Optical coherence tomography devices offer non-invasive diagnostic imaging that enables high-resolution, cross-sectional visualization of optical scattering from biological tissues. They provide accurate diagnostic information about various eye diseases and cardiovascular conditions without surgery or painful procedures. The global Optical Coherence Tomography Devices Market is estimated to be valued at US$ 301.01 Mn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increasing prevalence of ophthalmic and cardiovascular diseases is expected to propel the demand for optical coherence tomography devices over the forecast period. For instance, according to American Academy of Ophthalmology, over 120 million people are impacted by ophthalmic disorders globally, such as diabetic retinopathy, age-related macular degeneration and glaucoma. OCT devices aid accurate diagnosis and provide improved visualization of retinal conditions. This enables doctors to monitor disease progression and decide on treatment approaches more precisely. As a result, rising incidence of eye diseases is anticipated to boost the adoption of OCT devices across healthcare facilities.
Segment Analysis
The global optical coherence tomography devices market is segmented by type, technology, application and end user. based on type, the retinal OCT devices segment dominated the market in 2019 due to the increasing incidence of eye diseases like glaucoma, macular edema and retinal abnormalities. Retinal OCT devices help provide high resolution, cross sectional view of the retina which aids early diagnosis and better monitoring of retinal conditions.
Key Takeaways
The global optical coherence tomography devices market is expected to witness high growth over the forecast period of 2023 to 2030 at a CAGR of 6.3%.
Regional analysis: North America dominated the optical coherence tomography devices market in 2019 due to high adoption of advanced ophthalmic devices and availability of favorable reimbursement policies. However, Asia Pacific is expected to register the highest growth over the forecast period. Rising geriatric population, increasing healthcare expenditure and growing awareness about eye diseases are driving the market in Asia Pacific.
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. These players are focusing on new product launches, partnerships and geographical expansion to strengthen their market position.
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