The growing call for non-invasive, label-free in vivo imaging technologies for diagnosing and supervising numerous disorders fuels the development of OCT. As per MRFR, the market is estimated to gain an income of USD 1483.49 Million by 2023.
Optical coherence tomography market has not been fully utilized and has bright prospects. Efforts are currently being applied to enhance resolution power, accuracy, and multimodal imaging. Lately, angiography-OCT hybridizing for the advance of OCT angiography devices has gained distinction globally, contributing significantly to the creation of new cardiovascular applications.
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The notable companies in the optical coherence tomography market are Alcon, Agfa Healthcare, Terumo Corporation, Braun Melsungen AG, Carl Zeiss AG, Boston Scientific Corporation, Topcon Corporation, NIDEK Co. Ltd, Novacam Technologies Inc, Abbott Laboratories, Heidelberg Engineering GmbH, KONINKLIJKE PHILIPS N.V, Optovue, Michelson Diagnostics, OPTOPOL Technology S.A, Thorlabs Inc., and Imalux Corporation.
The segmental overview of the optical coherence tomography market is conducted based on technology, applications, device types, and regions. Oncology, dermatology, cardiology, ophthalmology are the applications covered in the optical coherence tomography market. Tabletop OCT, handheld OCT, and catheter-based OCT devices are the segments based on device types. Based on regions, the optical coherence tomography market includes North America, Europe, Asia-Pacific, and other important regions. The optical coherence tomography market can be divided into swept-source OCT and spectral-domain OCT based on technology.
Detailed Regional Analysis
The Americas is currently the most profitable market for optical coherence tomography due to heightened diabetic retinopathy cases and the region’s huge proportion of well-established vendors. Amplified usage of OCT macular degeneration, glaucoma, and retinal disorders such as vitreous traction and central serous retinopathy in the region is boosting the regional market. In addition, attractive medical insurance systems that assist patients in covering the cost of optical coherence tomography therapy have increased the optical coherence tomography market size. Asia-Pacific is the fastest-growing emerging market, with a CAGR of 9.4 percent by 2023, owing to an increasing obesity population base, increased stress, and the prevalence of unhealthy lifestyles among individuals. These factors are leading to a spike in the cases of diabetes in the region, which augments the demand for optical coherence tomography technology.
The global market is expected to diversify in operational techniques as innovative models for operation and delivery are implemented. It is projected that the emphasis on accumulating reserves of resources to deal with unexpected crises would impact future market trends. Government assistance is expected to support worldwide market development in the next years. Due to the return of COVID cases in many locations, the market may exhibit constrained growth. The continuation of occasional lockdowns in numerous regions may cause the market expansion to be hampered if resources such as labor and supply chains are severely impacted. Market developments and research are expected to generate attractive growth opportunities in the next years. The reliance on online commerce for sales is expected to increase significantly during the forecast period, prompting market stakeholders to invest more in its growth.
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Dec 2021 Perimeter Medical Imaging AI, Inc., a company dedicated to transforming cancer surgery with real-time, advanced imaging tools, announced the first commercial installation of its flagship Perimeter S-Series OCT system at a North Texas hospital. The Perimeter S-Series is a revolutionary medical imaging system that uses Optical Coherence Tomography (OCT) to give doctors cross-sectional, real-time margin visibility (1-2 mm below the surface) of an excised tissue specimen across a wide range of tissue types.
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