Optical Coherence Tomography Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Optical Coherence Tomography Market is expected to register a CAGR of 10% during the forecast period. Optical coherence tomography is an imaging technique that uses low coherence light to capture micrometer resolution. This technique is widely used in ophthalmology, dermatology, cardiology e.t.c wherein it is used for tissue imaging and endoscopy. Moreover, with the growing aging population coupled with the technological benefits of the device such as ability to visualize the in-depth structure of the eye, mucosal membranes, surface tissue, and vascular system are also boosting the overall market. Furthermore, Optical coherence tomography is helpful in addressing several major health issues such as non-melanoma skin cancer, cardiovascular diseases, age-rated macular disease, prostate cancer, etc wherein there is a huge need for noninvasive, label-free and in vivo imaging technique for diagnosing and monitoring. This can be done by OCT and with the continuous development of innovative technology, strong demand from new biomedical applications and strong demand from countries like India, China, and Japan will also drive the market to a certain extent.

Key Market Trends

Opthalmology by Application in Optical Coherence Tomography Market is Expected to Witness a Healthy Growth in Future.

Opthalmology is expected to witness healthy growth in the future owing to the increasing incidences of retinal and choroidal disorders. As per World Health Organization (WHO), in 2019 an estimate of 2.2 billion have visual impairments and out of which 1 billion visual impairment population can be preventable. This is leading to the adoption of optical coherence tomography by an opthalmologist for screening and diagnosing purposes. With the introduction of higher-performing devices and several advantages of optical coherence tomography such as accuracy and ease of use makes it preferable to use it in opthalmology and further boost the segment growth.

In Addition, with the growing number of glaucoma, (type of eye disorder) population will aid the demand of optical coherence tomography for early prevention and diagnosis purpose and thus further boost the overall market

North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period

North America expected to hold a major market share in the global Optical Coherence Tomography market due to the increasing aging population, increasing R&D investments, adoption of new products in the United States. Furthermore, the expansion of hospitals, increasing healthcare expenditure and the presence of well-established healthcare infrastructure is also fueling the growth of the overall regional market to a large extent.

Competitive Landscape

The Optical Coherence Tomography Market is fragmented competitive and consists of several major players. In terms of market share, few of the major players are currently dominating the market. Some of the companies which are currently dominating the market are Carl Zeiss AG, Leica Microsystems, TOPCON CORPORATION, Novacam Technologies and Terumo Medical Corporation

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