Optical coherence tomography (OCT) is a non-invasive imaging technique that uses light waves to produce high-resolution cross-sectional images of the retina and anterior segment of the eye. It helps provide detailed visualization of the layers within the retina and facilitates the diagnosis and monitoring of various ophthalmic conditions. OCT provides depth information on internal ocular structures and allows for early and accurate diagnosis of retinal disorders such as glaucoma and age-related macular degeneration (AMD).
The global Optical Coherence Tomography Devices Market is estimated to be valued at US$ 301.01 Mn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing diagnostic capabilities of OCT devices to capture more ocular layers and tissues is expected to drive the growth of the optical coherence tomography devices market during the forecast period. Newer generation of OCT devices offer higher resolution images and 3D retinal mapping. They provide more densified volume scans with wider field scans for quicker image acquisition. This improved visualization allows clinicians to better monitor disease progression and treatment efficacy. Advancements in OCT technology with increased speed, resolution and software integration are further augmenting their utility in clinical diagnosis and research.
SWOT Analysis
Strength: Optical Coherence Tomography Devices provide high-resolution, cross-sectional images of the retina and optic nerve. It can detect retinal pathologies in early stages.
Weakness: High cost of advanced OCT devices limits their use in resource poor settings. Require specialized technicians to operate the devices.
Opportunity: Growing geriatric population and increasing prevalence of eye diseases drives the demand. Advances in technology enabling portable handheld OCT devices expanding applications.
Threats: Alternatives imaging modalities like fundus photography, ultrasound pose competition. Economic slowdowns can impact healthcare investments and purchasing decisions.
Key Takeaways
The global Optical Coherence Tomography Devices market is expected to witness high growth. Regional analysis comprises
Regional analysis: North America dominated the market in 2019 owing to favorable reimbursement policies, wide acceptance of advanced technologies and presence of major market players in the US and Canada. Europe was the second largest market for OCT devices market led by growing geriatric population suffering from eye diseases and increasing healthcare expenditure. Asia Pacific is anticipated to be the fastest growing region during the forecast period driven by rising healthcare expenditure, growing medical tourism industry and increasing cases of diabetic retinopathy.
Key players operating in the Optical Coherence Tomography Devices market are Carl Zeiss Meditec AG, Leica Microsystems, Bausch Health Companies Inc., Teledyne UK Limited, Michelson Diagnostics Ltd, SCHWIND eye-tech-solutions, Wasatch Photonics, Enhanced Medical Services, Optovue, Incorporated and Ibsen Photonics A/S. These players are innovating advanced products and adopting partnership strategies to expand their market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
