Reading time ( words)
As per a recent study by Transparency Market Research (TMR), the global adaptive optics market is fragmented, with top four companies managing merely 24% of the shares in 2015. These four companies are Carl Zeiss Meditec AG, Olympus Corp., Northrop Grumman Corporation, and Canon Inc. Apart from these global players, a large number of regional and domestic players are creating an intensely competitive landscape in the market for adaptive optics, and product innovation is the primary strategy for them to stay ahead of the curve. The usage of adaptive for the treatment of retinal disorders and retinal microscopy is expected to open new opportunities for the players in this market.
The TMR report has evaluated that the global market of adaptive optics was worth US$458.3 mn in 2015, and estimates it to expand at an incredible CAGR of 83.9% during the forecast period of 2016 to 2024, reaching a valuation of US$109,685.9 mn by the end of 2024. Most of the notable companies are actively enhancing their product portfolio in order to offer added benefits to their consumers and retain them in a longer run. In addition to that, the focus of these companies is also on cost-effective products in order to cater to a larger consumer base and gain advantage over the competition. Domestic and regional players offer cheaper products with similar quality to eat out a significant share of the pie.
North America Most Lucrative Region
Material-wise, the report segments the global adaptive optics market into wavefront modulator, control system, and wavefront sensor. Among these, wavefront sensors contributed to the maximum demand at 45% in 2015, and is expected to remain the most profitable segment throughout the forecast period. Wavefront sensors play a significant role in detecting the suitable speed for real time compensation and the wavefront with spatial resolution. On the other hand, user-friendly aspects of wavefront modulators is expected to drive the demand for this segment considerably during the forecast period.
Geographically, this report on the global adaptive optics market evaluates several important countries in the regions of North America, Latin America, Europe, the Middle East and Africa, and Asia Pacific, and rates North America as the most lucrative region. As per the provided estimation in the report, North America contributed 40% of the demand for adaptive optics in 2015. Countries such as the U.S. and Canada are utilizing this technology in defense and security, astronomy, laser eye surgery, and ophthalmology. Heavy investment by the country of the U.S. in the defense sector is propelling the demand for adaptive optics from North American region.
Expanding Applications Augmenting Demand
Expanding application of adaptive optics in various lucrative sectors such as biomedicine and defense and security is the primary driver of the market for the same. This usefulness is enticing investments in the field of adaptive optics and escalating the demand rapidly. Moreover, adaptive optics are cost efficient, which is another favorable factor for this market. Advancements in satellite imaging technologies, escalating installation of CCTV cameras for surveillance, and growing satellite-based telemetry applications are some of the other factors augmenting the demand in the adaptive optics market.
However, regulatory issues are expected to hinder the growth rate over the course of the forecast period. The adaptive optics technology makes use of high frequency lasers, such as gamma rays or supernova, which have harmful effect on the atmosphere. Long life span of fiber lasers and volatile global economic conditions are some of the other important factors challenging the global market for adaptive optics market from achieving its true potential.