According to the latest report published by Credence Research, Inc. "Optical Coherence Tomography Market - Growth, Future Prospects and Competitive Analysis, 2017-2025," the global optical coherence tomography market was valued at US$ 921.9 Mn in 2016, and is expected to reach US$ 1,666.6 Mn by 2025, expanding at a CAGR of 6.75% from 2017 to 2025.
The non-invasive technology of optical coherence tomography (OCT) is useful in terms of cross-sectional visualization of biological tissues. The application of OCT devices ranges widely in ophthalmology, dermatology, gastroenterology and cardiology. The bio-medical research in oncology utilizing OCT helps improved detection of tissue structures driving the OCT devices market. Moreover, high-resolution in-situ images of tissue morphology and higher penetration rate are the major contribution factors for the growth of the OCT devices market.
Optical coherence tomography market is on the rise owing to increasing geriatric population. The rising prevalence of chronic diseases and public awareness leads to increasing diagnosis of diseases which drives the OCT market to grow substantially. Growing trends of skin disorders and cardiology, neurology based disorder fuel growth of the OCT market. Few major driving factors for the growth of OCT market are increasing government initiatives and healthcare campaigns that raises the concern among public for health along with favorable reimbursement policies for different medical procedures. Emerging advanced technologies in OCT industry is expanding with increasing healthcare expenditure, hence the potential benefits and the acceptance of these products drive the growth of the market. However, improper awareness among public in developing areas and the financial constraints may restrain the growth of optical coherence tomography market.
Among all the technology, time-domain OCT (TD-OCT) has maximum share in OCT market and spectral OCT market is estimated to grow in future years due to additional information and superior outcomes.
Geographically, in the year 2016, North America was the leading region of the optical coherence tomography market. Europe being the second position to witness the lucrative growth of optical coherence tomography market. The increasing burden of ophthalmic diseases and prevalence of chronic diseases are positively driving the growth of optical coherence tomography market. The rapid growth of these regions are result of high R&D expenditure in order to develop innovative products for better patient outcomes which in turn boost up the growth of optical coherence tomography market. Asia-Pacific region is anticipated to observe significant growth in forecast period due to developing healthcare infrastructure and growing public awareness.
The Optical coherence tomography market presently contains various companies having their products marketed. The manufacturers are developing new innovative products and the market is growing as a result of increasing adoption and accessibilities of these products. The companies include Carl Zeiss Meditec AG, Topcon Medical Systems Inc., Optovue, Michelson Diagnostics Ltd., Heidelberg Engineering GmbH, Novacam Technologies Inc., Agfa Healthcare, Thorlabs Inc. and others.
The rising obese population, growing number of geriatric people, increasing trend of smoking and alcohol consumption, rising public awareness, increasing number of medical intervention, recent advancements in technology boost up the growth of optical coherence tomography market.