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Seeing Beyond: Optical Coherence Tomography Market Expected to Thrive in 2032
In a groundbreaking stride, the Global Optical Coherence Tomography Industry has achieved an unprecedented market valuation of US$ 1,311.70 million in 2023, setting the stage for a remarkable journey towards a projected market size of US$ 3,250.70 million by 2033. This meteoric rise is underpinned by a robust compound annual growth rate (CAGR) of 9.5% from 2023 to 2033, as forecasted by industry experts.
The driving force propelling this extraordinary growth is the escalating demand for non-invasive diagnostic methods within the medical sector. Optical Coherence Tomography, with its unparalleled ability to deliver precise, high-resolution images without resorting to invasive procedures, is rapidly becoming the method of choice for both patients and medical professionals alike.
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Development of advanced OCT imaging systems coupled with increasing government & private organizations initiatives for eye care programs across the globe are propelling the adoption of OCT imaging systems.
Growing awareness and increasing innovation for the advanced OCT devices for the treatment of skin cancer and eye diseases have urged manufacturers to incorporate real-time data for better outcomes, expanding their existing product ranges.
Based on the aforementioned factors, the OCT market is slated to expand at a robust pace of over 6.7% CAGR during the assessment period of 2021 and 2031.
Key Takeaways from FMI’s Optical Coherence Tomography Industry Study
Hospitals are anticipated emerge as primary end users of optical coherence tomography industry, accounting for leading market share
Preference for spectral domain-OCT will be higher as compared to swept source-OCT over the forecast period
Increasing application of OCT in ophthalmology is expected to drive sales through 2031
Germany and the U.K. will lead the Europe’s optical coherence tomography industry on the back of rising cases of eye disorders across the region
Japan is anticipated to emerge as a lucrative market backed by the rising development of advanced OCT imaging systems within healthcare sector
China is anticipated to lead the East Asia market during the forecast period, accounting for over 4.6% market sales
The U.S. is estimated to be the largest market for optical coherence tomography industry attributed to be growing prevalence of eye related disorders
“Key players are increasing research and development activities for the development of advanced OCT imaging system for the early detection & treatment of eye-related disorders. This, in turn, is likely to omprovegrowth opportunities for the market players over the coming years,” says the FMI analyst.
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Global Optical Coherence Tomography Industry Competitive Landscape
Future Market Insights, in its updated report, have profiled prominent players operating in optical coherence tomography industry which include Leica Microsystems, Optovue Inc., Carl Zeiss Meditec AG, Santec Corporation, Heidelberg Engineering GmbH, Optopol Technology SP Z.O.O., Topcon Corporation, Michelson Diagnostic Ltd., Tomophase Inc., Moptim Imaging Technique, NIDEK Co. Ltd., and Sonostar Technologies Co. Ltd among others.
Optical coherence tomography systems manufacturers are actively focusing on expanding their product portfolios to improve their revenue generation.
Incorporation of advanced technology combined with the upgradation of its existing range of products is also one of the core strategies of market players to maintain their position in the industry.
The global optical coherence tomography industry is dominated by top tier-1 market players that include Leica Microsystem (Sub. Danaher), Optovue Inc., and Zeiss Group (Carl Zeiss Meditec AG).
Targeted mergers and collaborations with top distribution channel partners is anticipated to be the key strategy to maintain their top position in the industry. Around 20% to 25% of global market revenue is contributed by the tier-1 players over the forecast period.
New product launches with the expansion of their existing product range is one of the common market strategy for the key players. For instance:
In March 2021, Premier Medical Imaging AI Inc., a medical technology company focusing to transform cancer surgery with ultra-high resolution, announced the 510 (k) clearance for its Perimeter’s Optical Coherence Tomography imaging system (v2.1) from the U.S. Food & Drug Administration (FDA), designed to examine tissue microstructures during surgical procedures.
In January 2021, Notal Vision announced the launch of its first ‘US Home-Based’ optical coherence tomography platform which was patient self-operated.
More Insights on the Global Optical Coherence Tomography Industry
Future Market Insights, in its latest report, offers an incisive coverage on the global optical coherence tomography market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. To understand the global market potential, its growth, and scope, the market is classified on the basis of product type (spectral domain-OCT, swept source-OCT, and others), application type (ophthalmology, dermatology, cardiovascular, dental, and others), and end user (hospitals, ophthalmology clinics, dermatology clinics, dental clinics, ambulatory surgical centers, and others) across seven major regions (North America, Latin America, Eastern Europe, Asia Pacific excluding Japan, Western Europe, Japan and Middle East & Africa)
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Global Optical Coherence Tomography Industry by Category
By Product Type:
Spectral Domain-OCT
Swept Source-OCT
Others
By End User:
Hospitals
Ophthalmology Clinics
Dermatology Clinics
Dental Clinics
Ambulatory Surgical Centers
Others
By Application:
Ophthalmology
Dermatology
Cardiovascular
Dental
Others
Innovating Health: Coronary Stents Market Eyes Substantial Growth in 2032
The Global Coronary Stents Industry is on a trajectory to attain a significant valuation of US$ 51.2 million by the year 2032, exhibiting a steady compound annual growth rate (CAGR) of 5.1% from 2022 to 2032. In 2022, the market is expected to hit an estimated value of US$ 33.36 million.
