According to Precision Business Insights, the Optical Coherence Tomography Market research report provides industry size and growth.
According to Precision Business Insights (PBI), the latest report the global optical coherence tomography market is expected to be worth USD 735.3 million in 2022 and projected to grow at 7.2% CAGR from 2023 to 2029. The report analyses the market value forecast and provides the strategic insights into the market driving factors, challenges that are hindering the market revenue growth over forecast period.
The global optical coherence tomography market was valued at US$ 735.3 Mn in 2017 and growing at a significant CAGR over the forecast period owing to increase in the aging population around the globe. Additionally, technological advancements in the optical coherence tomography such as high resolution, rise in prevalence of chronic diseases such as diabetic retinopathy, cardiovascular diseases, and certain types of cancers, and presence of favorable reimbursement policies are expected to propel the market. However, high cost for installation, product recalls, limited products for pediatric diagnosis, and lack of skilled professionals to operate these devices are expected to hinder the growth of global optical coherence tomography market over forecast years.
Global optical coherence tomography market segmented on the basis of product type, application, technology, end user, and region
Based on application, global optical coherence tomography market segmented into ophthalmology, dermatology, and others. Ophthalmology segment accounted for larger revenue share in 2017 and projected to dominate over the forecast period owing to increase in the prevalence of diabetic retinopathy and ophthalmic disorders. However, dermatology segment projected exhibit lucrative growth, which is mainly attributed to rise in the incidence of skin cancers and technological advancements of optical coherence tomography devices.
North America leads the Global Optical Coherence Tomography market
PBI'™s global optical coherence tomography market report analyses the market in different regions such as North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. According to regional analysis, North America accounted for larger revenue share through 2012-2017 and the same trend is projected to follow over 2018-2027 owing to increase in the preference for non-invasive diagnostic procedures, rise in geriatric population, and increase in federal investments for the development of OCT devices. Asia Pacific market projected to exhibit significant growth owing to large pool of aging population with ophthalmic related disorders.
Launch of newer products, patent filings, and strategic alliances are the key strategies adopted by the market players
Global optical coherence tomography market further reveals that the key players increasingly adopting strategies such as launch of newer products, patent filings, and long term alliance to improve market revenue share and gaining significant geographic presence across the region. For instance. Carl Zeiss filed exclusive rights to 71 patents and patent applications pertaining to OCT applications and Optovue has applied for 12 patents since 2009.
Key players profiled in the report are Carl Zeiss Meditec AG. (Germany), Leica Microsystems (Germany), Optovue, Incorporate. (U.S.), Heidelberg Engineering GmbH (Germany), Topcon Corporation (Japan), Tomophase, Inc. (U.S.), NIDEK CO., LTD. (Japan), Moptim Imaging Technique (China), Agfa-Gevaert Group (Belgium)
By Product Type