Market Introduction: Key Takeaways
The global optical coherence tomography market is expected to reach a value of US$ 2.53 billion by 2028, growing at a CAGR of 9.8% during the forecast period 2023-2028. The increasing prevalence of eye diseases, advancements in OCT technology, and growing demand for non-invasive diagnostic techniques are some of the key factors driving the growth of the market. The market is also expected to be driven by the increasing adoption of OCT devices in ophthalmic clinics and hospitals, as well as the growing use of OCT in other fields such as cardiology and dermatology.
Market Drivers and Trend Analysis
Increasing prevalence of eye diseases: The rising prevalence of eye diseases such as glaucoma, age-related macular degeneration, and diabetic retinopathy is driving the demand for OCT devices, which are used for early detection and diagnosis of these diseases.
Advancements in OCT technology: The development of advanced OCT technology such as swept-source OCT and polarization-sensitive OCT is expected to drive the growth of the market, as these devices offer higher resolution and faster imaging than conventional OCT devices.
Growing demand for non-invasive diagnostic techniques: The increasing demand for non-invasive diagnostic techniques that do not require contact with the eye is driving the adoption of OCT devices.
Increasing adoption of OCT devices in ophthalmic clinics and hospitals: The growing adoption of OCT devices in ophthalmic clinics and hospitals is expected to drive the growth of the market, as these devices are used for various diagnostic and therapeutic purposes in the field of ophthalmology.
Growing use of OCT in other fields: The use of OCT is also increasing in other fields such as cardiology and dermatology, which is expected to drive the growth of the market.
Key Segmental Analysis
Based on product type, the spectral domain OCT segment accounted for the largest share of the market in 2020, due to its higher speed and resolution compared to other types of OCT devices. Based on application, the ophthalmology segment accounted for the largest share of the market in 2020, due to the high prevalence of eye diseases and the increasing adoption of OCT devices in ophthalmic clinics and hospitals.
Global and Regional Market Analysis – Based on Market Intelligence
North America accounted for the largest share of the global optical coherence tomography market in 2020, due to the high adoption of OCT devices in the region and the presence of major players in the market. Asia Pacific is expected to be the fastest-growing regional market during the forecast period, driven by the increasing prevalence of eye diseases and the growing demand for non-invasive diagnostic techniques in the region.
Competition Overview: Market Structure and Leading Players
The global optical coherence tomography market is highly competitive, with several leading market players operating in the industry.
Some of the prominent market players in the global optical coherence tomography market include Carl Zeiss Meditec AG, Heidelberg Engineering, Topcon Corporation, NIDEK CO., LTD., Leica Microsystems, Optovue, Inc., Agfa Healthcare, Imalux Corporation, Michelson Diagnostics Ltd., Raytheon Company among others.
These companies are focused on product innovation, strategic partnerships, and expansion into new markets to gain a competitive edge. Additionally, the market is characterized by the presence of several small and medium-sized players offering specialized products and services.
Key Market Segmentation: Global Optical Coherence Tomography Market
Rationalstat has segmented the global optical coherence tomography market on the basis of application, region, end user.
- By Region
- North America
- Latin America
- Rest of Latin America
- Western Europe
- Nordic Countries
- Rest of Western Europe
- Eastern Europe
- Czech Republic
- Rest of Eastern Europe
- Asia Pacific
- South Korea
- ASEAN (Indonesia, Vietnam, Thailand, Philippines, Malaysia, etc.)
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of the Middle East & Africa
- North America
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
- RationalStat utilizes surveys, questionnaires, focus groups, and one-to-one interviews with CXOs, industry partners, trade bodies, association members, ex-employees, and industry professionals to collect insights and quantitative/qualitative data specific to client needs. RationalStat quickly gets to the ‘why’ behind the ‘what’ demonstrated by secondary data.
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- Annual reports, company filings, investor presentations, product catalogs, and company documents
- Industry and market-related documents available in the public domain
- Paid databases including Bloomberg, Factiva, S&P Capital IQ, FactSet, Refinitiv Eikon, ICIS, EUWID, and Thomson Reuters, among others
- Whitepapers, research papers, and industry blogs
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