Optical Coherence Tomography Market Size To Expand at a Notable CAGR Of 8.9% During 2017 - 2023

Pune, India, February,2019/MRFR Press Release/- Market Research Future has published a half-cooked research report on the Global Optical Coherence Tomography Market.

Overview:

Optical Coherence Tomography or Ocular Coherence Tomography (OCT) is an emerging technology delivering three-dimensional (3D) eye scan useful in the advanced diagnostic of various optical diseases such as age-related macular degeneration (ARMD), cataracts, diabetes, glaucoma, and retinal detachments, etc. Similarly, these observations of the retina are used to perform coronary artery. 

Using the light instead of sound waves, the OCT technology provides high-resolution 3D images of all the major structures in the eye which are useful for the early detection of eye abnormalities along with cardiovascular issues such as diabetes, high blood pressure or high cholesterol. Providing non-invasive imaging tests that are simple to understand, OCT devices help availing the fastest diagnosis save a huge amount of time, eliminating the need for further consecutive tests.

Additionally, the image captured by OCT devices can be studied and review on the screen itself, which enables the eye care professional to compare successive images to identify even small changes that can occur over time. Thus, the précised detailing the OCT scan allows pinpointing abnormalities in micrometers and particular areas of concern by digitally uncovering the layers of the eye. These are some of the advantages that OCT devices provide, which drive the demand and uptake of OCT, widening its market size extensively.

Considering the expansion, this market is witnessing currently; Market Research Future (MRFR) has recently published a study report giving out the complete market forecast up to 2023. In its analysis, MRFR confirms that the global Optical Coherence Tomography market will reach a valuation of USD 1483.49 million by 2023 with 8.9% CAGR throughout the review period (2017 – 2023).

The increasing prevalence of diseases and disorders related to the eyes coupled with the growing incidences of chronic diseases such as neurovascular or diabetes have impacted the market growth positively, pushing the demand for advent devices that can provide the faster diagnosis with higher accuracy. Also, technological advancements are another key factor driving the market growth of optical coherence tomography, globally.

Also, factors such as the ongoing product development & commercialization led by the favorable reimbursement policies help boosting the market growth. Moreover, OCT has been evolved in various medical applications as one of the most critical imaging techniques. Therefore, increasing applications of OCT, coupled with the rising number of approvals from regulatory bodies account for some of the major factors, contributing to the growth of the market.

The growing prevalence of neurovascular, coronary and other retina-related diseases fuelled by the sedentary and changing lifestyle is doubling its market growth, increasing the demand for OCT.  Also, efforts & investments transpired into the R&D activities by the key market players are paying off well, fostering the market growth, bringing about improvements in the development of new devices.

Simultaneously, government initiatives are playing an integral role in the growth of OCT Devices. Technological advancements that took place in the field of medical science is also one of the key factors fostering market growth.

Conversely, factors such as the skepticism of physicians towards the advancement & efficacies of these devices along with the high procedural cost of these devices are likely to restrict the growth of the OCT market. Also, the need for physician's training is a factor likely to present challenges to the market growth during the assessment period. However, the demand for sophisticated devices by the physicians and patients, in turn, is contributing to the market growth to a great extent.

Optical Coherence Tomography Market – Segments

For enhanced understanding, the report has been segmented into four key dynamics.

By Technology : Spectral-Domain OCT (SD-OCT) and Swept-Source OCT among others.

By Application : Dermatology, Ophthalmology, and Cardiology among others.

By Type of Devices : Handheld, Table-top, and Catheter-based OCT Devices among others.

By Regions  : Asia Pacific, North America, Europe, and the Rest-of-the-World.Browse Complete Report Details @ https://www.marketresearchfuture.com/reports/optical-coherence-tomography-market-1328  

Optical Coherence Tomography Market –

Regional Analysis

The North American region, heading with the large patient pool suffering from diabetes is expected to continue its dominance over the global optical coherence tomography market. Additional factors substantiating the growth of the regional market include growing the augmenting demand for the diabetic retinopathy that is supported by the growing number of diabetic patients and neurovascular and other eye-related diseases.

Moreover, factors such as the augmenting demand for the minimally invasive procedures and technologically advanced treatments, high healthcare expenditures, and government support foster the market growth in the region. Furthermore, the presence of a large number of leading players propels the growth in the regional market.

The optical coherence tomography market in the European region accounts for the second-largest market, globally. Factors supporting the growth in the regional market include the well-established healthcare sector and the growing number of advanced treatment facilities that are fuelled by the growing demand for better healthcare infrastructure and the rapidly increasing healthcare expenditures.

The Asia Pacific optical coherence tomography market led by the increased funding support from the private and public sectors is emerging as a lucrative market, globally. Moreover, factors such as the increasing R&D activities and the rising number of diabetic retinopathy and other eye diseases fuelled by the growing population that is increasingly adopting the sedentary lifestyle are fostering the growth in the regional market.

Furthermore, the availability of new treatment methods that are increasingly meeting the growing demand for the treatments of prevailing optical diseases is expected to support the OCT market in the APAC region.

The Middle East & Africa region perceives a moderate growth in the global optical coherence tomography market. Contributions from the African OCT market are negligible due to the low per capita healthcare expenditure and stringent government policies.

On the other hand, the Middle East market of OCT is growing leaps and bounds attributing to the spurting healthcare developments. Substantial investments coupled with the favorable governmental policies and initiatives are paying off well ascending the MEA OCT market growth on the furthered height.

Global OCT Market – Competitive Analysis

Highly competitive, the optical coherence tomography market appears to be fragmented owing to the presence of several large and small-scale players. These players invest substantially in R&D to develop advanced tools. High potential growth opportunities that the market demonstrates are in turn, attracting several new entrants to the market, further intensifying the competition in the already fiercely competitive market.

Well-established players incorporate strategic initiatives such as acquisition, collaboration, expansion, partnership, and product & technology launch in order to gain a competitive advantage in this market and to maintain their market positions.

Major Players:

Key players leading the global OCT market include Abbott Laboratories, Carl Zeiss AG, Alcon, Terumo Corporation, B. Braun Melsungen AG, Koninklijke Philips N.V, Boston Scientific Corporation, NIDEK Co., Ltd, Topcon Corporation, Novacam Technologies Inc., Heidelberg Engineering GmbH, OPTOPOL Technology S.A, Imalux Corporation, Agfa Healthcare, Michelson Diagnostics, and Thorlabs Inc. among others.

Industry/Innovation/Related News:

January 28, 2019 --- A team of scientists at the Northwestern University (the US), published their study of a new tool, called spectral contrast optical coherence tomography angiography (SC-OCTA), that they have developed. The new tool, with its 3D-imaging technique, can images blood flow and detect subtle changes in the capillary organization through these tiny vessels, giving insight into this central portion of the human circulatory system which are useful for early diagnosis of diseases.

There has always been a progressive push for smaller image and blood vessels that can provide more comprehensive, functional information, however, with the new SC-OCTA tool, even the smallest capillaries can be seen and blood flow, oxygenation, and metabolic rate can be measured.

Ref:

https://www.drugtargetreview.com/news/39461/capillary-imaging/