Optical Coherence Tomography (OCT) Market Research Report 2023 - InsightAce Analytic
InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Optical Coherence Tomography (OCT) Market- (By Construction Type (Time-domain OCT (TD-OCT), Spatial Encoded Frequency Domain OCT, Frequency Domain OCT (FD-OCT), Others), By Product Type (Catheter-based OCT Devices, Doppler OCT Devices, Tabletop OCT devices, Handheld OCT device), By Application Type (Ophthalmology, Cardiology, Gastroenterology, Urology, Dermatology, Dentistry, Others)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."
According to the latest research by InsightAce Analytic, the Global Optical Coherence Tomography (OCT) Market is valued at US$ 1.79 Bn in 2022, and it is expected to reach US$ 3.92 Bn by 2031, with a CAGR of 9.3% during a forecast period of 2023-2031.
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Optical Coherence Tomography is a non-harmful medical imaging technology that uses light instead of sound waves to see and capture comprehensive cross-sectional pictures of biological tissues. The OCT market is poised for continued growth as it finds new applications and expands into emerging markets. Developing portable and more affordable OCT devices is expected to drive adoption further. Continuous innovation and the ongoing development of cutting-edge technologies, coupled with growing demand from emerging biomedical sectors like drug delivery, the increasing need for early disease detection, and the rising prevalence of eye disorders, are anticipated to propel the industry's expansion.?
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However, the absence of favourable reimbursement policies and limited clinical data may pose challenges to industry growth in the foreseeable future. The industry strongly focuses on research and development, creating numerous distinctive products and innovative hybridization technologies. Furthermore, one standout player in the optical coherence tomography arena is Novacam Technologies Inc., renowned for producing highly precise advanced 3D metrology systems for applications in biomedicine and other domains, stimulating market growth. Optical coherence tomography, a non-invasive imaging technique, is a valuable tool for conducting optical biopsies and finds application in scenarios where conventional imaging methods fall short.
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Additionally, built on fibre optics, OCT can seamlessly integrate with various medical instruments like endoscopes, catheters, surgical probes, and laparoscopes, enabling in-depth body imaging. Moreover, OCT devices' portability and compact design contribute to the market growth.?
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List of Prominent Players in the Optical Coherence Tomography (OCT) Market:
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Market Dynamics:
Drivers-?
Operating on the foundation of fibre optics, OCT offers seamless integration with various medical instruments like endoscopes, catheters, surgical probes, and laparoscopes, facilitating comprehensive body imaging. Additionally, OCT boasts portability and a compact design, making it a key driver for industry growth in the coming years. The rise in the elderly population and the growing demand for optical coherence tomography (OCT) in drug delivery are significant factors anticipated to propel the market's growth in the forecast future. The optical coherence tomography (OCT) market is also expected to rise due to the expanding applications from developing nations.
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Challenges:
Economic fluctuations and healthcare budget constraints in various regions can impact the demand for OCT technology. Stringent regulatory requirements and approval processes for OCT devices can slow down product development and market entry. Cost of Equipment: OCT systems can be expensive, limiting their adoption in some healthcare facilities or regions with budget constraints. Insufficient reimbursement coverage for OCT procedures may deter healthcare providers from investing in OCT technology, hindering market growth. A rising lack of awareness among healthcare providers and patients about the capabilities and benefits of OCT may hinder its adoption.
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Regional Trends:
The North America Optical Coherence Tomography (OCT) market is expected to register a tremendous market share. The region is tremendously expanding due to the rising senior population, rising approvals and R&D expenditures, the tendency for Americans to adopt newer goods, hospital expansion, and strong healthcare infrastructure. Besides, Europe had a substantial share of the market. Several factors contribute to the region's rapid growth, such as the growing cases of chronic diseases, the adoption of advanced technologies, a significant elderly population, enhanced reimbursement for surgical procedures, and a marked preference for minimally invasive methods over traditional approaches. Moreover, an increased awareness of eye-related issues drives market growth in this region over the predicted period.
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Recent Developments:
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·?????? In Aug 2023, The study conducted by Abbott demonstrated that the utilisation of optical coherence tomography (OCT) resulted in improved procedural results for stent placement. The study revealed that the utilisation of OCT guidance led to a statistically significant increase of 7% in minimum stent area (MSA) compared to the use of angiography guidance alone.
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·?????? In April 2019, ZEISS Introduced the First Dual-Speed Swept-Source OCT/OCTA at the Annual Meeting of the Association for Research in Vision and Ophthalmology (ARVO). The PLEX Elite 2.0 enhances ophthalmic imaging and clinical research by enabling quicker, more detailed, and higher-resolution eye imaging.
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Segmentation of Optical Coherence Tomography (OCT) Market-
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By Construction Type
·?????? Time-domain OCT (TD-OCT)
·?????? Spatial Encoded Frequency Domain OCT
·?????? Frequency Domain OCT (FD-OCT)
·?????? Others
By Product Type
·?????? Catheter-based OCT Devices
·?????? Doppler OCT Devices
·?????? Tabletop OCT devices
·?????? Handheld OCT device
By Application Type
·?????? Ophthalmology
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·?????? Cardiology
·?????? Gastroenterology
·?????? Urology
·?????? Dermatology
·?????? Dentistry
·?????? Others
By Region-
North America-
·?????? The US
·?????? Canada
·?????? Mexico
Europe-
·?????? Germany
·?????? The UK
·?????? France
·?????? Italy
·?????? Spain
·?????? Rest of Europe
Asia-Pacific-
·?????? China
·?????? Japan
·?????? India
·?????? South Korea
·?????? South East Asia
·?????? Rest of Asia Pacific
Latin America-
·?????? Brazil
·?????? Argentina
·?????? Rest of Latin America
?Middle East & Africa-
·?????? GCC Countries
·?????? South Africa
·?????? Rest of Middle East and Africa
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