pacific, and Rest of the World. The application
areas of optical coherence tomography are diagnosis of conditions
such as central serous retinopathy, macular hole, age-related macular
degeneration, macular edema, macular pucker, vitreomacular traction,
preretinal membranes, and diabetic retinopathy. The three main types
of volumetric images used in optical coherence tomography are raster
or rectangular volume scan, annular volume scan, and radial volume
scan. On the basis of technology, the overall market can be segmented
into frequency domain optical coherence tomography (FDOCT), time
domain optical coherence tomography (TDOCT), and spatially encoded
frequency domain optical coherence tomography (which includes Fourier
domain optical coherence tomography (FDOCT) and spectral domain
optical coherence tomography (SDOCT)). The major types of optical
coherence tomography devices used for diagnosis include handheld OCT
devices, catheter-based OCT devices, tabletop OCT devices, and
Doppler OCT devices.
Optical
coherence tomography markets in Asia-Pacific and Latin America
expected to thrive during forecast period
Globally,
North America leads the overall optical coherence tomography market,
primarily driven by the growing geriatric population. Based on
information provided by the U.S. Census Bureau, in 2010, the number
of people above the age of 65 years in the U.S. was 22 to every 100
people. This number is expected to rise to 35 by 2020. Aging
population is more susceptible to ophthalmic disorders such as
age-related macular degeneration, diabetic retinopathy and macular
edema, thereby increasing the demand for optical coherence
tomography. In addition to this, the rising number of research and
academic facilities in the U.S. has also fuelled the growth of the
market in this region. Europe follows North America in terms of
optical coherence tomography market size, once again due to aging
population and rising number of age-related disorders. Although the
growth in these two regions has been remarkable so far, forecast
suggests that the growth of the optical coherence tomography market
in the near future will be slow owing to saturation of the market and
economic slowdown.
On
the other hand, optical coherence tomography markets in Asia-Pacific
and Latin America are still untapped and possess immense potential
for growth. Emerging nations such as Japan, China, India, and Brazil
have been witnessing greater economic development along with rising
awareness regarding ophthalmic ailments. This has had a huge impact
on the optical coherence tomography market in these two regions.
Other factors that have led to the growth of the Asia-Pacific and
Latin American markets are higher disposable incomes, growing
investments in biotechnology and pharmaceutical industries, and
increasing acceptance of advanced medical and imaging technologies.
Oligopolistic
nature of the global optical coherence tomography market
The
worldwide market for optical coherence tomography is extremely
concentrated with the top few companies enjoying more than half of
the total market share. However, severe competition among mid-sized
and small companies has begun posing a threat to the industry
leaders. Some of the notable participants of the optical coherence
tomography market are Novacam Technologies Inc., Canon, Inc., Agfa
Healthcare, Bioptigen, Inc., PerkinElmer, Inc., Headwall Photonics,
OPTOPOL Technology S.A., Heidelberg Engineering, Inc., Imalux
Corporation, Topcon Medical Systems, Inc., Carl Zeiss Meditec AG,
Michelson Diagnostics, St. Jude Medical, Inc., Thorlabs Inc., and
Volcano Corporation.
According
a market intelligence company, the global optical coherence
tomography market is expected to grow to over US$1 billion in the
next couple of years.
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