Global adaptive optics market could hit $40.7B in 2022, says BCC Research
A new report from BCC Research (Wellesley, MA) expects that the global adaptive optics (AO) market will grow to $40.7 billion by 2022, with a compound annual growth rate (CAGR) of 87.9 percent over a nine-year period from 2013 through 2022. Originally developed in 1953 for astronomical research, AO technology's promise to deliver optical images with unprecedented clarity has found increasing applications across a broad range of industries, including applied scientific research, medical, military industrial, and consumer markets.
Related: Novel ophthalmic imaging with adaptive optics, confocal imaging, and OCT
The medical category, currently the second-largest segment of the AO market, is expected to move at a CAGR of 89.5 percent, reaching $9.4 billion by 2022. One of the drivers of this growth is the technology's success in in vivo cell research, which can be extended to real-time patient monitoring.
Moreover, the consumer category, which starts from virtually zero in 2013, is projected to soar from $1 million in 2014 to more than $24 billion in 2022 to dominate the overall market with an eight-year CAGR of 253.3 percent (2014–2022). Indeed, consumer demand will affect all display devices such as smart communication devices and virtual retinal displays. Smartphones or replacement consumer communication devices are expected to experience the greatest growth because of the fact that each individual’s eyes have different aberration characteristics. By 2022, self-correcting eyewear will ride the coattails of an aging global population. The World Health Organization forecasts that by 2020 between two and three billion people will have some form of correctable vision defect.
“The technical success of AO, its promise of reducing the cost of other components, and the core competitive requirement for stable and high-quality visual display systems means that the technology will transition into consumer electronics within all display-related market segments,” says BCC Research photonics analyst John Bourgein. “It has started to be deployed in ophthalmology and other medical segments, and will be deployed in other industries such as 3D printing, automotive, smart communications, and machine vision systems.”
The report, titled "Adaptive optics: Technologies and global markets," provides an overview of the global market for AO. It includes analyses of global market trends, with data from 2013, projections of CAGRs through 2022, and profiles of key companies in the industry. It balances technical and commercial information, and provides a broad understanding of how AO can be integrated into many different products and industries.
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