The global optical coherence tomography market is forecast to reach USD 2,473.3 Million by 2028, according to a new report by Reports and Data. Optical coherence tomography is an effective optical diagnostics that emits a 2D view of the retina to help in ophthalmological treatments and tests.
The market is mainly propelled by the growing need for this technology across various domains of healthcare and life sciences. The market has been accentuated by the emergence of new technologies and furthered by the growing relevance of medical applications. The market is not only confined to ophthalmology and has plunged across other medical realms such as nephrology, dermatology, and oncology.
The growing need for pathological tests and treatment is contributing to the growth of the optical coherence tomography market. The non-invasive characteristics of the market has made it the prime choice in optical imaging. The developing nations, including India and China, have seen structural changes in their healthcare sector that is making developmental strides. This proliferates the demand for optical coherence tomography devices contributing to the strength of the market.
The United States dominates the market on the basis of the growing prevalence of diabetic retinopathy and other eye diseases. Research shows that every year 7.7 Billion Americans are impacted by wet AMD. Due to the growing acceptance of optical coherence tomography, various products have been introduced by leading players such as SPECTRALIS by Heidelberg, and ARGOS by Santec, among others.
Further key findings from the report suggest:
- Doppler optical coherence tomographycombines the Doppler Effect principle as a whole, which result in tomographic images with high resolution. There are two types of Doppler OCT: Fourier Domain Doppler OCT and Time domain Doppler OCT. Due to high spatial resolution and velocity sensitivity, Doppler OCT has its own position in the field of biomedical research and clinical medicine.
- Growth in the incidences of diabetic retinopathy, along with advancement in healthcare products for proper and effective treatment of the patients, will propel the demand for the market. The growing adoption of innovative imaging diagnostic products for the treatment is expected to flourish the growth of the market.
- The driver for advances in optical coherence tomography technology for imaging skin has been a growing interest in imaging skin cancer, mostly, nonmelanoma skin cancer. There are several other features that can be mistaken for tumors in optical coherence tomography images, such as cysts, hair follicles, and benign growths, hence, high image resolution is needed to distinguish successfully.
- Europe captured the second largest market of optical coherence tomography in 2020. European countries such as Germany, the U.K., and others are expected to be the major contributors to the growth of the market owing to the rise in the number of patients affected with eye disorders.
Get a sample of the report @ https://www.reportsanddata.com/sample-enquiry-form/2456
The growing incidence of cancer and cardiac diseases coupled with advancement in technology is driving the optical coherence tomography market – Our Expet Opinion
Asia Pacific is expected to lead the market growth over the coming years owing to rapid advancements in the healthcare sector in APAC countries such as India, China, and Japan. North America is anticipated to register the highest market growth over the forecast period attributed to the increasing availability of robust healthcare and clinical settings, legalization of medical marijuana, favorable reimbursement scenario, presence of key market players, and rapid technological advancements in the region.
The growing popularity of over-the-counter medications driving market growth
Growing incidence of acute and chronic diseases and lesser access to advanced medical facilities owing to low disposable income levels are driving the demand for over-the-counter medications. Availability of generic and low-cost alternatives to medical therapies are some other factors playing a major role in driving demand for over-the-counter medications.
Restriction on product launches and R&D activities to hamper the market growth
The imposition of strict government regulations and shortage of funds has put a halt on product launches and R&D activities and is expected to restrain market growth over the forecast period. In addition, the launch of expensive drugs and therapies and increasing regulations regarding safety and approvals are also hampering the market growth.
The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as R&D investments, license agreements, partnerships, mergers and acquisitions, collaborations, and joint ventures to gain a robust footing in the market.
Top Companies Profiled in the Report:
Topcon Medical Systems Inc., Heidelberg Engineering GmbH, Carl Zeiss Meditec AG, Michelson Diagnostics Ltd., Agfa Healthcare, Novacam Technologies Inc., Thorlabs Inc., Boston Scientific Corporation, Abbott Laboratories, and Optovue, Inc., among others.
Optical Coherence Tomography Market Segmentation:
Type Outlook (Revenue, USD Billion; 2020-2028)
- Catheter-based OCT devices
- Doppler OCT devices
- Handheld OCT devices
- Tabletop OCT devices
Technology Outlook (Revenue, USD Billion; 2020-2028)
- Frequency Domain OCT (FD-OCT)
- Time Domain OCT (TDOCT)
- Spatial Encoded Frequency Domain OCT
Application Outlook (Revenue, USD Billion; 2020-2028)
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of the Middle East & Africa)
Frequently asked questions addressed in the report:
- What is the revenue growth rate of the global Optical Coherence Tomography market over the forecast period?
- What are the major factors driving the growth of the Global Optical Coherence Tomography Market?
- What are the key challenges impacting the global Optical Coherence Tomography market growth?
- What are the outcomes of the SWOT Analysis and Porter’s Five Forces Analysis conducted in the report?
Thank you for reading our report. For more details please connect with us and our team will ensure the report is customized to meet all the needs of clients. The report also offers a comprehensive regional analysis and specific countries can be included in the report according to the requirements.
Explore Latest Trending Research Reports By Reports and Data:
Medical Tuning Fork Market @ https://www.reportsanddata.com/report-detail/medical-tuning-fork-market
Endotracheal Tube Market @ https://www.reportsanddata.com/report-detail/endotracheal-tube-market
Intraocular Lens Market @ https://www.reportsanddata.com/report-detail/intraocular-lens-market
About Reports and Data
Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients to make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Products, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
Company Name: Reports and Data
Contact Person: John Watson
Email: Send Email
Address:40 Wall St. 28th floor
City: New York City
State: NY 10005
Country: United States