The market’s growth is primarily attributed to the mounting geriatric population, the increasing prevalence of cardiovascular diseases, and the surge in lifestyle-related health issues, such as diabetes, obesity, and other medical conditions. This robust expansion of the coronary stents industry is anticipated throughout the forecast period.
Key drivers of this growth include the heightened awareness of the numerous advantages associated with stenting procedures. These procedures are known to lead to a significant improvement in blood flow and provide protection against further damage to the heart muscle, thereby contributing to the market’s remarkable progression. Moreover, stenting is instrumental in alleviating the symptoms of heart disease, including angina and shortness of breath, ultimately reducing the need for more invasive coronary bypass surgery. Consequently, both medical practitioners and patients are increasingly favoring stenting as it is minimally invasive and facilitates a relatively swift post-operative recovery period.
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Furthermore, a rise in the global geriatric population is leading to a larger patient pool with serious cardiovascular diseases. Again, hypertension is arising as a grave public health concern. Obesity, too, adds to this burden as one of the primary risk factors accountable for different cardiovascular diseases worldwide.
Coronary stenting is prescribed to patients who are suffering from coronary artery blockage. Though angioplasty is the first line of treatment for patients with acute coronary artery blockages while the number of patients undergoing stenting has been increasing steadily over the last ten years. This is owing to the rise of outpatient coronary stenting procedures, which shortens long hospital stays. Additionally, a large number of cardiologists prescribing stenting procedures for patients with CAD is a prime factor that will likely fuel revenue growth of the coronary stent market during the forecast period.
“Increasing cases of lifestyle diseases like obesity and diabetes often result in heart issues which, in turn, supplements the global growth of the coronary stents industry over the forecast period,” says an FMI analyst.
Key Takeaways:
Rising awareness of the benefits associated with stenting will strengthen market prospects.
Prevalence of alternative treatment methods, product failure, and recalls are certain factors that may hamper market growth.
Growing cases of coronary artery diseases propel the coronary stent market in the United States.
Favorable government support for the healthcare sector will present new market opportunities in China.
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Competitive Landscape
Abbott, Medtronic, Boston Scientific Corporation, Terumo Corporation, B Braun Melsungen AG, Biotronik, Stentys SA, MicroPort Scientific Corporation, C. R. Bard, Inc., and Cook Medica among others are some of the major players in the coronary stents market profiled in the full version of the report.
Key market players are focusing on product upgradation and offering new features to meet the rising consumer demand. These organizations are employing strategies like new product releases, partnerships, collaborations, mergers, and acquisitions to gain a competitive advantage.
More Insights into Coronary Stents Industry Report
In its latest report, FMI offers an unbiased analysis of the global coronary stents industry, providing historical data from 2016 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented on the basis of product type (drug eluting stent (DES), bare metal stent (BMS), bioresorbable vascular stent (BVS)), raw material (cobalt chromium, stainless steel, platinum-chromium, nickel-titanium, polymer), end user (hospitals, ambulatory surgical centers, cardiac catheterization laboratories), and region.
According to the latest FMI reports, based on region, China’s coronary stent market will likely exhibit an impressive growth rate during the observation period due to favorable government support for the healthcare sector. The coronary stent market in the United States is anticipated to demonstrate substantial growth over the forecast period. The rising prevalence of coronary artery disease is spurring the demand for interventional cardiology treatment in this country. Sedentary lifestyles, smoking, poor dietary habits, and pollution often contribute to increasing cases of cardiovascular diseases. All of these factors are expected to drive the demand for the target market during 2022-2032.
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Key Segments Covered in the Coronary Stents Industry Analysis
By Product:
Drug Eluting Stent (DES)
Bare Metal Stent (BMS)
Bioresorbable Vascular Stent (BVS)
By Raw Material:
Cobalt Chromium
Stainless Steel
Platinum – Chromium
Nickel – Titanium
Polymer
By End User:
Hospitals
Ambulatory Surgical Centers
Cardiac Catheterization Laboratories
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