Optical Coherence Tomography Market Estimated to Reach USD 6.23 billion by 2030 | Growing CAGR of 15.1%

Optical Coherence Tomography Market Overview -

The Optical Coherence Tomography (OCT) market is witnessing significant growth due to its crucial role in medical imaging. OCT is a non-invasive imaging technique that provides high-resolution, cross-sectional images of biological tissues. It finds widespread applications in ophthalmology for diagnosing eye conditions like macular degeneration and glaucoma. Additionally, OCT is increasingly being utilized in cardiology, dermatology, and oncology for diagnosing various diseases.

The optical coherence tomography market was valued at USD 2.3 billion in 2022, and it is expected to rise from USD 2.64 billion in 2023 to USD 6.23 billion by 2030, with a compound yearly growth rate (CAGR) of 15.1% throughout the forecast period.

The market is driven by the rising prevalence of chronic diseases, increasing geriatric population, and technological advancements enhancing OCT systems' capabilities. Moreover, the growing demand for early and accurate diagnosis fuels the adoption of OCT devices. However, challenges such as high costs associated with OCT systems and limited reimbursement policies in certain regions might hinder market growth. Overall, the Optical Coherence Tomography market presents lucrative opportunities for manufacturers and healthcare providers to innovate and expand their offerings, ultimately improving patient care and outcomes.

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Market Competitive Landscape:

Key Companies in the optical coherence tomography market include:

· Carl Zeiss AG

· Alcon

· Abbott Laboratories

· Terumo Corporation

· Koninklijke Philips N.V.

· Braun Melsungen AG

· Boston Scientific Corporation

· Topcon Corporation

· NIDEK Co. Ltd

· Novacam Technologies Inc

Optical Coherence Tomography Market Segmentation

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.

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Market Synopsis:

The optical coherence tomography market was valued at USD 2.3 billion in 2022, and it is expected to rise from USD 2.64 billion in 2023 to USD 6.23 billion by 2030, with a compound yearly growth rate (CAGR) of 15.1% throughout the forecast period.

Market Outlook:

Technological advancements in imaging devices, together with the high frequency of macular illnesses, are expected to drive market expansion.

Favorable medical reimbursement systems for eye illnesses, as well as regulatory approval, might propel the market to an 8.9% CAGR between 2017 and 2023 (forecast period). Furthermore, government support for the technology is expected to drive an increase in demand during the projection period. The introduction of hybrid techniques such as optical coherence tomography angiography (OCTA) has the potential to open up new industry opportunities. In August 2018, Conavi Medical introduced the Novasight hybrid system for scanning coronary arteries. Hamilton General Hospital in Canada conducted an experiment to determine its efficacy and performance.

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Optical Coherence Tomography Market Regional Insights

The Americas, the Middle East and Africa (MEA), Asia Pacific (APAC), and Europe are among the most important regions for the market.

The Americas will dominate the optical coherence tomography market due to the increasing prevalence of disorders and the existence of prominent manufacturers. The prevalence of diabetic retinopathy and other age-related macular degeneration (AMD) is expected to drive market demand in the coming years. By 2023, this market is expected to be worth USD 558.34 millions.

The European market has risen to second place behind the Americas, thanks to government and private-sector financing for research and development. The European Society of Retina Specialists (EURETINA) reported in 2017 that nearly 34 million people in the European Union suffer from AMD.

The APAC OCT market is expected to grow rapidly because to technological advancements in OCT devices. Growth potential in China, India, Malaysia, and other South Asian countries, as well as the construction of manufacturing facilities, are expected to boost regional demand by 2023.

Because of the slow development of African countries, the MEA market is expected to grow slowly throughout the forecast period.

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