HOME › Research Insight › Optical Coherence Tomography (OCT) ScannersOffer Significant Opportunities in the Global Ophthalmology Diagnostic and Monitoring Devices Market
Optical Coherence Tomography (OCT) ScannersOffer Significant Opportunities in the Global Ophthalmology Diagnostic and Monitoring Devices Market
Optical coherence tomography (OCT) used to capture cross sectional images of biological systems has wide range of applications in the diagnosis of ophthalmic abnormalities and cardiac diseases. The OCT scanner market is the most lucrative in the global ophthalmology diagnostic and monitoring devices market. The revenues of OCT market are expected to grow at a healthy CAGR of 9.1% in the coming five years. Due to its high demand, several new global and local players are entering into this space, thus increasing the competition to seize the maximum market share. In this competitive scenario, all companies are curbing the price of OCT scanner in the global market to gain market popularity.
Reimbursement for OCT procedures has changed dramatically in the U.S. in the last few years. Medicare CPT 92315 cost per service for OCT procedures is reducing per year. The significant shift from the old CPT code 92135 to the new codes (92132, 92133 and 92134) has almost halved the payment for the test compared to the old code. The scanning computerized ophthalmic diagnostic imaging (SCODI) is now paid once for both sides whereas it was initially paid for each side. This effectively halved the payment for the test when it is performed bilaterally. As a result, manufacturers are reducing the prices of these devices to attract more general practitioners to purchase them. In the last few years, the price of OCT scanners has decreased at the rate of more than 5% and this trend is expected to continue in the near future.Thus, increasing competition along with reimbursement issues has compelled suppliers to decrease the prices year-on-year.
The market for optical coherence tomography (OCT) will be driven by innovative and technically enhanced devices and the clinical acceptance of OCT for biomedical imaging. New product development in the optical coherence tomography will continue at a rapid pace due to the increasing investment from the government and private sectors in OCT research and is expected to boost the market for OCT. However, in spite of all the benefits, a 50% to 60% drop in reimbursements is likely to pace down the OCT market growth to a certain extent.
North America dominated the OCT market with a share of 42.3% in 2013. However, the saturation in this market is expected to decrease the share of this region in the future. The European market has been struggling due to the adverse effects of the eurozone crisis. Asian market on the other hand is considered as the most lucrative market in the global scenario, mainly due to the rise in the aging population, increasing per capita income and spending capacity of patients, and rising awareness of the advanced technologies.
The prominent players in this market are Bioptigen (U.S.), Heidelberg Engineering (U.S.), Optovue (U.S.),Ophthalmic Technologies Inc. (U.S.), and Topcon Corporation(Japan).
Ophthalmology Devices Market (Optical Coherence Tomography (OCT) Scanner, Fundus Camera, Tonometer, Pachymeter, Perimeter, Slit Lamp, Excimer, YAG Laser, Femtosecond Laser, IOL, Contact Lens) - Competitive Landscape & Global Forecasts to 2018
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