The global optical coherence tomography market size is expected to reach USD 5.28 billion by 2030, registering a CAGR of 15.41%, according to a new report by Grand View Research, Inc. Rising demand for early diagnosis of the disease, constant innovation and development of newer technologies, higher demand from the new biomedical applications, such as drug delivery, and rising prevalence of eye disorders are expected to drive the Optical Coherence Tomography (OCT) industry growth. However, the lack of favorable reimbursement policies and clinical information can hamper growth in the coming years. The technique has numerous uses in fields like dermatology, cancer, and ophthalmology.
Optical Coherence Tomography Market Report Highlights
- The Frequency Domain OCT (FD-OCT) segment accounted for the largest revenue share in 2021 followed by Time Domain OCT (TD-OCT)
- The handheld OCT devices segment held the largest share in 2021 and will expand further at a steady CAGR from 2022 to 2030
- The growth can be attributed to a wide application scope in the detection of diabetic retinopathy, macular degeneration, and glaucoma
- Ophthalmology is the dominant application segment owing to increasing incidences of choroidal & retinal disorders and the high adoption of OCT devices by ophthalmologists for imaging & diagnosing purposes
- North America dominated the global industry in 2021 and held the largest share of the overall revenue
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Optical coherence tomography (OCT) is a non-invasive imaging test that uses low-coherence light waves to obtain micrometer-resolution, two, and 3D cross-section images of your retina. It is a new noninvasive imaging technique and is used to diagnose and manage diseases like diabetes-related retinopathy and glaucoma. The color-coded images provide a wealth of information to help your eye doctor measure the thickness of your retina and identify any optic nerve abnormalities. Currently two distinct OCT technologies are commercially available, older time-domain technology and the newer spectral or Fourier domain OCT technology.
It is largely used to diagnose and treat disorders affecting the eyes, including glaucoma, conditions affecting the retina, such as central serous retinopathy, Age-related Macular Degeneration (AMD), and vitreous traction. An additional definition of the market includes new technology for high-resolution cross-sectional imaging. It takes a picture with micrometer-resolution using coherent light. Other illnesses like non-melanoma prostate cancer, skin cancer, esophageal issues, cardiovascular disruptions, and diabetes have been added to the market’s reach. A significant increase in demand for the product is anticipated due to the rising incidence of these diseases.
The COVID-19 pandemic has led to a huge surge in demand for medical supplies and respiratory support devices, such as life-support machines, atomizers, oxygen generators, and monitors. OCT angiography is used for the imaging of retinal vascular changes in fully-recovered COVID-19 patients. The key manufacturers of OCT systems are struggling to maintain their production capacity, along with finding newer methods to strengthen their presence, such as mergers & acquisitions and collaborations with suitable market players. These initiatives by key players can be positive for the industry’s growth in the coming years.
Optical Coherence Tomography Market Insights By Demographics
On the basis of geographies, the global industry has been further categorized into North America, Asia Pacific, Middle East & Africa, Latin America, and Europe. North America accounted for the maximum share and is projected to expand further at a steady CAGR during the forecast period. Asia Pacific accounted for the second-largest share. The rapid growth of this region can be attributed to various factors, such as the rising prevalence of chronic disorders, rising adoption of advanced technologies, presence of a large geriatric population pool, increasing reimbursement for surgical procedures, and high preference for minimally invasive procedures over traditional methods.
Competitive Analysis By Major Companies
The market is fragmented with high competition at a global level. Strategic partnerships with local distributors and region-based type variations are some of the initiatives adopted by global players. Major companies are investing in R&D for the development and launch of new products to serve the industry demand. Some of the prominent players in the global optical coherence tomography market include Agfa Healthcare; Carl Zeiss Meditec AG; Heidelberg Engineering GmbH; Imalux Corp.; Michelson Diagnostics; Novacam Technologies, Inc.; OPTOPOL Technology S.A.
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Optical Coherence Tomography Market Segmentation
Grand View Research has segmented the optical coherence tomography market on the basis of technology, type, application, and region:
- OCT Technology Outlook (Revenue in USD Million, 2017 – 2030)
- OCT Type Outlook (Revenue in USD Million, 2017 – 2030)
- OCT Application Outlook (Revenue in USD Million; 2017 – 2030)
- OCT Regional Outlook (Revenue, USD Million, 2017 – 2030)
- List of Key Players of Optical Coherence Tomography Market
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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