Latest trends in the Optical Coherence Tomography market by 2020

Market Scenario

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

Optical coherence tomography (OCT) is non-invasive imaging technology. The device generates a false-color representation of the tissue structure, on the micron scale in situ and in real time.  The OCT is analogous to ultrasound imaging, except that it uses light instead of sound. Early OCT systems were based on time-domain (TD) optical technology, but in recent years, Spectral-domain OCT (SD-OCT) succeeded TD-OCT and addressed some of its limitations. The SD-OCT is 50-1000 times faster than the TD technique. The swept-source OCT (SS-OCT) has also attracted a great deal of attention in OCT market, as SS-OCT provides >200,000 A-scans/second with ~5-7 µm axial resolution.

It is noted that rising prevalence of eye diseases and technological advancements are the key factors driving the optical coherence tomography market. The increasing prevalence of eye diseases has a significant impact on the optical coherence tomography market as it further pushes the demand for new, and advanced products of higher accuracy.

Increasing application of optical coherence tomography, rising approval from regulatory bodies, and favorable reimbursements are also fueling the market growth. OCT has been evolved as one of the most important imaging technique in various medical applications. OCT is an optical analog of intravascular ultrasound in cardiology, used to examine the coronary arteries. There are various products in the market for cardiovascular applications such as Dragonfly imaging catheter and C7-XR OCT system by Abbott, Lunawave - Coronary imaging console by Terumo, and others. But despite various applications, Ophthalmology is still the dominating field of biomedical OCT due to the precision of OCT that fits well the near-optical quality of many ophthalmological structures.

However, the high cost of equipment may strongly hinder the growth of the market.

Intended Audience

• Medical Devices Companies
• Hospitals & Clinics
• Diagnostic Centers
• Research and Development (R&D) Companies
• Government Research Institute
• Academic Institutes and Universities

Optical Coherence Tomography Market Segmentation Analysis
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.

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.

Key Players

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.

Key Findings

• The global optical coherence tomography market is expected to reach USD 1483.49 million by 2023 at a CAGR of 8.9%.
• On the basis of the technology, Spectral-domain OCT (SD-OCT) is expected to command the largest market share of 60.1% over the review period, and Swept-source OCT is expected to grow at the fastest CAGR of 9.1% during the forecast period 2017-2023
• On the basis of the Application, ophthalmology segment is expected to command the largest market share of 53.6% over the review period, and Dermatology is expected to grow at the fastest CAGR of 9.3% during the forecast period 2017-2023
• The Americas hold the largest share of the global optical coherence tomography market and is expected to reach USD 558.34 million by 2023
• Asia Pacific is the fastest growing market, which is expected to grow at a CAGR of 9.4% over the 2017-2023

Optical Coherence Tomography Market 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 is 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.

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