Increasing Healthcare Spending and Demand for Advanced Optical Imaging Systems are driving up Sales in the United Kingdom
Rockville , Oct. 12, 2023 (GLOBE NEWSWIRE) — As per a new market study published by Fact.MR, a market research and competitive intelligence provider, the Optical Coherence Tomography (OCT) for Ophthalmology Market reached a valuation of US$ 1.7 Billion in 2022. Furthermore, across the 2022-2032 period of assessment, growth is expected to accelerate at a whopping 14.3% CAGR, reaching US$ 6.5 Billion. As eye-related problems become increasingly widespread, the demand for ophthalmic equipment rises.
In many industrialized and developing countries, the ageing population has begun to confront potential risks from eye problems. The frequency of severe eye disorders is increasing globally, and vision loss is becoming a major public health concern. According to the research “Prevalence and incidence of diabetic retinopathy (DR) in the UK population of Gloucestershire,” published in May 2021, 35,873 persons with diabetes had at least one examination for diabetic retinopathy. The average age of patients with diabetic retinopathy was 66, with 57% being men. Diabetic retinopathy affected 93% of people with type 2 diabetes.
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Key Segments of Optical Coherence Tomography (OCT) for Ophthalmology Industry Research Report
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As reported in this research piece, the frequency of diabetic retinopathy is increasing across the country, which increases demand for ophthalmic equipment. This study also supports the link between diabetes and the illness. Consequently, the market will gain from the increased diabetes prevalence in the country. According to data given by the International Diabetes Federation in February 2020, an estimated 2,680,500 persons in the United Kingdom have diabetes. Diabetes was present in 5.6% of individuals in the country. As a result, the national burden of diabetic retinopathy is expected to grow over time. This will propel the market forward by increasing demand for coherence tomography. As a result, the aforementioned factors are likely to boost market growth.
Key Takeaways from the Market Study
- According to Fact.MR, a CAGR of 13% was recorded for the optical coherence tomography (OCT) for ophthalmology market from 2017-2021
- In FY 2022, the optical coherence tomography (OCT) for ophthalmology market is likely to reach a valuation of US$ 1.7 Billion
- By technology, the Fourier domain optical coherence tomography (OCT) for ophthalmologysystems segment is expected to rise at a staggering 12% CAGR during the forecast period.
- As per GVR’s projections, the market for optical coherence tomography (OCT) for ophthalmology in the UK will likely expand at a 13% CAGR
- The optical coherence tomography (OCT) for ophthalmology market in China is expected to expand at a 9.8% CAGR
“Because of its non-destructive and contactless nature, increasing use of optical coherence tomography (OCT) for ophthalmologyfor analysis and quality control applications across industries, combined with rapid growth in the OCT imaging systems market, is expected to improve optical coherence tomography (OCT) for ophthalmology market share in the future,” comments an analyst at Fact.MR.
Competitive Landscape
The market is fragmented, with fierce rivalry on a worldwide scale. Some of the strategies taken by global firms include strategic collaborations with local distributors and region-based type variants. Major corporations are spending in R&D to create and market new goods to meet industry demand. Some prominent market developments are as follows:
- In October 2022, the European Association of Neurosurgical Societies and ZEISS Medical Technology have announced a strategic cooperation (EANS). The business hopes that via this collaboration, it will be able to assist the training and further education of neurosurgical professionals, stimulate the exchange of experiences between users and medical equipment producers, and improve scientific advancement in the field of neurosurgery.
| Report Attribute | Details | |
| Value Projection (2032) | USD 6.5 Billion | |
| Growth Rate (2022-2032) | 14.3% CAGR | |
| No. of pages | 170 Pages | |
| No. of Tables | 84 Tables | |
| No. of Figures | 112 Figures | |
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More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the global Optical coherence tomography (OCT) for ophthalmology market, presenting historical analysis from 2017 to 2021 and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of by Technology (Time Domain OCT (TDOCT), Frequency Domain OCT (FD-OCT), Spatial Encoded Frequency Domain OCT (Fourier Domain OCT (FDOCT) and others), by Type (Catheter based OCT Devices, Doppler OCT Devices, Handheld OCT Devices and Tabletop OCT Devices) by Application (Ophthalmology, Cardiovascular, Oncology, Dermatology and Others), across five major regions (North America, Europe, Asia Pacific, Latin America and Middle East & Africa).
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Optical Microscopes Market: The global sales of optical microscopes are predicted to rise at a healthy CAGR of 5% from 2022 to 2030. The market is currently valued at US$ 3 billion and is expected to reach US$ 4.4 billion by the end of 2030.
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