The superluminescent diodes market is projected to witness a compound annual growth rate of 8.55% to grow to US$377.050 million by 2026, from US$212.361 million in 2019. The demand for superluminescent diodes in the medical industry has been increasing which is anticipated to surge the growth of the superluminescent diodes market during the forecast period. The demand for OCT has been increasing over the years due to a rise in the prevalence of various eye diseases which require OCT. This is expected to have a positive impact on the market growth in the coming years as well. Furthermore, superluminescent diodes are increasingly being used in direct light projection, mostly scanning projectors, which is expected to supplement the market growth. The rise in the popularity of virtual reality (VR) technology is also leading to a rise in demand for superluminescent diodes, as they are widely used in applications like virtual reality goggles. Moreover, superluminescent diodes are also increasingly being used in fiber optic gyroscopes which have applications in navigation and positioning systems, stabilization equipment, angular velocity sensors, and autonomous vehicle guidance backup systems for GPS-inaccessible areas. The rising use in these applications is expected to propel the growth of superluminescent diodes during the forecast period.
Growing demand for optical coherence tomography
Optical Coherence Tomography (OCT) is one of the prominent applications of superluminescent diodes and the rising prevalence of diseases such as glaucoma, macular degeneration, and diabetic retinopathy in which OCT is widely used, is anticipated to propel the growth of the superluminescent diodes market during the forecast period. According to an article published by Cureus Journal of Medical Science in US National Library of Medicine, National Institutes of Health in November 2020, an estimated 76 million people around the world suffer from glaucoma. The number of people suffering from glaucoma is projected to reach 111.8 million by 2040. The World Glaucoma Association states that in most cases of glaucoma, blindness can be prevented with appropriate control and treatment. BrightFocus Foundation, formerly known as the American Health Assistance Foundation states that as many as 11 million people in the United States have some form of age-related macular degeneration. This is projected to reach around 22 million by the year 2050. Moreover, a growing elderly population is supplementing the increasing prevalence of macular degeneration as the tendency of having the disease increases with age. These factors are leading to rising demand for OCT and are anticipated to propel the growth of the superluminescent diodes market during the forecast period.
The COVID-19 pandemic had a negative impact on the market growth in 2020. There had been a decline in automotive production, worldwide. According to the data given by the International Organization of Motor Vehicle Manufacturers, around 67 million vehicles were produced in 2020, down from 91.7 million vehicles in 2019. Moreover, there had been a decline in radiology practices, worldwide. The superluminescent diode has been an optimal source for optical coherence tomography. With the outbreak of the pandemic, doctors, surgeons, and other health operators have been focusing on the resources to combat the virus. With the introduction of social distancing and other related measures, there has been a decline in the hospitals, diagnostic centers, and healthcare centers visits, especially for medical radiology and other related practices. But, with the introduction of vaccines and the relaxation in pandemic measures, the market is expected to surge at an exponential rate in 2021.
|Market size value in 2019||US$212.361 million|
|Market size value in 2026||US$377.050 million|
|Growth Rate||CAGR of 8.55% from 2019 to 2026|
|Forecast Unit (Value)||USD Million|
|Segments covered||Wavelength, Mode, Applications, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Sonoco Thermosafe, Va-q-tec AG, Sofrigam, Creopack, Softbox Systems, Inc., Sealed Air Corporation, DGP Intelsius LLC., Vericool, American Aerogel, Mesa Labs|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the superluminescent diodes market size by 2026?
A1. The superluminescent diodes market is projected to reach a market size of US$377.050 million by 2026.
Q2. What are the growth prospects for the superluminescent diodes market?
A2. The global superluminescent diodes market is projected to grow a CAGR of 8.55% during the forecast period.
Q3. What is the size of the global superluminescent diodes market?
A3. Superluminescent Diodes Market was valued at US$212.361 million in 2019.
Q4. How is the superluminescent diodes market segmented?
A4. The superluminescent diodes market has been segmented by wavelength, mode, applications, and geography.
Q5. What factors are anticipated to drive the superluminescent diodes market growth?
A5. The demand for these diodes in the medical industry has been increasing which is anticipated to surge the superluminescent diodes market growth.
Softbox Systems, Inc.
Sealed Air Corporation
DGP Intelsius LLC.
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