The Optical Coherence Tomography Devices Market Estimated To Witness High Growth
The Optical Coherence Tomography Devices Market is estimated to be valued at US$ 1.7 Bn in 2023 and is expected to exhibit a CAGR of 15.57% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Optical Coherence Tomography (OCT) is a non-invasive medical imaging technology that uses light waves to take cross-sectional scans of biological structures. OCT is widely used in ophthalmology for imaging the retina and anterior segment of the eye. OCT devices capture micrometer-resolution, two-dimensional cross-sectional images from within optical scattering media, such as biological tissue. They can visualize and measure microstructures in biological tissues with high spatial resolutions of around 2-15 μm. This allows detailed visualization of microscopic tissue structures similar to ultrasound imaging.
Market Dynamics:
The growing geriatric population is increasing the need for ophthalmic services and diagnosis which is driving the demand for OCT devices. According to the United Nations DESA, the number of people aged 65 years or over is projected to grow from 703 million in 2019 to 1.5 billion in 2050. The increasing prevalence of eye diseases such as glaucoma, age-related macular degeneration (AMD), and diabetic retinopathy among the geriatric population is propelling the adoption of OCT devices for diagnosis and treatment evaluation in clinical practices. Furthermore, rapid technological advancements are enabling OCT devices to capture higher resolution 3D images and perform advanced ocular diagnostics. For instance, spectral-domain OCT systems provide up to five times better imaging speed and resolution than time-domain OCT systems. Such technological improvements are increasing OCT adoption across ophthalmology practices.
Segment Analysis
The global Optical Coherence Tomography Devices market is dominated by the ophthalmology segment, accounting for over 60% share of the total market in 2023. Optical coherence tomography devices are widely used in the ophthalmology segment for diagnostic purposes of retinal diseases such as glaucoma, age-related macular degeneration etc. The dermatology segment is expected to witness the fastest growth during the forecast period due to increasing adoption of OCT devices for skin cancer diagnostics.
PEST Analysis
Political: Regulations regarding approval of medical devices are becoming more stringent. However, favorable government initiatives to improve healthcare facilities are supplementing market growth.
Economic: Rising geriatric population and increasing cases of chronic diseases are fueling the demand for advanced medical diagnostic devices.
Social: Growing awareness about early disease detection and benefits of minimally invasive procedures is positively impacting the market.
Technological: Ongoing R&D towards development of high resolution imaging OCT devices is leading to wider applications in fields such as oncology and cardiology.
Key Takeaways
The Global Optical Coherence Tomography Devices Market Growth is expected to witness high, exhibiting CAGR of 15.57% over the forecast period, due to increasing preference for non-invasive diagnostic procedures. The market was valued at US$ 1.7 billion in 2023.
The North American region dominates the global market owing to developed healthcare infrastructure and availability of advance OCT devices from regional key players such as Carl Zeiss Meditec AG, Leica Microsystems and Optovue. The Asia Pacific region exhibits the fastest growth attributed to rising medical tourism, growing geriatric population and increasing healthcare spending in China and India.
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 focusing on new product launches and geographic expansion to garner higher market share.