Global Optical Coherence Tomography Market 2024 : SWOT Analysis Of Key Driving Factors For Growing CAGR Value | Agfa-Gevaert N.V., Carl Zeiss Meditec AG, Heidelberg Engineering GmbH

"The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Optical Coherence Tomography Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $19.98 billion In 2028 At A CAGR Of 8.6% :

The optical coherence tomography market size has grown rapidly in recent years. It will grow from $1.72 billion in 2023 to $1.94 billion in 2024 at a compound annual growth rate (CAGR) of 12.9%. The growth in the historic period can be attributed to global pandemic impact, patient preferences, competitive landscape, rapid research & development, regulatory support, miniaturization of devices.

The optical coherence tomography market size is expected to see rapid growth in the next few years. It will grow to $3.17 billion in 2028 at a compound annual growth rate (CAGR) of 13.1%. The growth in the forecast period can be attributed to increasing healthcare expenditure, patient-centric approach, rising prevalence of eye disorders. Major trends in the forecast period include oct integration in surgeries, regulatory landscape, telemedicine and remote consultations, market competition and innovation.

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Optical Coherence Tomography Market Major Segments
The optical coherence tomography market covered in this report is segmented -

1) By Type: Catheter-Based OCT Devices, Doppler OCT Devices, Handheld OCT Devices, Tabletop OCT Devices
2) By Technology: Time Domain OCT (TDOCT), Frequency Domain OCT (FD-OCT), Spatial Encoded Frequency Domain OCT
3) By Application: Ophthalmology, Cardiovascular, Oncology, Dermatology, Other Applications

Key Driver - Rising Prevalence Of Eye Disorders Worldwide Drives Growth Of Optical Coherence Tomography Market

The rising prevalence of eye disorders is expected to support the growth of the optical coherence tomography market. Globally, eye conditions, including cataract, glaucoma, diabetic retinopathy, and age-related macular degeneration (AMD) are leading causes of vision loss and blindness. The demand for advanced disease diagnostic tools like optical coherence tomography systems is growing due to the rise in eye ailments. For instance, according to the World Health Organization (WHO), a Switzerland-based specialized agency of the United Nations, near-or vision problems affect over 2.2 billion individuals worldwide due to eye conditions such as refractive error, cataract, glaucoma, diabetic retinopathy, and other conditions. Globally, age-related macular degeneration (AMD) ranks as the third cause of blindness after cataracts and glaucoma. In the European Union (EU), AMD is thought to impact 34 million individuals on average, including 22 million in just the five most populated nations. It is anticipated that there will be a 25% rise in the AMD patient population by 2050 owing to population growth and ageing. Primary open-angle glaucoma (POAG) is predicted to affect 7.32 million Americans by 2050, up from 3.15 million in 2015. Thus, the increasing prevalence of eye disorders is expected to drive the growth of the optical coherence tomography market.

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Prominent Trend - Technological Advancements Driving Innovation In Optical Coherence Tomography Market

Technological innovations are a key trend in the optical coherence tomography market. Major players are releasing technologically upgraded products. They are also introducing sophisticated technologies to boost their revenue share, stay competitive in the optical coherence tomography market and to grow their market share. For instance, in October 2023, Abbott Laboratories, a US-based medical device company launched its latest vascular imaging platform, featuring the Ultreon 1.0 Software, in India. This software seamlessly integrates optical coherence tomography (OCT) with artificial intelligence (AI), providing physicians with a comprehensive assessment of blood flow and blockages within coronary arteries. The advanced imaging software is equipped to automatically differentiate between calcified and non-calcified blockages, assess the severity of calcium-based blockages, and measure vessel diameter. It also assists physicians in guiding precise stent deployment, ensuring optimal expansion, and apposition, with real-time display of results for enhanced precision during coronary stenting procedures. Abbott's OCT technology utilizes near-infrared light for high-definition, precise imaging within blood vessels, enabling physicians to capture detailed information even in complex patient anatomy.

Optical Coherence Tomography Market Players
Major companies operating in the optical coherence tomography market report are Agfa-Gevaert N.V., Carl Zeiss Meditec AG, Heidelberg Engineering GmbH, Imalux Corporation, Michelson Diagnostics Limited, Novacam Technologies Inc., OPTOPOL Technology Sp. z o.o., Topcon Healthcare Solutions Inc., Conavi Medical Inc., ZD Medical Inc., Excelitas Technologies Corp, Thorlabs Inc., Sonostar Technologies Co. Limited, NIDEK Co. Ltd., Leica Microsystems IR GmbH, Optovue Inc., Canon Inc., Optos Inc., Santec Corporation, Tomophase Corporation, Insight Photonic Solutions Inc., Wasatch Photonics Inc., Avinger Inc., AngioDynamics Inc., BaySpec Inc., Tornado Spectral Systems Inc., Lambda Solutions Inc., LightLab Imaging Inc., Infraredx Inc., Optoprobe Inc., Terumo Corporation, Optiscan Pty Ltd., NinePoint Medical Inc., Axsun Technologies Inc., AOT AG

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Largest And Fastest Growing Region In The Market
North America was the largest region in the optical coherence tomography market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the optical coherence tomography market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Optical Coherence Tomography Market Report Structure
3. Optical Coherence Tomography Market Trends And Strategies
4. Optical Coherence Tomography Market - Macro Economic Scenario
5. Optical Coherence Tomography Market Size And Growth
…..
27. Optical Coherence Tomography Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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