Optical Coherence Tomography Market to See 8.8% Annual Growth Through 2023

Heavy R&D Investments Helping to Boost Industry Expansion

May 22, 2019

WELLESLEY, Mass., May 22, 2019–Technological advancements and strong investment in research and development activities are factors helping to drive steady growth in the global optical coherence tomography market, according to a report by BCC Research, “Global Markets and Technologies for Optical Coherence Tomography.”

The market expects to see a compound annual growth rate (CAGR) of 8.8% through 2023, when it could be worth $1.5 billion.

Major players in the market include Abbott Laboratories (NYSE: ABT), Bausch and Lomb (NYSE: BHC), Canon (TYO: 7751), Leica Microsystems and Nikon (TYO: 7731).

Research Highlights

  • Frequency domain OCT products dominate the market by both size and growth, with a 2018 value of $868 million and a CAGR through 2023 of 9.2%.
  • In TD-OCT, North America leads the market by size, with a 2018 value of $37.5 million, followed by Europe at $21.9 million and the Rest of the World at $8.7 million.
  • Ophthalmology leads the market by size, with a 2018 value of $448.1 million, followed by cardiology at $299.5 million and oncology at $148.9 million.

“Growth in FD-OCT technologies is evident from the diverse acceptance of OCT products in areas like cardiology, oncology, ophthalmology, dentistry and others,” the report’s authors note. “The advantages of FD-OCT, such as speed of acquisition, reduced motion artifacting, two to three times better sensitivity, and speeds 50 to 100 times faster than those of TD-OCT, all lead to better imaging technique and thus a higher market value of the FD-OCT systems.”

High Equipment Costs, Skilled Technicians Shortage Impacting Growth

Factors restraining the market include the high cost of equipment and a lack of skilled technicians, the market adds. Several current OCT devices cost up to $150,000, putting them out of reach of many professionals. Meanwhile, there is a lack of technicians in developing nations who are able to operate these complex systems, particularly in South America, the Middle East, and Africa. Both factors are slowing market growth, particularly in developing nations.

Editors/reporters requesting analyst interviews should contact Sarah Greenberg at press@bccresearch.com.

Global Markets and Technologies for Optical Coherence Tomography (OCT)( HLC097C )
Publish Date: Apr 2019    

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