Optical Coherence Tomography (OCT) Market Overview
The Global Optical Coherence Tomography Market is likely to reach a significant valuation of USD 1483.49 Million by 2023 says Market Research Future (MRFR). Optical coherence tomography (OCT) is a non-invasive imaging technology used in attaining detailed images at a microscopic level. It employs near-infrared lighting to obtain clear images in real-time. The sharp rise noticed in eye-related diseases among the geriatric populace and industrial applications will induce the demand for OCT.
Market Outlook
The Global Optical Coherence Tomography Market valuation can touch USD 1483.9 million by 2023, as per the latest report by Market Research Future (MRFR). Technological advances in imaging devices coupled with high prevalence of macular disorders are likely to fuel the market growth.
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Favorable medical reimbursement schemes regarding eye diseases and approval from regulatory agencies can propel the market to experience an 8.9% CAGR from 2017 to 2023 (forecast period). Furthermore, government support for the technology is likely to lead to an upturn in demand over the forecast period. Introduction of hybrid techniques such as optical coherence tomography angiography (OCTA) can open up new pathways for the market. In August 2018, Conavi Medical launched the Novasight hybrid system for scanning coronary arteries. It has been used on a trial basis by Hamilton General Hospital, Canada, to check its efficacy and performance.
Some of the prominent names in the optical coherence tomography market include NIDEK Co., Ltd., Carl Zeiss AG, Terumo Corporation, Agfa Healthcare, KONINKLIJKE PHILIPS N.V, Imalux Corporation, Optovue, Abbott Laboratories, Boston Scientific Corporation, OPTOPOL Technology S.A, B. Braun Melsungen AG, Michelson Diagnostics, Heidelberg Engineering GmbH, Alcon, Novacam Technologies Inc., Topcon Corporation, Thorlabs Inc., and others.
Launch of new products are certain to get exposure owing to social media and prevalence of chronic diseases. This is evident by the launch of AngioVue by OptoVue in 2016. The trend is indicative of the pressing demand owing to launch of similar products such as AngioScan OCT by Nidek, DRI-Triton and 3D Oct-1 Maestro by Topcon.
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Segmentation Analysis
The OCT market is segmented by technology, application, and device type.
By technology, spectral-domain OCT (SD-OCT), swept-source OCT, and others. The SD-OCT segment can command nearly 60.1% share of the OCT market by the end of the forecast period. On the other hand, the swept-source OCT segment can expand at a 9.1% CAGR over the aforementioned period.
Key applications of OCT include oncology, dermatology, ophthalmology, cardiology, and others. The ophthalmology segment can acquire close to 53.6% share of the market, while dermatology can grow at a brisk pace during the forecast period.
Types of OCT devices include tabletop OCT devices, catheter-based OCT devices, handheld OCT devices, and others.
Regions of prime interest to the market include The Americas, the Middle East & Africa (MEA), Asia Pacific (APAC), and Europe.
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The Americas will lead the optical coherence tomography market owing to high ubiquitousness of diseases and presence of leading manufacturers. Prevalence of diabetic retinopathy and other age-related macular degeneration (AMD) are likely to induce demand for the market in the coming years. This market can touch a valuation of USD 558.34 million by 2023.
The Europe market has assumed the second position after Americas owing to funding gained for research & development by research institutes from governments and private sources. According to the 2017 report by the European Society of Retina Specialists (EURETINA), nearly 34 million suffer from AMD in the European Union.
The APAC OCT market is touted to grow at a rapid clip owing to technological advances in OCT devices. Growth opportunities in China, India, Malaysia, and other countries of South Asia and establishment of manufacturing units can bolster regional demand by 2023.
The MEA market can exhibit a sluggish growth rate during the forecast period owing to slowly developing economies in the African region.
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