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 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 are another key factor driving the market growth of optical coherence tomography, globally.
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Also, factors such as the ongoing product development & commercialization led by the favorable reimbursement policies 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.
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
- 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.
- Michelson Diagnostics
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.
There has always been a progressive push for smaller image and blood vessels that can provide more comprehensive, functional information, however, with the new SC-OCTA tool, even the smallest capillaries can be seen, and blood flow, oxygenation, and metabolic rate can be measured.
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Optical Coherence Tomography Market – Segmentation
For enhanced understanding, the report has been segmented into four key dynamics.
By Technology: Spectral-Domain OCT (SD-OCT) and Swept-Source OCT among others.
By Application: Dermatology, Ophthalmology, and Cardiology among others.
By Type of Devices: Handheld, Table-top, and Catheter-based OCT Devices among others.
By Regions: Asia Pacific, North America, Europe, and the Rest-of-the-World.
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.
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
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