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).
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.
The growing prevalence of neurovascular, coronary and other retina-related diseases fueled 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 market growth.
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.
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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.
January 28, 2019 A team of scientists at the Northwestern University (the US), published their study of a new tool, called spectral contrast optical coherence tomography angiography (SC-OCTA), that they have developed. The new tool, with its 3D-imaging technique, can images blood flow and detect subtle changes in the capillary organization through these tiny vessels, giving insight into this central portion of the human circulatory system which are useful for early diagnosis of diseases.
In January 2018, researchers from Sheridan University and Boston University have developed a fiber-based pull-back circumferential scanning OCT. The machine has an outer diameter of 6mm. With a bandwidth of 500-695 mm it can provide a high-resolution and contrasting image.
In November 2018, scholars from École Polytechnique de Montréal, Université de Montréal, and Université de Sherbrooke came up with automated dual-resolution serial optical coherence tomography (2R-SOCT) scanner, which has provided an image of the entire mouse brain with MRI inputs.
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.
May 30, 2018 – Heidelberg Engineering, Inc. (Germany), a high-tech imaging company specializing in the diagnostic equipment for ophthalmology announced that its next generation of its Spectralis imaging device OCT2 module is being sent into space by NASA. Since 2013, NASA researchers have been using the Spectralis optical coherence tomography (OCT) device to investigate the effects of a microgravity environment on vision. The OCT2 module will help retina specialist on the NASA space flight to image deeper structures in the eye that are affected by long-term space flight such as the posterior optic nerve head anatomy and the choroidal blood supply to the retina.
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 – 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.
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