New York, United States , Aug. 06, 2024 (GLOBE NEWSWIRE) -- The Global Optical Coherence Tomography (OCT) for Healthcare Life Science Market Size is to Grow from USD 2.14 Billion in 2023 to USD 25.78 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 28.26% during the projected period.
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OCT is a method that uses light to visualize the structure of tissues in real-time and at a micron level. An optical biopsy is performed using an OCT, which is a non-invasive imaging technique. It’s used in situations where traditional imaging techniques aren’t appropriate. Utilizing fiber-optic technology, OCT is a tool for scanning the body that can be used in conjunction with tools like laparoscopes, catheters, surgical probes, and endoscopes. Numerous functional OCT techniques, such as polarization-sensitive OCT, Doppler OCT, and OCT in conjunction with fluorescence, are being researched to offer quantitative data and enhance diagnostic performance. This demand is particularly high in developing countries like China and India. With miniaturization and improvements in device design currently being the main focus areas, the growing popularity of micro-optical coherence tomography could be a huge opportunity in the coming years. However, in the market, a lack of favorable medical reimbursement schemes, as well as limited clinical data, are major deterrents. However, manufacturers have difficulties due to stringent rules and variable approval periods in different locations, which delays the release of cutting-edge OCT technology and restricts market expansion.
Browse key industry insights spread across 240 pages with 110 Market data tables and figures & charts from the report on the "Global Optical Coherence Tomography (OCT) for Healthcare Life Science Market Size, Share, and COVID-19 Impact Analysis, By Type (Doppler OCT Devices, Catheter-Based OCT Devices, Handheld OCT Devices, and Others), By Technology (Time Domain OCT (TD-OCT), Frequency Domain OCT (FD-OCT), and Others), By Application (Oncology, Ophthalmology, Cardiovascular, Dermatology, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The handheld OCT devices segment is expected to grow at the fastest CAGR in the global optical coherence tomography (OCT) for healthcare life science market during the projected timeframe.
Based on the type, the optical coherence tomography (OCT) for healthcare life science market is divided into doppler OCT devices, catheter-based OCT devices, handheld OCT devices, and others. Among these, the handheld OCT devices segment is expected to grow at the fastest CAGR in the global optical coherence tomography (OCT) for healthcare life science market during the projected timeframe. Because of its easy-to-use and intuitive design, handheld OCT devices have become the fastest-growing sector in the OCT market. In recent years, handheld OCT devices have grown in popularity and observed rapid expansion. Healthcare professionals can undertake OCT imaging at the patient's bedside or in remote areas thanks to the equipment's portability and versatility. For skin inspections and retinal imaging in ophthalmology and dermatology, handheld OCT instruments are especially effective.
The frequency domain OCT (FD-OCT) segment dominates the market with the largest market share of optical coherence tomography (OCT) for healthcare life science market during the projected timeframe.
Based on the technology, optical coherence tomography (OCT) for healthcare life science market is categorized into time domain OCT (TD-OCT), frequency domain OCT (FD-OCT), and others. Among these, the frequency domain OCT (FD-OCT) segment dominates the market with the largest market share of optical coherence tomography (OCT) for healthcare life science market during the projected timeframe. The measurement of the interference spectrum (SD-OCT) is the fundamental building block of frequency-domain OCT systems, also known as spectral-domain OCT. Revenues from the frequency-domain optical coherence tomography (FD-OCT) component were the most significant.
The ophthalmology segment dominates the market with the largest market share of optical coherence tomography (OCT) for healthcare life science market during the projected timeframe.
Based on the application, the optical coherence tomography (OCT) for healthcare life science market is divided into oncology, ophthalmology, cardiovascular, dermatology, and others. Among these, the ophthalmology segment dominates the market with the largest market share of optical coherence tomography (OCT) for healthcare life science market during the projected timeframe. Ophthalmology is anticipated to be significant because of the rising incidence of retinal and choroidal diseases. As a result, ophthalmologists will use optical coherence tomography equipment more frequently for diagnosis and scanning. Furthermore, the market will expand as more people turn to OCT devices for better treatment options and early sickness recognition as glaucoma and cataracts become more prevalent.
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North America is expected to hold the largest share of the optical coherence tomography (OCT) for healthcare life science market over the forecast period.
North America is expected to hold the largest share of the optical coherence tomography (OCT) for healthcare life science market over the forecast period. Because of its modern medical facilities, well-established healthcare infrastructure, and fast adoption of new technologies, North America dominates the optical coherence tomography (OCT) market for the healthcare life science industry. The region is home to several significant OCT companies, which helps explain why North America is currently leading the industry. The need for OCT devices in the area is also driven by the growing elderly population, the increasing prevalence of ocular illnesses, and a significant emphasis on research and development initiatives. The growing number of elderly people in the US, more approvals and R&D spending, a propensity to embrace newer products in the US, hospital development, and other factors will all contribute to the rise of significant players and further boost the development of the market in the region.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in Global Optical Coherence Tomography (OCT) for Healthcare Life Science Market NIDEK Co., Ltd., Michelson Diagnostics Ltd., Optovue, Inc., Thorlabs, Inc., Agfa-Gevaert N.V., Imalux Corporation, Leica Microsystems GmbH, Optos plc, Tomophase Corporation, OptoVue Corporation, Avinger, Inc., Terumo Corporation, Santec Corporation, Bioptigen, and Other Key Vendors.
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Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the optical coherence tomography (OCT) for healthcare life science market based on the below-mentioned segments:
Global Optical Coherence Tomography (OCT) for Healthcare Life Science Market, By Type
- Doppler OCT Devices
- Catheter-Based OCT Devices
- Handheld OCT Devices
- Others
Global Optical Coherence Tomography (OCT) for Healthcare Life Science Market, By Technology
- Time Domain OCT (TD-OCT)
- Frequency Domain OCT (FD-OCT)
- Others
Global Optical Coherence Tomography (OCT) for Healthcare Life Science Market, By Application
- Oncology
- Ophthalmology
- Cardiovascular
- Dermatology
- Others
Global Optical Coherence Tomography (OCT) for Healthcare Life Science Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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