Optical Coherence Tomography Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Optical Coherence Tomography Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Optical Coherence Tomography Market is expected to register a CAGR of 10.2% during the forecast period (2022-2027).

The supply chain disruption caused due to the COVID-19 pandemic has led to a shortage of critical medical devices for diagnosis and treatments across the world. Therefore, many countries have taken definite measures to ease the shortages through domestic manufacturing of the products. In addition, domestic manufacturing of essential products is expected to overcome trade barriers and ensure product quality and market stability. Several precautions were taken in providing services to glaucoma patients during the COVID-19 pandemic. For instance, during the COVID-19 pandemic 2020, there were numerous incidences of pathogen transmission, specifically COVID-19, during the patient visit to an outpatient glaucoma clinic, according to a research article by Julie M. Shabto et al., published in the Journal of Glaucoma Journal in April 2020. The number of patients in these clinics even during periods of constrained patient flow and the number of tools that may be used during a single-patient examination were given effective infection control techniques during the COVID-19 pandemic. Carl Zeiss market devices, equipment, systems, and others for ophthalmology saw a severe reduction in revenue during the COVID-19 pandemic 2020, especially in the spring. For instance, the Carl Zeiss Annual Report 2019-2020 reported that the second quarter's revenue decreased by about 40%. (April-June 2020). Additionally, compared to 2019, income for the year 2020 decreased. Additionally, the COVID-19 pandemic caused a large drop in revenue in the first quarter of 2020, according to iCare Finland OY's annual report for 2020. Later, the second quarter of 2020 proved to be successful given the conditions, especially given the rise in demand for the market under study. As a result, there was a minor short-term negative impact on the market, particularly as a result of the decreased ophthalmological services during the COVID-19 outbreak in 2020. The market's growth has improved, nevertheless.

The demand for ophthalmic devices is rising as eye-related disorders are becoming more common. The aging population has begun to face possible hazards from eye diseases in many industrialized and emerging nations. The prevalence of serious eye conditions is rising worldwide, and vision loss is turning into a significant public health issue. 35,873 adults with diabetes underwent at least one examination for diabetic retinopathy, according to the study "Prevalence and incidence of diabetic retinopathy (DR) in the UK population of Gloucestershire" released in May 2021. The average age of those who had diabetic retinopathy was 66, and 57% of them were men. 93% of those who had type 2 diabetes also had diabetic retinopathy. According to this study article, the prevalence of diabetic retinopathy is rising throughout the nation, increasing the demand for ophthalmic devices. The association between diabetes and the disease is also supported by this study. As a result, the market will benefit from the country's rising diabetes prevalence. An estimated 2,680,500 people in the United Kingdom have been diagnosed with diabetes, according to data released by the International Diabetes Federation in February 2020. Diabetes prevalence among adults in the nation was 5.6%. The burden of diabetic retinopathy in the nation is predicted to rise as a result over time. This will drive the market by driving demand for coherence tomography. Thus, the abovementioned factors are expected to increase market growth.

However, reimbursement policies are expected to hinder market growth.

Key Market TrendsOpthalmology 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.

Competitive Landscape

The Optical Coherence Tomography Market is fragmented and competitive and consists of several major players. In terms of market share, a few of the major players are currently dominating the market. Some of the companies which are currently dominating the market are Carl Zeiss AG, Leica Microsystems (Danaher), Topcon Corporation, Novacam Technologies, and Terumo Medical Corporation

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• The market estimate (ME) sheet in Excel format
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