SOURCE: Lux Research

Lux Research

December 03, 2014 07:30 ET

OCT Devices Will Power Clinical Optical Imaging Market to $2 Billion in 2020

Optical Coherence Tomography, Which Can Detect Pathologies in Tissues From Arteries to Eyes, Will Retain Over 60% Market Share in a Growing Optical Imaging Market, Lux Research Says

BOSTON, MA--(Marketwired - Dec 3, 2014) - Led by optical coherence tomography (OCT) the clinical optical imaging market will rise to $2 billion in 2020, more than doubling from 2012, according to Lux Research.

With a market share of over 60%, OCT is expected to retain its dominant position as it successfully builds on its ophthalmology applications while expanding into cardiology, oncology and gastroenterology. Other technologies such as near-infrared spectroscopy (NIRS) and photoacoustic tomography (PAT) also hold high potential for growth, while applications such as real-time optical biopsies and surgical guidance will grow into multi-billion-dollar segments over the long term.

"The growth of the optical imaging market will be fueled by the OCT segment in the next five years, primarily because it has the clearest path to mass adoption," said Milos Todorovic, Lux Research Analyst and the lead author of the report titled, "Advancing Clinical Imaging Beyond the Existing Standard of Care: Evaluating New Optical Imaging Modalities."

"Over the long term, however, companies developing multimodal systems such as photoacoustics are attractive because they address larger markets," he added.

Lux Research analysts examined 16 technology developers in the optical imaging industry, and evaluated them on the Lux Innovation Grid. Among its findings:

  • Leaders ready to deliver to market. Mela Sciences, Bioptigen and Infraredx are the leaders in novel clinical optical imaging technologies, rated "Dominant" on the Lux Innovation Grid. Each has achieved FDA and CE clearances, allowing it to market its products in the United States and Europe.

  • Cost-cutters show potential. Typical OCT systems, the size of a medical cart, cost on average between $80,000 and $250,000. Compact Imaging, rated "High Potential," is working to make these devices more affordable by turning toward solid-state components, instead of discrete optical elements.

  • Multimodal systems are long-term targets. While investors looking to enter the OCT market can use acquisitions to gain immediate market share, their longer-term focus should be on firms developing multimodal systems such as PAT. These systems combine the most attractive features of constituent technologies -- for instance, the penetration depth of ultrasound with resolution of optical systems -- and potentially address much larger markets.

The report, titled "Advancing Clinical Imaging Beyond the Existing Standard of Care: Evaluating New Optical Imaging Modalities," is part of the Lux Research BioElectronics Intelligence service.

About Lux Research

Lux Research provides strategic advice and ongoing intelligence for emerging technologies. Leaders in business, finance and government rely on us to help them make informed strategic decisions. Through our unique research approach focused on primary research and our extensive global network, we deliver insight, connections and competitive advantage to our clients. Visit www.luxresearchinc.com for more information.

Contact Information