The optical coherence tomography (OCT) devices market consists of imaging systems capable of non-invasive cross sectional 3D imaging and quantitative evaluation of the retina and choroid. OCT enables detailed visualization and quantitative assessment of retinal pathology, which helps ophthalmologists in early diagnosis and monitoring of retinal diseases such as Age-related Macular Degeneration (AMD), Glaucoma, Diabetic Retinopathy and others. Advancements in OCT technology such as Fourier-domain OCT have increased imaging speed and sensitivity. High resolution OCT systems provide detailed layer-by-layer imaging of retinal pathologies, which helps evaluate disease progression and response to treatment.
The global Optical Coherence Tomography Devices Market is estimated to be valued at US$ 301.1 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.
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Market key trends:
One of the key trends in the optical coherence tomography devices market is the development of swept-source OCT technology. Swept-source OCT provides ultrahigh speed imaging at longer wavelengths around 1050nm compared to traditional OCT systems. Longer wavelengths enable better penetration through retinal tissues and visualization of deeper layers. Swept-source OCT systems offer improved imaging speeds over 100,000 A-scans per second, producing clearer images with higher resolution. Other key trends include the miniaturization of OCT systems into handheld devices for point-of-care imaging and integration of OCT with other modalities such as fundus imaging for multi-modal evaluation of retinal pathologies.
Threat of new entrants: The optical coherence tomography devices market requires high investments in research and development activities which makes the threat of new entrants moderate.
Bargaining power of buyers: Large number of buyers in form of ophthalmology centers and hospitals gives them bargaining power to negotiate the prices with vendors.
Bargaining power of suppliers: Presence of several component suppliers and availability of alternate component suppliers reduces the bargaining power of suppliers in this market.
Threat of new substitutes: There exists low threat of substitution in this market as optical coherence tomography (OCT) devices offer non-invasive high resolution 3D imaging and there are very few substitute technologies available.
Competitive rivalry: The market is moderately competitive owing to presence of large as well as regional players.
The global Optical Coherence Tomography Devices market is expected to witness high growth. The North America region currently dominates the optical coherence tomography devices market owing to high prevalence of eye diseases and growing geriatric population. Asia Pacific region is expected to witness fastest growth owing to increase in healthcare expenditure, presence of large patient pool and growing awareness about eye diseases diagnosis and treatment.
North America currently holds the largest share in the global optical coherence tomography devices market due to growing prevalence of chronic eye diseases such as diabetic retinopathy, hypertension and macular degeneration among elderly population. Asia Pacific region is anticipated to witness highest growth during forecast period led by increase in healthcare expenditure, growing awareness, large geriatric population and demand for advanced eye care technologies in countries like India and China.
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.
- Source: Coherent Market Insights, Public sources, Desk research
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