Elevated Cases of Eye Diseases Propels Demand for Global Optical Coherence Tomography

  • Published Date : 01, November 2019

Global Market Optical coherence tomography (OCT) can be described as a non-invasive imaging technology, wherein the device generates a false-color representation of the tissue structure, on the micron scale in real-time. Optical coherence tomography is analogous to ultrasound imaging; however, it makes use of light instead of sound.

Market Overview

According to the report found in Pro Market Statistics, the global optical coherence tomography market is anticipated to reach the valuation of USD 1483.46 million by 2022. The market will surge at a moderate CAGR of 8.5% during the estimated time frame (2017-2022).

The optical coherence tomography technology has evolved into one of the most integral imaging’s techniques across several medical applications. In time, the clinical applications of OCT have poured over cardiology, dentistry, Gastroenterology, oncology, dermatology, and various others. The past couple of years has witnessed an increasing demand for progressively precise information regarding the coronary artery disease to achieve optimal treatment which has boosted intravascular imaging. In this area, the OCT technology has grown and is spreading, with it benefiting both therapeutic and research purposes.

But the significant expense of equipment could restrain the development of the market in the coming years. All things considered, the increasing prevalence of eye diseases, increasing application of optical coherence tomography, technological advancements, elevated approval from regulatory bodies, and favorable reimbursements are leading to the luxurious development of the optical coherence tomography market.

Market Segmentation

The global optical coherence tomography market is segmented on the sort of device, basis of applications, technology.

Application-dependent segments in the global market include oncology, ophthalmology, cardiology, dermatology, others.

Technology-based sub-segments are swept-source OCT, spectral-domain OCT (SD-OCT), and others.

The sort of devices in the global optical coherence tomography market is tabletop OCT devices, handheld OCT devices, catheter-based OCT devices, and others.

Regional Outlook

Region-wise, the global optical coherence tomography market is considered in the regions of North America, Europe, Asia-Pacific, Middle East, Latin America (LATAM), and Africa.

The global market for optical coherence tomography is dominated by the Americas on account of the increasing prevalence of diabetic retinopathy, as well as other eye diseases, coupled with the presence of the market giants in the region. Owing to the growing acceptance of OCT systems, numerous products have been introduced by prominent companies like SPECTRALIS by Heidelberg, ARGOS by Santec, and various others.

Europe, on the other hand, has secured the second position in the optical coherence tomography market. This feat has been achieved by the region because of the financial support provided by the government as well as private bodies for research and development activities. Also, the prevalence of diabetic retinopathy and other eye diseases has resulted in the strong development of the market in the region.

The region of Asia Pacific has been identified as the fastest growing region during the review, time frame because of the backing of rapid advancement in technology along with the rising participation of market players. Case in point is the first swept-source OCT launched by Topcon in the year 2012, i.e, the DRI OCT Atlantis with 100,000 A-scans/s at the 1050-nm central wavelength.

Finally, Africa and Middle East regions accounted for the least share of the optical coherence tomography market because of the presence of poor and slow developing countries, particularly in the region of Africa.

Key Players

Barely any key players making a mark in the global optical coherence tomography market include Agfa Healthcare, Alcon, Terumo Corporation, Boston Scientific Corporation, Heidelberg Engineering GmbH, Topcon Corporation, OPTOPOL Technology S.A, Novacam Technologies Inc, KONINKLIJKE PHILIPS N. V,Carl Zeiss AG, Michelson Diagnostics, NIDEK Co. Ltd, Thorlabs Inc, Optovue, Imalux Corporation, B. Braun Melsungen AG, and many others.