Optical Coherence Tomography Market is Expected To Reach USD 2.29 Billion By 2028 at a CAGR of 8.4%
The growing incidence of cancer and cardiac diseases coupled with advancement in technology is driving the optical coherence tomography market.
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.
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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.
The ongoing pandemic is significantly changing the dynamics of the pharma and healthcare sector. Various countries are facing challenges such as shortage of medicines, vaccines, healthcare devices in hospitals. This is expected to open lucrative growth opportunities for market players in the coming years.
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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, merger and acquisitions, collaborations, and joint ventures to gain 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.
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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 Middle East & Africa)
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This study aims to define market sizes and forecast the values for different segments and countries in the coming eight years. The study aims to include qualitative and quantitative perspectives about the industry within the regions and countries covered in the report. The report also outlines the significant factors, such as driving factors and challenges, that will determine the market’s future growth.
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