Global demand for optical coherence tomography market was valued at approximately USD 796.91 million in 2018 and is expected to generate revenue of around USD 1,692.3 Million by end of 2025, growing at a CAGR of around 10.2% between 2019 and 2025.
The report covers forecast and analysis for the optical coherence tomography market on a global and regional level. The study provides historic data from 2015 to 2018 along with a forecast from 2019 to 2025 based on revenue (USD million). The study includes drivers and restraints for the optical coherence tomography market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities and various trends in the optical coherence tomography market on a global level.
As per the report, the global demand for optical coherence tomography market was valued at approximately USD 796.91 million in 2018 and is expected to generate revenue of around USD 1,692.3 Million by end of 2025, growing at a CAGR of around 10.2% between 2019 and 2025.
Worldwide demand for optical coherence tomography is growing at a rapid pace. The demand for optical coherence tomography is expected to be driven by the rising older population and the large prevalent scope of the technology in medical science. Drugs are often detected using OCT technology. The technology is used to analyze and visualize the inner structure of the eye, vascular systems, and surface tissue. These are the main factors stimulating the growth of the optical coherence tomography (OCT) market. Biomedical applications use OCT technology intensively and are in strong demand in developing countries like the APAC region. Optical coherence tomography manufacturers are on the rise in developing nations. There is continuous development of new technologies related to optical coherence tomography. However, lack of suitable medical reimbursement options and scattered and unorganized clinical data restrain the growth of the global optical coherence tomography (OCT) market.
Based on type, the market is divided into application, type, technology, region and end user. Among the type segment, there are table-top OCT devices, handheld OCT instruments, doppler OCT instruments, catheter OCT instruments. Handheld type instruments held the largest market share in 2018. This is due to its varied uses in different medical applications and diagnosis such as in areas of pediatric retinal diseases, night blindness, and amblyopia, analysis of vision in children, vision loss and nystagmus. Among the technology segment, there are time domain OCT, frequency domain OCT, and spatial encoded frequency domain OCT. Among applications segment, there are cardiology, ophthalmology, oncology, dermatology, and dentistry. Ophthalmology segment held the largest market share in 2018. This is due to the ease of use of the instruments for the detection and treatment of retinal and choroidal disorders and the improved performance and accuracy. Hospitals, pharmaceutical companies, and diagnostic centers are the various end users in this market. Hospitals are the major end user segment which dominated the market in terms of revenue in 2018 due to the large number of patients admitted for conditions of retinal disorders.
North America is leading the global optical coherence tomography market. Countries in North America, especially the U.S. have gained largely and have made vast technological advancements in the field of medical science. This is due to the advanced medical infrastructure consisting of multiple Cath-labs, government funds established to initiate health programs and patient care and reimbursement medical policies for conditions such as OCT glaucoma.
Europe was second largest in the optical coherence tomography market in 2018. This is due to the increase in diseases such as diabetic retinopathy, diabetic retinopathy, and several eye disorders. Asia Pacific is estimated to be growing at the highest CAGR over the forecast period. There are rising number of diseases and eye disorders in Asia, resulting in several government initiatives for treatments especially in developing countries.
Some of the key players in optical coherence tomography market include Heidelberg Engineering GmbH, Michelson Diagnostics, Thorlabs Incamong, Agfa Healthcare, OPTOPOL Technology S.A., Topcon Medical Systems Inc., Carl Zeiss Meditec AG, Imalux Corporation, and Novacam Technologies Inc., among others.
Global Optical Coherence Tomography Market: Type Segment Analysis
Global Optical Coherence Tomography Market: Application Segment Analysis
Global Optical Coherence Tomography Market: Technology Segment Analysis
Global Optical Coherence Tomography Market: End-User Segment Analysis
Global Optical Coherence Tomography Market: Regional Segment Analysis