Optical Coherence Tomography Market Expected To Quadruple By 2023 With 8.9% CAGR During 2017 – 2023, Foretells MRFR

Optical Coherence Tomography
Optical Coherence Tomography Market report explores Scope of the Study as Research Objective, Assumptions and Limitations in-depth. The report gives Market Dynamics by Drivers, Restraints, Opportunities, Challenges, Macroeconomic Indicators and Technology Trends & Assessment.

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 such as age-related macular degeneration (ARMD), cataracts, diabetes, glaucoma and retinal detachments, etc. Similarly, these observations of the retina are used to perform coronary artery. 

Using the light instead of sound waves, the OCT technology provides a high-resolution 3D image of all the major structures in the eye. Thus, OCT devices assist the optometrist in the early detection of eye abnormalities along with the cardiovascular issues such as diabetes, high blood pressure or high cholesterol. Providing non-invasive imaging tests that are simple to understand, OCT devices help availing the fastest diagnosis save a huge amount of time, eliminating the need for further consecutive tests.

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Additionally, the image captured by OCT devices can be studied and review on the screen itself, which enables the eye care professional to compare successive images to identify even small changes that can occur over time. Thus, the précised detailing the OCT scan allows pinpointing abnormalities in micrometers and particular areas of concern by digitally uncovering the layers of the eye. These are some of the advantages that OCT devices provide, which drive the demand and uptake of OCT, widening its market size extensively.

Considering the expansion, this market is witnessing currently; 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).

Increasing prevalence of diseases and disorders related to the eyes coupled with the growing incidences of chronic diseases such as neurovascular or diabetes have impacted the market growth positively, pushing the demand for advent devices that can provide the faster diagnosis with higher accuracy. Also, technological advancements is another key factor driving the market growth of optical coherence tomography, globally.

Additional factors such as favorable reimbursement policies, and the ongoing product development & commercialization help boosting the market growth. Moreover, OCT has been evolved in various medical applications as one of the most critical imaging techniques. Therefore, increasing applications of OCT, coupled with the rising number of approvals from regulatory bodies account for some of the major factors, contributing to the growth of the market.

Growing prevalence of neurovascular, coronary and other retina-related diseases fuelled by the sedentary and changing lifestyle is doubling its market growth, increasing the demand for OCT.  Also, efforts & investments transpired into the R&D activities by the key market players are paying off well, fostering the market growth, bringing about improvements in the development of new devices.

Simultaneously, government initiatives are playing an integral role in the growth of OCT Devices. Technological advancements that took place in the field of medical science is also one of the key factors fostering the market growth.

Conversely, factors such as the skepticism of physicians towards the advancement & efficacies of these devices along with the high procedural cost of these devices are likely to restrict the growth of the OCT market. Also, the need for physician’s training is factor likely to present challenges to the market growth during the assessment period. However, the demand for sophisticated devices by the physicians and patients, in turn, is contributing to the market growth 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.

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:

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.

Optical Coherence Tomography Market – Segmentation

The 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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About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.

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