LONDON, May 30, 2023 /PRNewswire/ -- Optical coherence tomography is referred to as a type of a non-invasive eye test which creates cross section pictures of the retina using light waves. It is equipped with the ability to assess and provide detailed information about the internal structure of the tissues. The images generated through this process have a high dimension. It is predominantly used to diagnose conditions such as macular degeneration, diabetic retinopathy, and glaucoma. Apart from that, it is also adopted in other medical verticals including cardiology, dermatology, and gastroenterology.
The business intelligence report on Optical Coherence Tomography (OCT) Market by Brandessence Market Research provides granular insights on the pivotal aspects influencing the industry trends. It examines the key growth drivers, opportunities, challenges, and restraints while also including statistics on past valuation, present growth rate, and projected revenue. A deep dive assessment of the major segments, regions, and key players is incorporated in this report with an aim to understand the profit trajectory of this market while determining its accurate scope and size.
Key Takeaways
- Growing prevalence of ocular diseases and surging elderly populace are aiding market expansion.
- By product type, the handheld OCT device segment is reckoned to amass notable gains due to the high degree of convenience offered by them.
- MEA is projected to capture a high-volume share owing to rapid improvements in the healthcare infrastructure and growing occurrence of ocular disorders.
The Optical Coherence Tomography (OCT) Market is anticipated to generate significant returns over the analysis timeline of 2022-2029.
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Elaborating the Key Trends and Dynamics of Optical Coherence Tomography (OCT) Market
Growing prevalence of ocular diseases, surge in the geriatric population base, along with the escalating demand for early disease diagnosis and treatment are primarily aiding industry outlook. Furthermore, increased occurrence of chronic ailments and technological advances in the field are creating lucrative opportunities for this marketplace to prosper. Also, growing R&D activities, rising awareness about the benefits of OCT, and increased healthcare expenditure across numerous nations are adding momentum to the progression of this business vertical.
Major Growth Drivers
Growing occurrence of ocular diseases- Eye-related disorders are highly prevalent across the globe. Rapidly aging populace, genetic issues, increasing screen times, and unhealthy dietary trends are some of the major reasons leading to vision related problems. OCT has become an essential tool for the diagnosis, monitoring, and treatment of these conditions. This is stimulating the overall dynamics of this business sphere.
Rising adoption of OCT in other medical verticals- Apart from the ophthalmic category, OCT is being adopted across other medical specialities such as cardiology, dermatology, and gastroenterology. It aids in the diagnosis of coronary artery diseases and skin cancer, just to name a few. These factors together are bolstering market growth.
Challenges
High cost- OCT can be costly since it involves the utilization of high-end technologies, equipment, and skilled healthcare professionals. They are less accessible to smaller healthcare facilities due to budget constraints. People with low-income levels find it difficult to opt for these tests which in turn leads to the unequal distribution of healthcare facilities. This is hindering the remuneration scope of this industry vertical.
Competitive Landscape of Optical Coherence Tomography (OCT) Market
The major players characterizing the competitive terrain of this market space are Carl Zeiss Meditec AG, Optovue, Michelson Diagnostics Ltd., Heidelberg Engineering GmbH, Topcon Medical Systems Inc., Novacam Technologies Inc., Agfa Healthcare, Thorlabs Inc., TomeyUSA, NIDEK Co. Ltd., OPTOPOL Technology, Optos, BaySpec Inc., MOPTIM, Canon Inc., Leica Microsystems GmbH, Imalux Corp., Agiltron's Inc., and Others.
Segmental Assessment
By product type, the handheld OCT device segment is reckoned to amass notable gains over 2022-2029. This is attributable to the high degree of convenience offered by handheld devices and their widespread adoption in diagnosis ocular disease in infants and young children.
Based on application type, the ophthalmology segment is expected to garner significant returns over the stipulated timeline. This is due to the growing prevalence of eye-related disorders and rise in geriatric population base.
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Geographical Analysis and Landscape
Middle East & Africa Optical Coherence Tomography (OCT) Market
The industry in MEA is projected to capture a high-volume share owing to rapid improvements in the healthcare infrastructure, growing occurrence of ocular disorders, and increased cognizance of the benefits of OCT. Alongside, rising R&D investments in the field, technological advancements, and surging disposable income levels are adding momentum to the progression of this market vertical.
Europe
Europe is poised to showcase the fastest growth over the forecast period. This is ascribed to the surge in geriatric population base, presence of an ideal medical reimbursement scenario, and changing lifestyle trends of the masses. Also, increase in healthcare spending and presence of noteworthy players are fuelling market expansion in this region.
Opportunities in this Industry
Technological innovations- There have been continuous advancements in the OCT technology with an aim to ensure improved image resolution, faster scanning speeds, and enhanced diagnostic capabilities. With widespread R&D activities, many more advanced technologies are expected to be integrated into OCT systems in years to come. This is adding traction to the expansion of this industry.
Major developments in Optical Coherence Tomography (OCT) Market
Acquisitions
In 2018, Canon Inc., a multinational corporation specializing in imaging and optical products, acquired Optopol, a Polish manufacturer of OCT devices
In 2019, Nikon Corporation, a multinational company known for its optical and imaging products, acquired Optovue, a U.S.-based company focused on OCT imaging systems.
Porter's Five Forces Analysis
Threat of New Entrants: The threat of new entrants in the OCT market is relatively low. Developing and manufacturing OCT devices requires significant investments in research and development, specialized technologies, and regulatory approvals. Established companies already have a strong foothold in the market and benefit from economies of scale. Additionally, the high level of expertise and knowledge required in this field acts as a barrier to entry, limiting the threat from new competitors.
Bargaining Power of Suppliers: Suppliers in the OCT market, such as manufacturers of optical components and imaging systems, generally have moderate bargaining power. The market is characterized by a few key suppliers, and their products may have unique specifications tailored to OCT systems. However, OCT manufacturers often have multiple suppliers to ensure continuity and negotiate favorable terms. Moreover, advancements in technology have led to increased competition among suppliers, reducing their bargaining power.
Bargaining Power of Buyers: The bargaining power of buyers in the OCT market can vary depending on the specific segment and customer type. In healthcare settings, buyers, such as hospitals and clinics, may have moderate bargaining power due to the availability of multiple OCT device manufacturers and the importance of maintaining strong relationships with suppliers. However, buyers' power can be somewhat limited by the critical nature of OCT technology for diagnosing and treating various medical conditions.
Threat of Substitutes: The threat of substitutes in the OCT market is relatively low. OCT technology offers unique advantages, such as non-invasiveness, high-resolution imaging, and real-time visualization of tissues. While alternative imaging techniques, such as ultrasound and magnetic resonance imaging (MRI), exist, they often have different applications and limitations compared to OCT. Therefore, the availability of close substitutes is limited, reducing the threat of substitution.
Competitive Rivalry: Competitive rivalry in the OCT market is moderate to high. Several established companies compete for market share, continually innovating to improve the technology and expand applications. Differentiation among products, pricing strategies, distribution networks, and brand reputation are critical factors influencing competition. The presence of multiple competitors drives ongoing advancements, benefiting customers with improved products and pushing the market forward.
On Special Requirement Acute Repetitive Seizures Market Report is also available for below region:
North America
- U.S, Canada
Europe
- Germany, France, U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe
Asia-Pacific
- South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC
Latin America
- Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America
Middle East and Africa
- Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA
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