New applications in medical fields and industrial uses will continue to propel the OCT industry into the forefront of diagnostic imaging
Los Angeles, CA (PRWEB) January 19, 2012
The Optical Coherence Tomography (OCT) Machine Manufacturing industry powered through the economic downturn, aided by the growing adoption and use of OCT machines in ophthalmology, other medical fields (e.g. dermatology) and newly introduced industrial applications. According to IBISWorld industry analyst and report author Agata Kaczanowska, "product development continues at a rapid pace as government and private investment in OCT research surges and regulatory agencies continue to approve products for use." This year, revenue is expected to soar 24.7% to $478.4 million, marking an average annual rate of growth of 27.4% since 2007.
The industry’s areas of strong growth include emerging technologies in cardiology, dentistry, cancer detection, glucose monitoring and dermatology. Furthermore, there is substantial potential in the use of OCT technologies in industrial settings; promising industrial applications include cost-efficient quality improvement tools for in-line inspection of multi-layered objects in manufacturing processes.
Kaczanowska says that "the outlook for the industry will remain particularly bright over the coming years. Greater adoption of OCT technologies in ophthalmology, new and upcoming applications in other medical fields and industrial uses of OCT will continue to propel the industry into the forefront of diagnostic imaging. Continued private and public investment in OCT technologies is expected to create new growth opportunities for companies as funds drive innovation in the technological capability of OCT machines." However, increased scrutiny of Medicare and Medicaid reimbursements for OCT diagnostic procedures could slow industry growth, as the cost of such services would fail to be covered.
The largest four companies in the industry are expected to generate about 47.6% of revenue in 2012. This represents a moderate level of market share concentration, with the first establishment, Carl Zeiss, dominating the industry. Yet Carl Zeiss’ market share declined over the past five years as many other companies gained FDA approval and brought their products to market. Small operators are common in this type of industry, and typically specialize in developing technology and products for a niche area. Larger players frequently seek to acquire these firms to expand their product range or gain access to a particular technology. During the five years to 2012, mergers and acquisitions have swept the industry, including Volcano Corporation’s purchase of Axsun Technologies and St. Jude Medical’s acquisition of LightLab.
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This industry manufactures optical coherence tomography (OCT) machines. These machines provide fast and high-resolution imaging for diagnostics by detecting reflections of near-infrared light. Products may be intended for use for various medical or other industrial applications.
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