Optical Coherence Tomography (OCT) Market to Witness an Outstanding Growth by 2024

Global Optical Coherence Tomography (OCT) Market: General Outline

Optical Coherence Tomography (OCT) techniques are effective optical diagnostics that cast a two-dimensional view of the retina to aid ophthalmological tests and treatments. The market for OCT is essentially propelled by the differential need for these techniques across various domains of life sciences and healthcare. The OCT market has been accentuated by the advent of new technologies, furthered by the escalating relevance of medical applications in the contemporary scenario. The scope of OCT isn’t confined to ophthalmology and has plunged across other medical realms such as oncology, nephrology, and dermatology. This has amplified the growth prospects of the market for OCT which is expected to show palpable growth in the coming years. The ascension of pathology has also been an ardent contributor to market growth because OCT techniques could be employed in the pensive study of micro-level diseases. Furthermore, the non-invasive nature of OCT has placed it on the pedestal of relevance, making it the prime choice of the medical fraternity for optical imaging. The ambit of OCT has expanded to the study of diseases such as non-melanoma skin cancer, prostate cancer, cardiovascular disruptions, esophageal problems, and diabetes. This is an important standpoint for the market because the rising instance of these diseases would generate rampant demand for OCT products. The developing nations including India and China have seen structural changes in their healthcare sector that is making developmental strides. This proliferates the demand for OCT devices contributing to the strength of the market.

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Several research and development initiatives in the healthcare sector have commenced across various regional pockets. This is an optimistic sign for the global Optical Coherence Tomography (OCT) Market which is expected to register robust growth in the coming years.

Optical Coherence Tomography (OCT) is a non-invasive optical diagnostic technique. Optical Coherence Tomography (OCT) is based on the principle of inferometry, which employs near infrared light to create a cross-sectional view of the retina. OCT captures three-dimensional images of the biological tissue with micrometer-resolution that is accurate to within 10 to 15 microns. OCT devices are designed to precision so that the sample light and reference light are only coherent when the path distances are closely matched. OCT devices have a sample arm and a reference arm. The sample arm of the system provides light to the patient sample (e.g. retina), and collects the light dispersed from the sample. This light collected from the sample is then mixed with the light that is reflected from the reference arm of the device. On the contrary to ultrasound, Optical Coherence Tomography (OCT) imaging does not require any physical contact with the patient which makes it a safe and effective diagnostic imaging tool. Owing to its advance three dimensional imaging ability, OCT has gained wide popularity as a powerful diagnostic tool in the fields of oncology, dermatology and endoscopic diagnosis.

In the geographical perspective, North America followed by Europe are the leading markets for Optical Coherence Tomography (OCT) owing to the rising aging population and high adoption rate. The geriatric population has grown significantly around the world. According to the WHO, population above 65 years has grown the fastest. This population is expected to increase from 13% in 2010 to 53% by 2020. According to the U.S. Census Bureau, the number of people above 65 years to every 100 people of the working age is projected to increase greatly from 22 in 2010 to almost 35 in 2020. This huge geriatric population would also face various ophthalmologic complications such as diabetic retinopathy and age-related macular degeneration, amongst other. However, owing to the economic development and high awareness rate, other regions such as Asia-Pacific and Latin America are also expected to be the potential markets in the near future.

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The primary factors contributing in the growth of the Optical Coherence Tomography (OCT) market is growing aging population and extensive application scope of the technology. Moreover, technological benefits of OCT such as ability to visualize in-depth structures of the eye, mucosal membranes, surface tissues and vascular systems; is significantly driving the growth of the Optical Coherence Tomography (OCT) market. Furthermore, extensive use of OCT devices in drug discovery and development for imaging biological tissues at the molecular level are also contributing in the growth of the Optical Coherence Tomography (OCT) market. However, restraining factors such as lack of reimbursement facilities and insufficient clinical data might impede the growth of the Optical Coherence Tomography (OCT) market.

Some of the major companies involved with the Optical Coherence Tomography (OCT) market are 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.

This report is a complete study of current trends in the market, industry growth drivers, and restraints. It provides market projections for the coming years. It includes analysis of recent developments in technology, Porter’s five force model analysis and detailed profiles of top industry players. The report also includes a review of micro and macro factors essential for the existing market players and new entrants along with detailed value chain analysis.

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