Optical Coherence Tomography Market 2018; Demonstrate Immense Growth at a CAGR of 8.9% | By Technology Sd-OCT, Swept-Source OCT, etc. – Says MRFR

Global Optical Coherence Tomography Market – Overview

Optical Coherence Tomography (OCT), an emerging technology for performing high-resolution cross-sectional imaging analogous to ultrasound imaging, using light instead of sound. OCT non-invasive imaging test provide cross-section pictures retina, which helps diagnosis for glaucoma, AMD (age-related macular degeneration) and diabetic eye disease among other diseases of the retina. Similarly, these observations of retina are useful to perform coronary artery. 

Precision of OCT that fits well the near-optical quality of many ophthalmological structures is the key factor driving the market growth. Rising prevalence of diseases and disorders related to the eyeshas significantly impacted the market growth of OCT, pushing the demand for new, and advanced products with higher accuracy. Simultaneously, technological advancements is another key factors driving the market growth of optical coherence tomography, globally.

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Acknowledging the traction, the market is vibrating with; Market Research Future (MRFR) in its recently published study report asserts that the global Optical Coherence Tomography market gaining further prominence will register a spectacular growth of USD 1483.49 million by 2023, posting a striking CAGR of 8.9% during 2017 – 2023.

Factors such as favorable reimbursement policies, coupled with the ongoing product development & commercialization help boosting the market growth. OCT has been evolved as one of the most important imaging technique in various medical applications. Hence, increasing applications of OCT, and rising approval from regulatory bodies account for some of the predominant factors, fueling the market growth.

Growing prevalence of coronary, neurovascular and other retina related diseases fuelled by the changing lifestyle, and sedentary lifestyle are increasing the demand for OCT, increasing its market growth. Therefore, the global Optical Coherence Tomography market is growing pervasively.Technological advancements that took place in the field of medical science is also one of the key factors fostering the market growth.

Besides, efforts & investments transpired into the R&D activities by the key market players for the development of new devices, are paying off well, fueling the market growth. Concurrently, government initiatives are playing a significant role in the growth of Neurovascular Devices.

On the other hand, factors such as high procedural cost of these devices along with the skepticism of physicians towards the advancement & efficacies of these devices are likely to impede the growth of Optical Coherence Tomography market. Nevertheless, the demand for sophisticated devices by the physicians and patients, in turn, is contributing to the market growth to a great extent. Also, reported cases of injury and the need for physician training are likely to present challenges to the market growth during the assessment period.

Top Players:

The Global Optical Coherence Tomography Market is led by some of the fervent players including Alcon, Abbott Laboratories, Carl Zeiss AG, Terumo Corporation, B. Braun Melsungen AG, etc.

Global Optical Coherence Tomography Market – Competitive Analysis

Optical Coherence Tomography market appears to be competitive & fragmented owing to the presence of several matured & small key players forming a competitive landscape. Strategic partnership, expansion, acquisition, product & technology launch, and collaboration remain the key strategies of market players to achieve competitive advantage.

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Industry/Innovation/Related News:

May 30, 2018 – Heidelberg Engineering, Inc. (Germany), a high-tech imaging company specializing in the diagnostic equipment for ophthalmology announced that its next generation of its Spectralis imaging device OCT2 module is being sent into space by NASA.
Since 2013, NASA researchers have been using the Spectralis optical coherence tomography (OCT) device to investigate the effects of a microgravity environment on vision. The OCT2 module will help retina specialist on the NASA space flight to image deeper structures in the eye that are affected by long-term space flight such as the posterior optic nerve head anatomy and the choroidal blood supply to the retina.

GlobalOptical Coherence Tomography Market – Segmentations

MRFR has segmented the market into four key dynamics for the convenience of the report and enhanced understanding;

By Technologies: SD-OCT (spectral-domain OCT), and Swept-Source OCT among others.

By Applications: Cardiology, Ophthalmology, and Dermatology, among others.

By Type of Devices: Handheld, Table-top, and Catheter-Based OCT Devices among others.

By Regions: Europe, North America, APAC and Rest of the World.

The SD-OCT segment is expected to account for 60.1% of the market share by technologies over the review period.

The Swept-source -OCT segment is expected to witness 9.1% CAGR during the forecast period.

The Ophthalmology segment, by applications, is to command 53.6% of the market share over the review period.

The Dermatology segment, by applications, is expected to expand at 9.3% CAGR during the forecast period.

Global Optical Coherence Tomography Market – Geographical Analysis

The North America market is expected to dominate the global Optical Coherence Tomography market with the significant market share. Growing prevalence of diabetic retinopathy, neurovascular and other eye diseases in the region are driving the market growth. Moreover, increasing demand for minimally invasive procedures, technologically advanced treatment and products along with the rising healthcare expenditures and government support, such factors are expected to drive the regional market growth commutatively. Also, the presence of the leading players is one of the predominant factors propelling the market growth in the region.

Whereas the Europe & Asia Pacific markets stand at the second & third positions respectively, in terms of the market share.The European market is expected to demonstrate a healthy growth during the forecast period. The growth of this market attributes to the factors such as the availability of advent & advanced treatment facilities & healthcare expenditures along with the growing demand for better healthcare infrastructure. Moreover, rising rates of diabetic retinopathy and other eye diseases along with the growing population that is increasingly adopting the sedentary lifestyle, such factors are driving the regional market growth. Prevalent funding support from the private and public bodies for R&D activities is propelling the growth of the optical coherence tomography market in the European region.

And more.

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