LONDON--(BUSINESS WIRE)--The global optical coherence tomography (OCT) market is projected to grow to USD 1.48 billion by 2021, at a CAGR of just above 8% over the forecast period, according to Technavio’s latest report.
In this report, Technavio covers the market outlook and growth prospects of the global optical coherence tomography (OCT) market for 2017-2021. By product type, the global market is segmented into conventional OCT systems and handheld integrated OCT systems.
| Optical coherence tomography (OCT) is a medical imaging technique that uses light to capture high-resolution, 3D images of optical scattering media such as biological tissues. Conventional OCT systems dominate the global market, generating over 85% of the overall revenue. |
Technavio’s research study segments the global optical coherence tomography (OCT) market into the following regions:
- Americas
- EMEA
- APAC
Americas: largest OCT market segment
“The Americas comprise the largest regional segment of the optical coherence tomography market, generating close to 50% of the overall revenue. Rising healthcare investments in the region is driving the dominance of the segment,” says Srinivas Sashidhar, a lead analyst at Technavio for medical imaging research.
The US is the most important country in the region, where clinics and operating rooms are equipped with OCT imaging equipment for screening and treatment of cancer. The market is expected to showcase moderate growth during the forecast period, driven by the growing elderly population, rising use of 3-D printing technology, and the presence of leading vendors.
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EMEA: rising healthcare standards driving OCT market segment
Europe is expected to grow rapidly over the forecast period, driven by increased adoption of OCT eye tests and other OCT imaging techniques. The developed countries in the region are witnessing increased standards of healthcare, further boosting the adoption of optical coherence tomography. Additionally, the presence of major vendors in the market propels the market growth, leading to a high adoption rate. Another factor that will likely have a positive impact on the market is the rising number of people aged above 50, who require more extensive optical imaging devices to ensure quality treatment.
APAC: fastest growing OCT market segment
“APAC is the fastest growing regional segment, projected to showcase a CAGR of 9.7% over the forecast period. The high growth can be attributed to the rising awareness about ophthalmic disorders and the increased use of optical imaging during minimally invasive surgeries,” says Srinivas.
The market segment’s dependence on OCT imaging is rising due to the increasing incidences of chronic diseases. Also, low cost, the presence of key vendors, and strong distribution channels are projected to boost the market growth further, leading to high adoption rate.
The top vendors in the global optical coherence tomography (OCT) market highlighted in the report are:
- Carl Zeiss
- Heidelberg Engineering
- Leica Microsystems
- TOPCON
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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