Optical Coherence Tomography Market Worth $1.8 Billion by 2024: Grand View Research, Inc.

SAN FRANCISCO, September 27, 2016 /PRNewswire/ --

The global optical coherence tomography (OCT) market is expected to reach USD 1.8 billion by 2024, according to a new report by Grand View Research, Inc. Increasing incidences of ocular diseases coupled with rising technological advancement in diagnostics is expected to boost the market for OCT based imaging devices. Furthermore, rising applications in cardiology, dermatology, oncology and other diseases is anticipated to support market growth over the forecast period.

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Improvement in the design of the devices along with utility of advanced software is expected to enhance the healthcare provider's ability to accurately diagnose and manage chronic conditions. For instance, Optovue launched AngioVue Retina in June 2016, which is expected to provide ophthalmologist with a smooth integration of the optical coherence tomography angiography technology into the workflow.

Government support towards increased diagnostic rate is another vital impact rendering driver. For instance, the U.S. FDA have launched multiple programs to facilitate routine screening of geriatric patients, which forms a large portion of the target group. Availability of favorable reimbursement, is further expected to increase the diagnostic rate for conditions such as age-related macular degeneration, retinopathy, vitreomacular traction along with various other conditions.

Browse full research report with TOC on "Optical Coherence Tomography (OCT) Market Analysis By Technology (Time Domain Based, Frequency Domain Based, Spatially Encoded Frequency Domain Based), By Type (Catheter, Doppler OCT, Handheld, Tabletop), By Application (Ophthalmology, Cardiovascular, Oncology, Dermatology) And Segment Forecasts to 2024" at: http://www.grandviewresearch.com/industry-analysis/optical-coherence-tomography-oct-market

Further key findings from the study suggest: 

• The time domain segment spearheaded the optical coherence tomography market in 2015, whereas, spatially encoded domain OCT is expected to witness lucrative growth over the forecast period. This is the most advanced technology and finds application across various domains, thereby actively contributing to the market growth over the forecast period.
• Ophthalmology forms the largest application segment and is expected to lose market share over the forecast period owing to the introduction of other application and their lucrative growth trend. For instance, application of these devices for dermatology imaging is predicted to be on rise over the next few years. The ability of OCT imaging devices to non-invasively provide 3D images up to 2-3 mm depth with higher resolution than ultrasound is expected to be the driver of this growth.
• Asia Pacific region is predicted to witness the fastest growth by 2024 and hold over 25.0% of the market share. Presence of growth opportunities in regions such as Korea, China, India, Malaysia and others countries of South Asia are anticipated to be the vital impact rendering drivers. Furthermore, expansion of competitors and establishment of manufacturing units in the region are also anticipated to support growth.
• Few of the key players include, Carl Zeiss Meditec AG, Topcon Medical Systems Inc., Optovue, Michelson Diagnostics Ltd., Heidelberg Engineering GmbH, Novacam Technologies Inc., Agfa Healthcare and Thorlabs Inc.
• Carl Zeiss is a prominent participant of the OCT industry with product portfolio varying for time domain to spatially encoded frequency domain based devices. Their product Cirrus HD-OCT 5000 launched in 2013, is highly popular among ophthalmic practice.
• Furthermore, the players are also developing modified components for these devices in order to meet the specific needs of clients. For instance, Thorlabs in August 2016 released, a polarization-dependent isolator and super luminescent diode which can be further customized.

Grand View Research has segmented the global OCT market on the basis of technology, type, application and region. 

• Global OCT Market by Technology, 2013 - 2024 (USD Million) 
  • Time Domain OCT (TDOCT)
  • Frequency Domain OCT (FD-OCT)
  • Spatial Encoded Frequency Domain OCT
    • Fourier Domain OCT (FDOCT)
    • Others
• Global OCT Market by Type, 2013 - 2024 (USD Million) 
  • Catheter based OCT devices
  • Doppler OCT devices
  • Handheld OCT devices
  • Tabletop OCT devices
• Global OCT Market by Application, 2013 - 2024 (USD Million) 
  • Ophthalmology
  • Cardiovascular
  • Oncology
  • Dermatology
  • Others
• OCT Market by Region, 2013 - 2024 (USD Million) 
  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
  • Asia Pacific
    • Japan
    • China
  • Latin America
    • Brazil
    • Mexico
  • MEA
    • South Africa

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About Grand View Research 

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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