Optical Coherence Tomography Technology has been evolved as one of the most important imaging techniques in various medical applications. Over the years, the clinical applications of OCT have been exceeded to cardiology, gastroenterology, dentistry, dermatology, oncology, and many others.
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.
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.
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Optical Coherence Tomography Market – Highlights
Optical Coherence Tomography or Ocular Coherence Tomography (OCT) is an emerging technology delivering three-dimensional (3D) eye scan useful in the advanced diagnostic of various optical diseases. Considering the expansion; Market Research Future (MRFR) has recently published a study report giving out the complete market forecast up to 2023. In its analysis, 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).
Rising prevalence of eye diseases, technological advancements, increasing application of optical coherence tomography, rising approval from regulatory bodies, and favorable reimbursements are the key factors driving the optical coherence tomography market.
However, the high cost of equipment may hinder the growth of the market to an extent. According to the study published in the Investigative Ophthalmology & Visual Science journal in 2016, instruments have advantages to operate at long wavelengths, faster imaging speeds, and longer imaging range than SD-OCT systems. But the market acceptance in ophthalmology is limited owing to the high costs, lack of clinical and normative data, and uncertainties caused by rapid technology evolution
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 Optical Coherence Tomography Market can be segmented into four key dynamics;
By Technologies: Spectral-Domain OCT (SD-OCT), Swept-Source OCT and others.
By Applications: Ophthalmology, Dermatology, Cardiology, and others.
By Type of Devices: Table-top, Handheld, Catheter-Based OCT Devices and others.
By Regions: North America, Europe, APAC, and Rest-of-the-World (RoW).
The SD-OCT segment by technologies is estimated to acquire over 60% of the market share during the review period.
The Swept-source -OCT segment will witness over 9% CAGR during the assessment period.
The Ophthalmology segment, by applications, will command over 53% of the market share during the forecast period.
The Dermatology segment, by applications, will perceive more than 9% CAGR during the said period.
Optical Coherence Tomography Market – Regional Analysis
Globally, North America region is expected to lead the Optical Coherence Tomography market accounting for a significant market share. Factors substantiating the market growth of this region include growing demand for the diabetic retinopathy, supported by the growing number of patients suffering from the chronic diseases such as diabetes, neurovascular and other eye diseases.
Simultaneously, augmenting demand for the minimally invasive procedures and technologically advanced treatments backed by the rising healthcare expenditures and government support are expected to drive the market growth in the region commutatively. Furthermore, the presence of the leading players is one of the key factors fostering the market growth in the region.
Whereas the world’s second-largest market for OCT- Europe is expected to demonstrate a healthy growth during the review period. Factors such as the well-proliferated healthcare sector, witnessing the growing number of advanced treatment facilities fuelled by the growing demand for better healthcare infrastructure and increasing healthcare expenditures are driving the growth in the Europe market.
The Asia-Pacific market is emerging as a lucrative market for OCT owing to the rising number of diabetic retinopathy and other eye diseases coupled with the growing population that is increasingly adopting the sedentary lifestyle. Increasing funding support from the private and public bodies are paying off well, increasing R&D activities, and eventually are supporting the market growth in the region. Owing to the availability of new treatment methods that are increasingly meeting the growing demand for the treatments of prevailing optical diseases the APAC region is expected to become the fastest growing market for Optical Coherence Tomography.
The Middle East & Africa region perceive a moderate growth in the global Optical Coherence Tomography market. The contributions from the African region are negligible due to the low per capita healthcare expenditure and stringent government policies.
On the other hand, the Middle East market of OCT is growing leaps and bounds attributing to the spurting healthcare developments. Substantial investments coupled with the favorable governmental policies and initiatives are playing an integral role in ascending the market growth.
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Major Table of Content
Chapter 1. Report Prologue
Chapter 2. Market Introduction
2.2 Scope of the Study
2.2.1 Research Objective
Chapter 3. Research Methodology
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
Chapter 4. Market Dynamics
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