The size of the Europe optical coherence tomography Market is estimated to hike at a promising CAGR from 2023 to 2028.
The growing demand for new biomedical applications is significantly driving the optical coherence tomography market in the European region. Also, Innovative technologies are necessary to support the shift towards new applications; therefore, the continuous development of innovative technologies is expected to provide lucrative growth opportunities for market growth. Non-melanoma skin cancer, diabetic retinopathy, age-related Macular Disease, cardiovascular disease, Barrett's esophagus, prostate cancer, and other worldwide public health challenges are addressed through OCT. It is intended to be used in medical applications other than ophthalmology, such as the life sciences industry. As a result, label-free, non-invasive in vivo imaging approaches to diagnose and monitor these disorders, such as OCT, are in high demand.
On the other hand, the growing advancements in the technology for developing higher scanning abilities with more excellent resolution and improvements in the technology such as better results with advanced data collection abilities are likely to increase the demand for optical coherence tomography devices and propel the market growth. The European market for optical coherence tomography is highly competitive due to the increase in technology with the increasing competition between the key players for maintaining their position in the market by developing and introducing advanced devices in the market and adopting various strategies such as mergers, an acquisition which helps the optical coherence tomography market to increase their market growth.
In 2020, more than one-fifth (20.6 %) of the EU population was aged 65 and over. Moreover, the share of people aged 80 years or above in the EU's population is projected to have a two-and-a-half-fold increase between 2020 and 2100, from 5.9 % to 14.6 %. Hence, increase in the elderly population, owing to greater life expectancy. Therefore, it is giving rise to various chronic illnesses and diseases with a high prevalence of eye problems such as cataracts, diabetic retinopathy, glaucoma, and many more among older people. In this region, the prevalence of glaucoma is higher among the people who come under the 40 to 80 age group, which is 2.93 percent. Furthermore, the increase in the initiatives and investments from government and non-government in research and development activities such as OTC devices for drug invention and the rising demand in biomedical applications are accelerating the market's growth.
However, the high cost of the equipment and diagnosis and the lack of proper reimbursement policies limit the market growth. Also, lack of awareness among the people and lack of sufficient data related to clinics affect the development of the European optical coherence tomography market.
This research report on the European OCT market has been segmented and sub-segmented into the following categories:
By Device Type:
Geographically, the European region holds the second-largest market in the global optical coherence tomography market, and it is projected to record significant growth during the forecast period. The regional market growth is attributed to the availability of established healthcare infrastructure, expansion of hospitals, and favorable reimbursement policies. In addition, the emerging countries in the region such as Germany, the UK, Italy, France, and Spain are significantly expanding the European regional market growth with an exponential market share.
Germany and UK are also expected to have lucrative growth in the market during the forecast period. The market growth is expected to be driven by the advancement in the technology for developing higher scanning abilities, growing demand for OCT devices and initiatives and funding the research and development sector, and developing medical and healthcare infrastructure. Also, the increased competition in the market for developing new and innovative OCT devices is projected to expand the market growth in these countries.
Furthermore, Italy has the largest share of the elderly population, in 2022, which is more than 23.4 percent of the total population was 65 years and older, which is giving rise to illnesses and diseases among them such as eye diseases, cardiovascular diseases, like diabetes retinopathy, cataract, glaucoma, and many more are driving the market growth.
KEY MARKET PLAYERS:
A few prominent companies operating in the European optical coherence tomography market profiled in this report are Agfa Healthcare, Thorlabs Inc., Carl Zeiss Meditec AG, Topcon Medical Systems Inc., Heidelberg Engineering GmbH, OPTOPOL Technology S.A., Imalux Corporation, Novacam Technologies Inc., and Michelson Diagnostics.
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