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Market Insights
The non-invasive nature of optical
coherence tomography (OCT) and its ability to generate a false-color depiction
of tissue structure has made the global market for OCT highly lucrative. OCT is
comparable to ultrasound imaging, with the principal difference that the
technology uses light instead of sound. Research & development of the
technology has led to efficient, fast and accurate OCT devices which have
branched out from ophthalmology to include medical applications in dermatology,
and cardiology among others, thus facilitating growth. Market Research Future's
report on the Optical
Coherence Tomography Market share to gain a valuation of USD 15.50
Billion by 2030 at 15.5% CAGR.
Prevalence of eye diseases and the rising
occurrence of cardiac conditions have motivated market growth. Rising demand
for OCT has led to R&D for technological advancements which in turn is
expected to increase market growth further. Presently, although there are many
applications for OCT devices, they are primarily used in ophthalmology, this
indicates unrealized potential yet to be explored which will likely push demand
for this technology in the coming years.
High costs associated with portable optical
coherence tomography may hamper growth. However, increasing use in various
applications, supportive government regulations and favorable reimbursements
are likely to mitigate this challenge to a great extent.
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.
Market Segmentation
The optical
coherence tomography market outlook has been segmented by technology,
application, type of devices and region.
By technology, the market has been
segmented into spectral-domain OCT (SD-OCT), swept-source OCT, and others. The
SD-OCT segment is predicted to dominate with approximately 60% share of the
total market during the forecast period. Meanwhile, swept-source OCT is the
fastest growing segmented and is expected to grow at CAGR of 9.1% during the
review period.
By application, the market has been
segmented into cardiology, ophthalmology, dermatology, oncology, and others.
Ophthalmology has the most significant segment with over 53% of the market
share. However, dermatology is the fastest growing application segment and is
expected to grow at a considerable 9.3% CAGR during the forecast period.
By type of devices, the market has been
segmented into handheld OCT devices, tabletop OCT devices, catheter-based OCT
devices, and others.
By region, the market has been segmented
into the Americas, Europe, Asia Pacific and the Middle East and Africa.
Key Players
Market leaders have been featured in the
report to provide a comprehensive understanding of the competitive landscape.
Prominent players included in the report are Imalux Corporation, Optovue,
Michelson Diagnostics, Carl Zeiss AG, Alcon, Abbott Laboratories, Terumo
Corporation, KONINKLIJKE PHILIPS N.V, B. Braun Melsungen AG, Boston Scientific
Corporation, OPTOPOL Technology S.A, Heidelberg Engineering GmbH, Topcon
Corporation, NIDEK Co., Ltd, Novacam Technologies Inc, Thorlabs Inc., and Agfa
Healthcare
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