Optical Coherence Tomography: Rising participation of market players is likely to boost the market growth at a CAGR of 8.9%

Pune, India, April 2018 /MRFR Press Release/- Market Research Future has a Cooked Research report on the Optical Coherence Tomography Market.

Market Highlights

Optical coherence tomography technology has been evolved as one of the most important imaging technique 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.

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

Global optical coherence tomography market is expected to grow at a CAGR of 8.9% during the forecast period 2017–2023.

Key Players in the Optical Coherence Tomography Market

Some of key the players in the optical coherence tomography market are Carl Zeiss AG, Alcon, Abbott Laboratories, Terumo Corporation, KONINKLIJKE PHILIPS N.V, B. Braun Melsungen AG, Boston Scientific Corporation, Topcon Corporation, NIDEK Co., Ltd, Novacam Technologies Inc, OPTOPOL Technology S.A, Heidelberg Engineering GmbH, Optovue, Michelson Diagnostics, Thorlabs Inc., Agfa Healthcare, Imalux Corporation, and others.

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Regional Analysis

The Americas dominate the optical coherence tomography market owing to the increasing prevalence of prevalence of diabetic retinopathy, and other eye diseases, and the presence of the leading players in the region. According to the 2017 data suggested by Genentech, Inc., around 200,000 new cases of wet AMD are diagnosed in the United States each year. It is also reported that Diabetic retinopathy also impacts around 7.7 million Americans, and the number is expected to escalate to 11.3 million by 2030. Due to increasing acceptance of OCT systems multitude of products have been introduced by leading players, such as ARGOS by Santec, SPECTRALIS by Heidelberg, and others.  In November 2016, Carl Zeiss received FDA approval for PLEX Elite 9000, and commercially available in the United States.

Europe holds the second position in the optical coherence tomography market. The financial support provided by the government and private bodies for research & development is propelling the growth of the optical coherence tomography market in the European region. The prevalence of diabetic retinopathy and other eye diseases are also found to be very prevalent in the European region. As per the 2017 statistics suggested by European Society of Retina Specialists (EURETINA), it is found that age-related macular degeneration (AMD) currently affects nearly 34 million people in the European Union, and around 22 million people in the five most populous countries of Europe alone, i.e. Germany, the United Kingdom (UK), France, Italy and Spain.

Asia Pacific region is projected to be the fastest growing region during the forecast period. Rapid advancement in technology and rising participation of market players drive the growth of this market in Asia Pacific region. For instance, the first swept-source OCT was launched by Topcon in 2012, i.e. the DRI OCT Atlantis with 100,000 A-scans/s at the 1050-nm central wavelength. The system is approved in Europe (CE mark), but not approved for use in the U.S.

The Middle East and Africa hold the least share of the optical coherence tomography market owing to the presence of poor and slow developing countries, especially, in the African region.

Segmentation

The global optical coherence tomography market is segmented on the basis of technology, application, and type of devices.

On the basis of the technology, the market is classified into spectral-domain OCT (SD-OCT), swept-source OCT, and others.

On the basis of the application, the market is segmented into cardiology, ophthalmology, dermatology, oncology, others.s

On the basis of the type of devices, the market is segmented into handheld OCT devices, tabletop OCT devices, catheter-based OCT devices, and others.