Market Research Future (MRFR) confirms that the Global Optical Coherence Tomography Market will reach a valuation of USD 1483.49 million by 2023 with 8.9% CAGR throughout the review period (2017 – 2023). Global Optical Coherence Tomography Market Research Report: By Technology (Sd-OCT, Swept-Source OCT), Application (Cardiology, Ophthalmology, Dermatology, Others), Type of Devices (Handheld, Tabletop, Catheter-Based OCT Devices) – Forecast Till 2023
Optical Coherence Tomography Market – Highlights
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.
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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 – 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.
Optical Coherence Tomography Market – Regional Analysis
The Americas hold the largest share with nearly 37% of the global market share. Increasing occurrence of diabetic retinopathy and other eye diseases is one of the key factors driving the growth of the market. Moreover, there is a strong presence of market leaders. MRFR as predicted that region will reach an evaluation of approximately USD 558.34 million by 2023.
Europe follows the Americas lead and is expected to maintain a strong second lead due to supportive government policies and research & development carried out by private players is the primary propeller for the growth of the OCT market over the forecast period. The region is expected to closely follow the growth pattern of the Americas.
The Asia-Pacific region is predicted to be the fastest growing region with a CAGR of 9.4% during the forecast period. A massive patient population in the region with a rising incidence of eye diseases and diabetic retinopathy is expected to fuel rapid growth for the region. International market leaders are trying to enter this region, and this is likely to facilitate growth in the coming years further.
The Middle East & Africa are expected to experience limited growth. This is primarily due to the passive development in the African continent.
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.
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
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