The global optical coherence tomography (OCT) market is expected to reach USD 1.8 billion by 2024, according to a report by Grand View Research, Inc. Increasing incidences of ocular diseases coupled with rising technological advancement in diagnostics is expected to boost the market for OCT based imaging devices.
According to a report by Grand View Research, Inc., global Optical Coherence Tomography (OCT) market is projected to reach USD 1.8 billion by 2024. Growing cases of ocular diseases is anticipated to propel the demand for OCT. Growing scope of application in fields other than ophthalmology, such as dermatology and cardiology, is also likely to augment the market development over the forecast period. Increasing use of advanced software and continual improvements in the device designs can also drive the market. Rising adoption of advanced devices by healthcare providers to manage and diagnose chronic conditions accurately can fuel market growth. Moreover, high demand for non-invasive imaging is expected to augment the market growth.
Supportive initiatives and reimbursement policies from various regional governments to manage the increasing diagnostic procedures for retinopathy, macular degeneration, and vitreomacular can drive the market in coming years. The optical coherence tomography market can be segregated on the basis of technology, type, application, and region. Based on technology, the market can be classified into Frequency Domain OCT (FD-OCT), Time Domain OCT (TDOCT), and spatial encoded frequency domain OCT. Spatial encoded frequency domain is projected to grow well over the next few years due to advanced data collection. Better scanning abilities offered by this technology is also anticipated to drive the segment further.
Full Research Report On Optical Coherence Tomography (OCT) Market Analysis:
Moreover, these devices help eliminate the errors caused due to patient movement. This is also estimated to contribute toward the segment expansion.. The TDOCT segment led the market in 2015 and is projected to witness high growth in near future. Increasing use of this technology in diagnosing retinal disorders can stimulate the segment demand. However, growing popularity of spatially encoded-based devices may hamper the growth of TDOCT technology segment. Based on type, the market can be classified into Doppler OCT devices, catheter-based OCT devices, handheld OCT devices, and tabletop OCT devices.
The Handheld OCT devices segment is estimated to witness a significant growth owing to high demand for these devices in Germany, United States, Brazil, and United Kingdom. Based on application, the market can be divided into oncology, dermatology, cardiovascular, ophthalmology, and others. Ophthalmology was the dominant application segment in the OCT market and accounted for the largest market share in the past. The segment is projected maintain the dominance over the forecast years; however, it will lose some of its market share due to the introduction of other applications. Advent of advanced devices offering high efficiency and performance can fuel the segment growth.
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In addition, rising cases of choroidal and retinal disorders are estimated fuel the segment demand. The dermatology segment is expected to register the fastest growth during the forecast period. Rising demand for non-invasive monitoring and imaging of numerous skin disorders can propel the segment development. Regional segmentation includes Europe, North America, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to be the dominant regional market for OCT during the forecast period. Extensive usage of advanced products coupled with increasing R&D investments can drive the regional market. Expansion of labs and hospital facilities resulting in new product purchases is also contributing toward region’s development.
In Europe, the market is predicted to witness significant growth over the forecast period owing to quick approvals and acceptance of automated devices. Asia Pacific is expected to register the fastest growth over the forecast period. It is estimated to account for 25% of the global market share. Growing adoption of OCT in countries such as India, China, and Korea can augment the market growth in this region. Furthermore, establishment new manufacturing units in the region will contribute toward market growth.
Some of the leading companies in the global optical coherence tomography market are Carl Zeiss Meditec AG, Imalux Corporation, Leica Microsystems, Agfa Healthcare, and Michelson Diagnostics.
Most of the companies have undertaken market strategies, such as R&D and mergers and acquisitions, to maintain competitive edge. For instance, Topcon Medical Systems recently introduced DRI OCT Triton in Europe.
Grand View Research has segmented the global OCT market on the basis of technology, type, application and region.
Global OCT Market by Technology, 2013 – 2024 (USD Million)
Global OCT Market by Type, 2013 – 2024 (USD Million)
Global OCT Market by Application, 2013 – 2024 (USD Million)
OCT Market by Region, 2013 – 2024 (USD Million)
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