Optical Coherence Tomography (OCT) Market Size, Trends and Share Analysis By Technology (SD-OCT, SWEPT-Source OCT), Application (Cardiology, Ophthalmology, Dermatology), Type Of Devices (Handheld, Tabletop, Catheter-Based Oct Devices), Key Players and Region, Forecast to 2023
Global Optical Coherence Tomography Market size and share is projected to reach USD 1483.49 Million at a CAGR of 8.9% throughout the review period (2017 – 2023). The global optical coherence tomography market is expected to witness significant growth owing to advantages of optical coherence tomography (OCT) devices provide in early detection & therapy in vascular and diabetic condition, increasing prevalence of eye diseases and growing incidences of neurovascular diseases
Augmenting demand for advanced devices that can provide a faster diagnosis with higher accuracy and advancements in optical coherence tomography are some of the key driving forces pushing the optical coherence tomography market growth.
Additionally, factors such as the ongoing product development & commercialization led by the favourable reimbursement policies and rising number of approvals from regulatory bodies are boosting the optical coherence tomography market growth. Moreover, increasing the adoption of OCT as one of the most critical imaging techniques in various medical applications is contributing to the growth of the optical coherence tomography market.
On the flip side, the high cost and the scepticism of physicians towards the advancement & efficacies of OCT devices inhibit the optical coherence tomography market growth. Also, the need for physician’s training is a significant factor expected to obstruct the market growth during the assessment period. Nevertheless, efforts & investments transpired into the R&D activities by the key market players would support the growth of the market, bringing about cost-effective solutions.
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Optical Coherence Tomography Market Segmentation:
The Optical Coherence Tomography (OCT) market is segmented into
- Technology
- Application
- Type of Devices
Based on Technology, the optical coherence tomography market is segmented into
- Swept-Source OCT
- Spectral-Domain OCT (SD-OCT)
- others
Based on Application Optical Coherence Tomography (OCT) market is segmented into
- Ophthalmology
- Dermatology
- Cardiology
- others
Based on Type of Devices Optical Coherence Tomography (OCT) market is segmented into
- Table-top
- Handheld
- Catheter-based OCT Devices
- others
Optical Coherence Tomography Market Geographical Analysis:
North America is projected to retain its leading position in the global optical coherence tomography market throughout the forecast period. The presence of a large diabetic patient population substantiates the regional market growth, augmenting the demand for diabetic retinopathy. Besides, neurovascular and other eye-related diseases are supporting the growth of the regional market.
Additional factors such as the rising demand for minimally invasive and technologically advanced treatments, alongside the tremendous government support and high healthcare expenditures, foster the regional market growth. Furthermore, the presence of the growing number of diabetic patients and leading players propels the regional market.
The European optical coherence tomography market stands second on a global level. Factors boosting the regional market growth include the presence of well-established healthcare sectors and the growing number of advanced treatment facilities in the region. Moreover, the increasing demand for better healthcare infrastructure, led by the rising prevalence of diabetes and increasing per-capita healthcare expenses, drive enormous market demand.
The optical coherence tomography market in the Asia Pacific region is emerging as a lucrative market, globally, witnessing increased funding support from the private and public sectors. Moreover, increasing R&D activities and the rising number of diabetic retinopathy & other eye diseases are some of the key factors fostering regional market growth. Furthermore, increasing access to new treatment methods is expected to support the APAC OCT market, increasingly meeting the growing demand for treatments of prevailing optical diseases.
Optical Coherence Tomography (OCT) Market Competitive Analysis:
Fiercely competitive, the optical coherence tomography (OCT) market appears to be fragmented due to the presence of several well-established players. To gain a substantially larger share in the market, players incorporate strategic initiatives such as mergers & acquisitions, collaborations, expansion, and new therapeutics & technology launch. High potential growth opportunities demonstrated by the market attract several new entrants, which further intensifies the market competition. Players also substantially invest in R&D to develop advanced technologies and devices with unique features.
Optical Coherence Tomography Market Major Players:
Players leading the global optical coherence tomography (OCT) market are Abbott Laboratories, Alcon, Carl Zeiss AG, Terumo Corporation, Koninklijke Philips N.V, B. Braun Melsungen AG, Boston Scientific Corporation, Topcon Corporation, NIDEK Co., Ltd, Novacam Technologies Inc., OPTOPOL Technology S.A, Heidelberg Engineering GmbH, Imalux Corporation, Michelson Diagnostics, Agfa Healthcare, and Thorlabs Inc. among others.
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Industry/Innovation/Related News:
Canon U.S.A., Inc., a leading provider of digital imaging solutions, announced that its new intuitive, user-friendly Xephilio OCT-A1 Optical Coherence Tomography device has received FDA 510(k) clearance for sale in the US. The Xephilio OCT-A1 features automated acquisition functionality, which allows obtaining high-quality, reproducible scans and images.
Canon’s optical coherence tomography device is indicated for the in-vivo imaging and measurement of the retina, retinal nerve fiber layer, and optic disc. Besides, the Xephilio OCT-A1 System can identify the disease state and monitor disease conditions before and after treatments in private ophthalmology practices, retinal clinics, teaching hospitals, and institutions.
The versatile OCT device can be used in a variety of settings, including telehealth and telemedicine primary care providers. For optometry practices and optometric schools, this System can aid in recognizing diseases & conditions in primary care.
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