The non-invasive nature of Optical Coherence Tomography (OCT) and its ability to generate a false-color depiction of tissue structure has made the global market for OCT highly lucrative. OCT is comparable to ultrasound imaging, with the principal difference that the technology uses light instead of sound. Research & development of the technology has led to efficient, fast and accurate OCT devices which have branched out from ophthalmology to include medical applications in dermatology, and cardiology among others, thus facilitating growth. Market Research Future’s report on OCT predicts an estimated evaluation of USD 1.48 billion by 2023 and an impressive CAGR of 8.9% during the forecast period of 2017 to 2023.
Prevalence of eye diseases and the rising occurrence of cardiac conditions have motivated market growth. Rising demand for OCT has led to R&D for technological advancements which in turn is expected to increase market growth further. Presently, although there are many applications for OCT devices, they are primarily used in ophthalmology, this indicates unrealized potential yet to be explored which will likely push demand for this technology in the coming years.
High costs associated with OCT devices may hamper growth. However, increasing use in various applications, supportive government regulations and favorable reimbursements are likely to mitigate this challenge to a great extent.
Optical Coherence Tomography Market – Competitive Landscape
Optical Coherence Tomography market witnesses intensified completion owing to the several matured & small key players forming a competitive landscape. Innovation, mergers & acquisitions, and brand reinforcement remain the key trends for leading players.
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Optical Coherence Tomography Market – Key Players
Some of the fervent players operating in the market and profiled in MRFR analysis are Abbott Laboratories, Alcon, Carl Zeiss AG, B. Braun Melsungen AG, Terumo Corporation, Koninklijke Philips N.V, NIDEK Co., Ltd, Boston Scientific Corporation, Topcon Corporation, Heidelberg Engineering GmbH, Novacam Technologies Inc., OPTOPOL Technology S.A, Agfa Healthcare, Imalux Corporation, Thorlabs Inc., and Michelson Diagnostics. Profiling them in its analysis, MRFR finds out their strategies keeping them at the forefront of competition.
Industry/Innovation/Related News:
In January 2018, researchers from Sheridan University and Boston University have developed a fiber-based pull-back circumferential scanning OCT. The machine has an outer diameter of 6mm. With a bandwidth of 500-695 mm it can provide a high-resolution and contrasting image.
In November 2018, scholars from École Polytechnique de Montréal, Université de Montréal, and Université de Sherbrooke came up with automated dual-resolution serial optical coherence tomography (2R-SOCT) scanner, which has provided an image of the entire mouse brain with MRI inputs.
June 27, 2018 – Axsun Technologies, Inc. (US), one of the leading manufacturers of Swept Source Optical Coherence Tomography (SSOCT) engines, announced that it has shipped over 15,000 swept lasers for OCT imaging applications worldwide from the beginning of the year. The company further also stated that continuing expansion of its portfolio of Swept Laser Engines, it has added 140nm tuning bandwidth to its wide bandwidth 1060nm Swept laser. The new Swept Laser enables 3.5um axial resolution with superior speed and imaging depth over legacy OCT technologies.
May 30, 2018 – Heidelberg Engineering, Inc. (Germany), a high-tech imaging company specializing in the diagnostic equipment for ophthalmology announced that its next generation of its Spectralis imaging device OCT2 module is being sent into space by NASA. Since 2013, NASA researchers have been using the Spectralis optical coherence tomography (OCT) device to investigate the effects of a microgravity environment on vision. The OCT2 module will help retina specialist on the NASA space flight to image deeper structures in the eye that are affected by long-term space flight such as the posterior optic nerve head anatomy and the choroidal blood supply to the retina.
Optical Coherence Tomography Market – Key Finding
- The Global Optical Coherence Tomography Market is expected to reach USD 1483.49 million by 2023 at a CAGR of 8.9%.
- On the basis of the technology, Spectral-domain OCT (SD-OCT) is expected to command the largest market share of 60.1% over the review period, and Swept-source OCT is expected to grow at the fastest CAGR of 9.1% during the forecast period 2017-2023
- On the basis of the Application, ophthalmology segment is expected to command the largest market share of 53.6% over the review period, and Dermatology is expected to grow at the fastest CAGR of 9.3% during the forecast period 2017-2023
- The Americas hold the largest share of the global optical coherence tomography market and is expected to reach USD 558.34 million by 2023
- Asia Pacific is the fastest growing market, which is expected to grow at a CAGR of 9.4% over the 2017-2023
Optical Coherence Tomography Market – Segmentation
The global optical coherence tomography market is segmented on the basis of technology, application, and type of devices.
Based on the technology, the optical coherence tomography market includes swept-source OCT, spectral-domain OCT (SD-OCT), and others.
Application-wise the optical coherence tomography market can be segmented into oncology, ophthalmology, cardiology, dermatology, and others.
Based on the type of devices, the optical coherence tomography market comprises handheld OCT devices, catheter-based OCT devices, tabletop OCT devices, and others.
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