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Optical Coherence Tomography (OCT) is a non-invasive imaging technique that utilizes light to capture micrometer-resolution, cross-sectional images from within biological tissues. OCT uses light waves to measure back-reflected light so as to visualize ocular structures on a micrometer scale and in real-time. OCT devices are primarily used in ophthalmology for a variety of diagnostic and interventional applications such as imaging of the retina and macula, diagnosing glaucoma and other retinal diseases. OCT provides detailed visualization of retinal thickness and retinal layers, which aids eye specialists in diagnosis and monitoring of age-related macular degeneration, diabetic retinopathy and other retinal disorders. The high resolution images of the retina and optic nerve generated by OCT devices helps in early detection of diseases, guides treatment decisions and allows physicians to precisely monitor and evaluate a variety of ocular conditions at different stages.
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: One of the key trends in the optical coherence tomography devices market is the introduction of new technologies that enhance capabilities and usability. For instance, swept-source OCT technology provides faster scan speeds and deeper tissue penetration compared to spectral domain OCT. Swept-source OCT devices are able to acquire high resolution 3D volumetric scans in seconds. Other new technologies include polarization-sensitive OCT, angiography OCT and intravascular OCT for minimally invasive diagnostic procedures. Market players are also developing compact, portable OCT devices and software solutions to facilitate multi-functional clinical applications and telemedicine opportunities. This is expected to drive wider adoption of OCT especially in ophthalmology clinics, operating rooms and remote areas.
Porter’s Analysis
Threat of new entrants: Low capital requirements and established brands representing a barrier to entry for new companies.
Bargaining power of buyers: Limited number of buyers in the OCT devices market like hospitals and research laboratories gives them higher bargaining power.
Bargaining power of suppliers: Major companies manufacturing components for OCT devices like lasers and optics gives suppliers a significant hold.
Threat of new substitutes: Other medical imaging modalities pose a threat but none can match OCT’s high resolution depth imaging capabilities.
Competitive rivalry: Intense competition between major players to expand through new product launches and geographic expansions.
Key Takeaways
The global Optical Coherence Tomography Devices market is expected to witness high growth.
Regional analysis: North America dominating the global market due to high adoption of advanced OCT systems across healthcare settings for ophthalmology applications. The Asia Pacific region is expected to witness highest growth owing to developing healthcare infrastructure and growing medical tourism across China, India and other Southeast Asian countries.
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 major players are focused on new product development and approvals to strengthen their market position.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
