19th December 2019 – The global Optical
Coherence Tomography (OCT) Market size is expected to value at USD 1.8
billion by 2024. The market is subject to witness a substantial growth due to
the prevalence of ocular diseases and recent technological advancement in
diagnostic techniques. In addition, increasing demand for optical coherence
tomography (OCT) devices to carry out diagnosis of cardiology, dermatology,
oncology and other type of disorders favor the market growth in upcoming years.
Globally, the optical coherence tomography market is predicted to grow at CAGR
of 11.2% in forecast period, providing numerous opportunities for market
players to invest in research and development of the market.
Additionally, optical coherence
tomography (OCT) devices are essential to perform advanced imaging and
diagnostic for ophthalmology, thereby propelling market demand, in the recent
years. Alterations in optical coherence tomography (OCT) devices to enhance
their performance and design modification has led to vast set of applications
in the areas of dermatology, cardiology and others. Such wide range of
applications of the optical coherence tomography (OCT) devices are expected to
fuel market growth over the forecast period.
Adoption of optical coherence tomography
(OCT) imaging and diagnostic devices by cardiologist in order to locate and
treat coronary artery disease is expected to play critical role in the robust
growth of optical coherence tomography (OCT) industry in the near future. The
recent technological advancement in the healthcare sector coupled with
development of novel products& techniques to perform tissue imaging and
endoscopy are anticipated to foster market growth in the upcoming years.
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Introduction of hybrid technologies by
industry participant and increase in the research & development activities
in North America and European region coupled are anticipated to stimulate
market growth in the years to come. Advent of optical coherence tomography
angiography (OCTA) devices is expected to improve overall resolution and
isolation properties of diagnostic images. Increasing adoption of optical
coherence tomography angiography (OCTA) devices offer 3D imaging, thus helping
healthcare professionals to isolate the region of interest during critical
surgical procedures. These factors are expected to boost market expansion in
the forecast period.
The optical coherence tomography
industry is broadly categorized into three major segments based on typed of a
technology such as time domain, frequency domain, and spatially encoded
frequency domain. The spatially encoded frequency domain is considered as one
of the fastest growing segment in the OCT market with substantial revenue
generation in the last couple of years.
Growing popularity of the spatially
encoded frequency domain is mainly due to high precision and cost efficiency.
The spatially encoded frequency domain is considered as most advanced type of
technology used for production of optical coherence tomography (OCT) devices.
The Fourier domain, which is a sub-segment of spatially encoded frequency
domain types, has also witnessed massive growth in the last few years, owing to
its higher scanning capabilities and advanced data collection.
The optical coherence tomography (OCT)
industry is divided by region as North America, Europe, Asia-Pacific, Latin
America and Africa. North American and European region have shown major growth
in recent years owing to the rise in the implementation of latest technologies
in pharmaceutical & medicine sector, increasing in the research &
development activities in the region, expansion of hospitals and laboratory
facilities, and existence of well-established healthcare infrastructure.
Asia-Pacific region is predicted to hold
major market share in the optical coherence tomography (OCT) market with
massive growth in forecast period. Countries such as India, China and Japan are
leading the Asia-Pacific market with rising healthcare expenditure, strong
economic growth in the region and significant investment by leading industry
players considering potential growth opportunities in the region.
The key players in the OCT Industry are
Optovue, Inc., OPTOPOL Technology S.A., Carl Zeiss Meditec AG, Agfa Healthcare
Pvt., Ltd., Imalux Co., Michelson Diagnostics Ltd., Novacam Technologies Inc.,
Topcon Medical Systems Inc., Leica Microsystems GmbH, Agiltron Inc., and
Thorlabs Inc.
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