Market Overview
The optical coherence tomography market was valued at USD 2.3 billion in 2022, and it is expected to rise from USD 2.64 billion in 2023 to USD 6.23 billion by 2030, with a compound yearly growth rate (CAGR) of 15.1% throughout the forecast period. Optical coherence tomography is a micrometre-resolution imaging technique that employs low-coherence light. This method is used for tissue imaging and endoscopy in ophthalmology, dermatology, cardiology, and other disciplines.
The optical coherence tomography market is witnessing significant growth due to rising applications in ophthalmology, cardiology, and dermatology. Optical coherence imaging techniques offer high-resolution, non-invasive imaging, driving demand for advanced medical diagnostics. With increasing healthcare investments and technological advancements, the market for optical coherence tomography is poised for continuous expansion across various sectors
The Optical Coherence Tomography (OCT) market is witnessing significant growth, driven by increasing prevalence of eye diseases. Advancements in imaging technology and rising demand for non-invasive diagnostic procedures further fuel the market expansion. Key players are focusing on innovation and strategic collaborations to enhance product offerings and gain a competitive edge.
Furthermore, the aging population, combined with technological advantages such as the ability to visualize the intricate structure of the eye, mucosal membranes, surface tissue, and vascular system, is propelling the overall industry. Furthermore, optical coherence tomography can be used to diagnose and monitor a wide range of major health issues, including non-melanoma skin cancer, cardiovascular disease, age-related macular degeneration, prostate cancer, and other conditions that require a non-invasive, label-free, in vivo imaging technique. This is achievable with OCT, and the market will be fueled in part by the ongoing development of innovative technology, significant demand for novel biomedical applications, and strong demand from countries such as India, China, and Japan.
Market Segmentation
The optical coherence tomography market can be divided into swept-source OCT, spectral-domain OCT (SD-OCT), and others, depending on technology. Spectral-domain optical coherence tomography (SD-OCT) is expected to have the largest market share of 60.1 per cent over the forecast period, while the swept-source OCT segment is expected to develop at the quickest rate of 9.1 per cent.
Oncology, cardiology, dermatology, ophthalmology, and other fields benefit from OCT. The ophthalmology segment is expected to take the lead with a market share of 53.6 per cent, while the dermatology segment is expected to grow at the quickest rate of 9.3 per cent from 2017 to 2023.
Regional Classification
By 2023, the Americas might be worth USD 558.34 million, making it the most profitable for optical coherence tomography market size, because of the increased prevalence of diabetic retinopathy and a large number of rich vendors in the region. The regional market benefits from increased usage of OCT macular degeneration, glaucoma, and retinal disorders such as vitreous traction and central serous retinopathy in the region. Due to the rise in numerous eye and heart-related ailments in the United States in recent years, retinal optical coherence tomography and optical coherence tomography cardiology have emerged as extremely profitable areas in the American market. Additionally, attractive medical insurance systems that assist patients in covering the cost of optical coherence tomography treatment have boosted the optical coherence tomography market growth.
Because of the growing obesity population, increased stress, and the prevalence of unhealthy lifestyles among people, the optical coherence tomography market was valued at USD 2.3 billion in 2022, and it is expected to rise from USD 2.64 billion in 2023 to USD 6.23 billion by 2030, with a compound yearly growth rate (CAGR) of 15.1% throughout the forecast period. As a result of these circumstances, the region is seeing an increase in diabetes and other chronic illnesses, which is driving up the demand for optical coherence tomography equipment.
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