Optical Coherence Tomography Market is Anticipated to Rise at a CAGR of 8.9% with Abbott Laboratories, KONINKLIJKE PHILIPS N.V, Boston Scientific Co. from 2018 to 2023

Optical Coherence Tomography Technology has been evolved as one of the most important imaging techniques in various medical applications. Over the years, the clinical applications of OCT have been exceeded to cardiology, gastroenterology, dentistry, dermatology, oncology, and many others. In the last few years, the demand for more precise information about coronary artery disease to achieve optimal treatment is boosting intravascular imaging. The OCT technology in this area has grown and is spreading, as it benefits both therapeutic and research purposes.

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Rising prevalence of eye diseases, technological advancements, increasing application of optical coherence tomography, rising approval from regulatory bodies, and favorable reimbursements are the key factors driving the optical coherence tomography market.

However, the high cost of equipment may hinder the growth of the market to an extent. According to the study published in the Investigative Ophthalmology & Visual Science journal in 2016, instruments have advantages to operate at long wavelengths, faster imaging speeds, and longer imaging range than SD-OCT systems. But the market acceptance in ophthalmology is limited owing to the high costs, lack of clinical and normative data, and uncertainties caused by rapid technology evolution

Optical Coherence Tomography Market - Key Players

Some of the fervent players operating in the market and profiled in MRFR analysis are Abbott Laboratories, Alcon, Carl Zeiss AG, B. Braun Melsungen AG, Terumo Corporation, Koninklijke Philips N.V, NIDEK Co., Ltd, Boston Scientific Corporation, Topcon Corporation, Heidelberg Engineering GmbH, Novacam Technologies Inc., OPTOPOL Technology S.A, Agfa Healthcare, Imalux Corporation, Thorlabs Inc., and Michelson Diagnostics. Profiling them in its analysis, MRFR finds out their strategies keeping them at the forefront of competition.

Optical Coherence Tomography Market - Segmentation

The Optical Coherence Tomography Market can be segmented into four key dynamics;

By Technologies: Spectral-Domain OCT (SD-OCT), Swept-Source OCT and others.

By Applications: Ophthalmology, Dermatology, Cardiology, and others.

By Type of Devices: Table-top, Handheld, Catheter-Based OCT Devices and others.

By Regions: North America, Europe, APAC, and Rest-of-the-World (RoW).

The SD-OCT segment by technologies is estimated to acquire over 60% of the market share during the review period.

The Swept-source -OCT segment will witness over 9% CAGR during the assessment period.

The Ophthalmology segment, by applications, will command over 53% of the market share during the forecast period.

The Dermatology segment, by applications, will perceive more than 9% CAGR during the said period.

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Optical Coherence Tomography Market - Regional Analysis

Globally, North America region is expected to lead the Optical Coherence Tomography market accounting for a significant market share. Factors substantiating the market growth of this region include growing demand for the diabetic retinopathy, supported by the growing number of patients suffering from the chronic diseases such as diabetes, neurovascular and other eye diseases.

Simultaneously, augmenting demand for the minimally invasive procedures and technologically advanced treatments backed by the rising healthcare expenditures and government support are expected to drive the market growth in the region commutatively. Furthermore, the presence of the leading players is one of the key factors fostering the market growth in the region.

Whereas the world’s second-largest market for OCT- Europe is expected to demonstrate a healthy growth during the review period. Factors such as the well-proliferated healthcare sector, witnessing the growing number of advanced treatment facilities fuelled by the growing demand for better healthcare infrastructure and increasing healthcare expenditures are driving the growth in the Europe market.

The Asia-Pacific market is emerging as a lucrative market for OCT owing to the rising number of diabetic retinopathy and other eye diseases coupled with the growing population that is increasingly adopting the sedentary lifestyle. Increasing funding support from the private and public bodies are paying off well, increasing R&D activities, and eventually are supporting the market growth in the region. Owing to the availability of new treatment methods that are increasingly meeting the growing demand for the treatments of prevailing optical diseases the APAC region is expected to become the fastest growing market for Optical Coherence Tomography.

The Middle East & Africa region perceive a moderate growth in the global Optical Coherence Tomography market. The contributions from the African region are negligible due to the low per capita healthcare expenditure and stringent government policies.

On the other hand, the Middle East market of OCT is growing leaps and bounds attributing to the spurting healthcare developments. Substantial investments coupled with the favorable governmental policies and initiatives are playing an integral role in ascending the market growth.

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Major Table of Content

Chapter 1. Report Prologue

Chapter 2. Market Introduction

2.1 Definition

2.2 Scope of the Study

2.2.1 Research Objective

2.2.2 Assumptions

2.2.3 Limitations

Chapter 3. Research Methodology

3.1 Introduction

3.2 Primary Research

3.3 Secondary Research

3.4 Market Size Estimation

Chapter 4. Market Dynamics

Continued….

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This release was published on openPR.