The Global Optical Coherence Tomography (OCT) Market was estimated at USD 865.13 Million in 2017 and is anticipated to gain significant traction over coming years.
Optical coherence tomography (OCT) is a non-invasive imaging method that uses coherent light to detention the micrometer-resolution providing 2D/3D images from within optical scattering media. The Optical coherence tomography (OCT) device generates a false-color representation of the tissue structure, on the micron scale in situ and in real time. In general, OCT is used for industrial nondestructive testing (NDT) and medical imaging. The OCT is similar to ultrasound imaging, excepting that instead of sound it uses light. Traditional OCT systems were centered on time-domain (TD) optical technology, but in the recent time, Spectral-domain OCT (SD-OCT) thrived TD-OCT and addressed some of its limits. The SD-OCT is approximately 50-1000 times faster than the traditional TD technique. In addition, the swept-source OCT (SS-OCT) has also generated a great deal of consideration in Optical coherence tomography (OCT) market, as SS-OCT provides more than 200,000 A-scans/second with around 5-7 µm axial resolution.
The global optical coherence tomography (OCT) market is driven by rising incidence of eye disorders and advancements in technology. The growing prevalence of eye ailments has a substantial influence on the optical coherence tomography (OCT) market as it auxiliary impulses the demand for advanced and novel products of higher accuracy. Additionally, favorable reimbursements scenario, rising approval from regulatory organizations, and rising application of optical coherence tomography are another factors driving the market growth. OCT has been developed as one of the most vital imaging procedure in various medical applications. Additionally, OCT is an ophthalmic technique with the similarity of intravascular ultrasound in cardiology which is used to examine the coronary arteries. There are numerous products in the market for cardiac applications such as Dragonfly imaging catheter and C7-XR OCT system. Nonetheless, despite having numerous applications, Ophthalmology is still the dominating field of biomedical OCT owing to the accuracy of OCT. However, the high cost of equipment is one of the major restraint of the global optical coherence tomography (OCT) market.
The global Optical Coherence Tomography (OCT) Market is segmented on the basis of technology, type, application, and geography.
On the basis of technology, the global Optical Coherence Tomography (OCT) Market is segmented into Time Domain Optical Coherence Tomography (TDOCT), Frequency Domain Optical Coherence Tomography (FD-OCT), and Spatially Encoded Frequency Domain Optical Coherence Tomography. The Spatially Encoded Frequency Domain Optical Coherence Tomography is further categorized into Spectral Domain Optical Coherence Tomography (SDOCT) and Fourier Domain Optical Coherence Tomography (FDOCT).
On the basis of type, the global Optical Coherence Tomography (OCT) Market is segmented into Catheter-based OCT devices, Doppler OCT devices, Handheld OCT devices, and Tabletop OCT devices. In 2017, the handheld type segment was estimated to dominate the market. The dominance is attributed to the higher product penetration in developed regions such as U.S., U.K., Germany, and Brazil.
On the basis of application, the global Optical Coherence Tomography (OCT) Market is segmented into Ophthalmology, Cardiovascular, Oncology, Dermatology, and others. In 2017, ophthalmology segment is estimated to dominate the market growth. Introduction of higher performing devices with accurateness, improved performance, and easiness of use coupled with the supplementing occurrences of choroidal and retinal disorders is the vigorous impact rendering factor enhancing the market growth.
In terms of geography, North America was estimated to dominate the global Optical Coherence Tomography (OCT) market. The dominance is majorly due to the growing incidence of prevalence of diabetic retinopathy, other eye disorders, and the existence of the major key players in North America. For instance, according to the Genentech, Inc. reports of 2017, approximately 200,000 new cases of wet AMD are detected in the U.S. each year. Moreover, it is also stated that Diabetic retinopathy also affects about 7.7 million American individuals, and the number is expected to reach 11.3 million by 2030. Thus, increasing prevalence of people suffering ophthalmic cases demanding proper treatment is estimated to boost the market growth. However, Asia Pacific region is estimated to become the fastest growing region during the forecast period. Rising participation of market players and rapid technological advancement are the factors anticipated to drive the growth of this market in the Asia Pacific.
Major firms are focusing on small firms with a working methodology of securing the end goal to manage position in the market and are associated with mergers and acquisitions, key joint efforts, and novel item advancement to pick up profit share in the business. Some major key players in global Optical Coherence Tomography (OCT) Market includes Agfa Healthcare, Carl Zeiss Meditec AG, Heidelberg Engineering GmbH, Imalux Corporation, Michelson Diagnostics, Novacam Technologies Inc., OPTOPOL Technology S.A., Topcon Medical Systems Inc. and Thorlabs Inc. among others.