February 22, 2024
Optical Coherence Tomography Devices Market

Market Is Estimated To Witness High Growth Owing To Technological Advancements & Rising Geriatric Population

The Optical Coherence Tomography Devices Market is estimated to be valued at US$ 1.7 billion 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) devices provide high-resolution, cross-sectional, three-dimensional imaging of tissue microstructures using back-reflected or back-scattered light. OCT devices are used for various applications in ophthalmology, cardiology, oncology and dentistry. In ophthalmology, OCT devices help detect abnormalities and diseases related to retina, choroid and optic nerve by providing microscopic resolution of the eye. During cardiology, OCT devices help cardiologists analyze vessel structures and identify fatty plaques in arteries.

Market Dynamics:

Technological advancements in OCT devices are expected to drive the market growth over the forecast period. Efforts taken by key players to develop high-resolution and ultrahigh-speed OCT devices will boost adoption. For instance, increasing use of Swept Source OCT technology that uses longer wavelength laser sources to provide greater imaging depth. In addition, rising geriatric population suffering from age-related ocular diseases such as cataract, glaucoma and age-related macular degeneration (AMD) will increase demand for early disease diagnosis and management using OCT devices. As per the United Nations report, the global geriatric population is expected to reach 1.5 billion by 2050 from 727 million in 2020.

SWOT Analysis

Strength: Optical Coherence Tomography Devices have high resolution imaging capabilities which enable early disease detection. The non-invasive nature eliminates risks associated with invasive procedures. Manufacturers are consistently working on innovations to enhance image quality and workflow efficiency.

Weakness: High installation and maintenance costs pose affordability challenges especially in price sensitive markets. Lack of skilled professionals limits widespread adoption in some regions.

Opportunity: Rising geriatric population and increasing cases of chronic diseases will drive demand for advanced disease screening and diagnostic solutions. Untapped markets in developing nations present new growth avenues.

Threats: Stringent regulatory approval process can delay product launches. Intense competition from alternative imaging modalities can affect sales. Reimbursement policies determine affordability and access in certain markets.

Key Takeaways

The Global Optical Coherence Tomography Devices Market Size  is expected to witness high growth, exhibiting a CAGR of 15.57% over the forecast period, due to increasing prevalence of ocular diseases and growing geriatric population.

Regional analysis: North America dominated the global market in 2023, accounting for over 35% share. Favorable reimbursement policies, technological advancements, and growing patient awareness support market growth. Asia Pacific is poised to be the fastest growing region, exhibiting a CAGR of around 18%, led by expanding medical infrastructure and increasing healthcare expenditures in densely populated countries like China and India.

Key players: 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.

 

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it