New York, USA, March 23, 2023 (GLOBE NEWSWIRE) -- Optical Coherence Tomography Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Optical Coherence Tomography Market Information By Technology, Application, Type Of Devices, And Region - Forecast till 2030", the market Size was valued at USD 2.3 billion in 2022 and is projected to grow from USD 2.64 Billion in 2023 to USD 6.14 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 15.06% during the forecast period (2023 - 2030)
Market Synopsis
Consistent development and innovation of newer technologies, growing demands for latest generation biomedical applications like drug delivery, increased demand for early disease diagnosis, and rise in prevalence of eye disorders are the major market drivers enhancing optical coherence tomography market growth. To monitor the posterior portion of the eye, optical coherence tomography, or OCT, has emerged as the imaging technique of choice. It is a non-invasive imaging method that uses reflected light to produce two- and three-dimensional images of deep structures, such as the human eye's retina. Optical coherence tomography, a non-contact imaging method, is used more frequently to diagnose and treat various illnesses, such as diabetic retinopathy, glaucoma, and arterial disease. Due to its capacity to offer information and photos of posterior locations that cannot be accessible via conventional techniques, it is getting much traction across various end-use verticals.
Additionally, this technique was utilized to analyze data from the ophthalmology field and track the retina's health. The two main advantages of optical coherence tomography in the biopsy are high-resolution imaging and great penetration depth. Real-time photographs of tissue can be produced using this technology. As a result, it can be applied to ocular biopsy and lower biopsy-related sample mistakes. Due to the rising prevalence of retinal and choroidal illnesses, ophthalmology is predicted to experience healthy growth in the next years. The growth is driven by the adoption of innovative products in the market and increasing awareness of early glaucoma diagnosis and other diseases connected to ocular eye pressure.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 6.14 Billion |
| CAGR | 15.06% |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2021 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Technology, Application, Type of Devices |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Emerging technological advancements in optical coherence tomography |
| Growing demands for latest generation biomedical applications like drug delivery |
Competitive Landscape:
The central players in the optical coherence tomography market are:
- Carl Zeiss AG
- Alcon
- Novacam Technologies Inc
- OPTOPOL Technology S.A
- Heidelberg Engineering GmbH
- Optovue
- Michelson Diagnostics
- Abbott Laboratories
- Terumo Corporation
- KONINKLIJKE PHILIPS N.V
- Braun Melsungen AG
- Boston Scientific Corporation
- Topcon Corporation
- NIDEK Co. Ltd
- Thorlabs Inc.
- Agfa Healthcare
- Imalux Corporation
Optical Coherence Tomography Market Dynamics:
Market Drivers:
The market is anticipated to rise due to ongoing innovation and the creation of newer technologies, as well as increased demands from new biomedical application fields like medication delivery, rising demand for early illness diagnosis, and rising prevalence of eye ailments. However, a dearth of generous reimbursement regulations and clinical data may impede the industry's expansion in the next years. High-resolution cross-sectional imaging is made possible by the developing technology known as optical coherence tomography (OCT). The size of the global optical coherence tomography market will increase over the forecast period as more medical procedures, such as angioplasty, using optical coherence tomography equipment. To focus on precision during challenging surgeries, medical personnel employ OCT to capture images of blood arteries and other tissues during surgical procedures.
Leading producers of optical coherence tomography equipment are consistently investing in R&D initiatives to increase the application of OCT for various neoplastic and inflammatory skin conditions. They are introducing cutting-edge, swift, and accurate OCT technologies. In the upcoming years, this will support the expansion of the optical coherence tomography industry. The multiple applications of optical coherence tomography in the medical field are anticipated to present profitable chances for the market's growth.
Market Restraints:
Lack of clinical knowledge and unfavorable reimbursement policies may impede market expansion.
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COVID 19 Analysis
To take care of the sick population, there has been an increase in the demand for medical goods. Most medical devices used in first-line clinical care are respiratory care devices like atomizers, monitors, oxygen generators, and life support machines. Furthermore, COVID-19 has significantly increased the demand for medical supplies such as masks, gloves, and safety glasses. Due to preventive efforts, there is an escalating demand for essential aid from healthcare providers and the general people due to the increase in COVID-19 cases worldwide.
The producers of these goods can take advantage of the rising demand for medical supplies to guarantee a sufficient and ongoing supply of personal protective equipment on the market. Consequently, it is anticipated that COVID-19 will greatly affect the optical coherence tomography market. Due to the reduced availability of ophthalmological services even during the COVID-19 outbreak in 2020, there was a slight short-term negative effect on the market. Despite this, the market's expansion has accelerated.
Optical Coherence Tomography Market Segmentation
By technology, the market includes sd-oct, and swept-source oct.
By type of devices, the market includes handheld, tabletop, and catheter-based oct devices.
By application, the market includes cardiology, ophthalmology, and dermatology.
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Optical Coherence Tomography Market Regional Insights
During the projected period, it is anticipated that the Asia-Pacific area will continue to grow at the fastest rate. Numerous factors, including the rising prevalence of chronic diseases, the increased use of cutting-edge technologies, the presence of a sizable geriatric population, increasing surgical procedure reimbursement, and a strong preference for minimally invasive procedures over conventional techniques, all contribute to the region's rapid growth. Additionally, it is projected that rising awareness of eye problems will fuel market expansion in this area during the forecast period. Research and development efforts for new, cutting-edge technologies are booming due to government funding and its promotion of creative treatment choices.
Numerous well-known businesses with locations in India and China serve the sizable patient base suffering from diabetes and the growing elderly population. Due to the region's growing geriatric population, rising R&D expenditures, and adoption of new products, North America is anticipated to have a significant market position in the worldwide optical coherence tomography market. One of the most common posterior segment eye problems is diabetic retinopathy. A large population's increased need for diagnosis due to rising prevalence will drive the market's expansion in the area. The market size for optical coherence tomography has also been supported by favorable medical insurance programs that assist patients in paying for the procedure's associated costs.
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