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Description
The Optical Coherence Tomography Angiography (OCTA) market is valued at USD 405.3 million in 2021 and is poised to grow at a significant CAGR of 7.2% over 2022–2028. The market for optical coherence tomography angiography equipment is expanding due to the increased prevalence of several eye illnesses and the availability of low-cost diagnostic techniques. In the world, at least 2.2 billion people have a near- or distant vision impairment, as per a World Health Organization (WHO) report. By using cutting-edge technology for the early diagnosis of ocular problems among the patient group, at least 1 billion of these instances, or nearly half of them, might be avoided. According to the Optica Publishing Group report, coherence tomography angiography has developed into a crucial tool for assessing adult retinal health and is gaining significant attention because of its noninvasive method that involves producing objective biomarkers, which are accurate measurements of a patient’s medical state that allow for an earlier and more precise diagnosis of retinal diseases. The ability of OCTA to detect preclinical disease and monitor disease progression in most instances of blindness has led to recommendations for it as a standard of care in adult retinal practices. Additionally, the Food and Drug Administration’s (FDA) quick product approval of optical coherence tomography angiography equipment promotes the use of such cutting-edge technology. The OCTA market for the hospital’s segment also benefits from notable players working with hospitals to enhance their product portfolios and services. The major players also adhere to market strategies, including acquisition and new product launches. For instance, in July 2021, Topcon Corporation purchased VISIA Imaging S.r.l., an Italian company that makes ophthalmic devices based in a suburb of Florence. With this purchase, Topcon’s anterior segment devices and software will have improved R&D and manufacturing capabilities, strengthening its already robust line of fundus imaging products, including fundus cameras and optical coherence tomography (OCT). Moreover, a formal merger agreement between Luneau Technology and Optovue Inc., was announced in June 2021. The newly combined company will continue to play a significant role in serving eye care professionals with its cutting-edge product lines and a strong emphasis on telehealth solutions. Additional standard requirements for completion and legal approvals are associated with the transaction.
Key Developments:
In January 2022, Alcon acquired Ivantis that develops the novel Hydrus Microstent, a minimally invasive glaucoma surgery (MIGS) device designed to lower eye pressure for open-angle glaucoma patients in connection with cataract surgery. With this acquisition, the immediate integration of Ivantis associates helps ensure continuity of the business and relationships with existing customers.
In November 2021, RetinAI Medical AG partnered with Heidelberg Engineering, enabling Heidelberg Engineering’s customers to utilize RetinAI’s portfolio of artificial intelligence analysis tools in combination with high-quality OCT images.
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