The global biomedical optical coherence tomography market size is estimated to expand at a substantial CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the increasing global geriatric population, growing cases of skin and neurology based disorders, and high demand for non-radiation imaging modalities.
Biomedical optical coherence tomography (OCT) is a new technique for high-resolution cross-sectional imaging. This technology is similar to ultrasound imaging; however, it employs light as a replacement of sound. In situ and in real time, biomedical OCT can offer cross-sectional images of tissue structure on the micron scale.
High-resolution intraluminal imaging of organ systems is possible using biomedical OCT in conjunction with
catheters and
endoscopes. Furthermore, unlike traditional histopathology, which needs the elimination of a tissue specimen and processing for microscopic analysis; biomedical OCT can operate as a type of optical surgery and is a potent imaging method for medical diagnostics.
Moreover, biomedical OCT can produce real-time pictures of tissue in situ. It can be utilized to guide interventional operations and reduce sampling errors associated with excisional biopsy when standard excisional biopsy is dangerous or impracticable.
Due to
COVID-19 pandemic outbreak globally, it has impacted various industries in terms of supply chain, import & export control, regional government policies and future course of action. The biomedical optical coherence tomography market is harshly impacted due to this pandemic. However, all major precautions are taken during treatment procedures, followed by prescribed guidelines. Alternatively, patients are encouraged
telemedicine consultation for follow-ups, and hospitals & clinics are minimizing the contacts between patients & staffs for the treatment.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing demand for non-invasive medical procedures and rising cases of ophthalmic diseases globally are key factors boosting the market growth.
- High unmet medical needs and ongoing development of healthcare infrastructure in emerging economies are expected to upsurge the market growth in the coming years.
- Ongoing awareness campaign conducted by various public & private organization for eye related disorders and increasing R&D activities for advanced biomedical OCT systems are expected to propel the market growth during the forecast period.
- Absence of medical reimbursement policies and insufficient clinical data are key challenging factors that are expected to hinder the market growth during the forecast period.
- Technologically advanced high-resolution OCT in the fields of dermatology and gastroenterology is expected to offer immense opportunity for the market expansion during the forecast period.
Scope of Biomedical Optical Coherence Tomography Market Report
The report on the global biomedical optical coherence tomography market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Biomedical Optical Coherence Tomography Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Applications (Dermatology, Ophthalmology, Gastroenterology, Cancer Diagnosis, Intra Surgery for Tumor Margining, and Dentistry)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Heliotis AG; Agfa HealthCare; Carl Zeiss AG; Michelson Diagnostics Ltd.; Meditec AG; and Imalux Corp.
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Biomedical Optical Coherence Tomography Market Segment Insights
Based on applications, the global biomedical optical coherence tomography market is segmented into dermatology, ophthalmology, gastroenterology, cancer diagnosis, intra surgery for tumor margining, and dentistry. The ophthalmology segment is projected to expand at a considerable CAGR during the forecast period owing to the introduction of technological advanced devices with enhanced performance, accurateness, and ease of use along with the augmenting incidences of retinal and choroidal disorders.
However, the dermatology segment is projected to register a high growth rate during the forecast period. Since 1997, the devices have been utilized in dermatology and have undergone significant developments to fulfil the demand for non-invasive imaging and monitoring of various skin conditions.
In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to constitute a key market share during the forecast period due to the rising investment in R&D activities and growing adoption of the new products. Furthermore, rapid growth of hospitals and laboratory facilities that are resulting in development of new products.
For example, Notal Vision has announced the introduction of its first self-operated optical coherence tomography equipment with longitudinal research in the United States in January 2021. Thus, all these factors are expected to increase the market expansion in the region.
However, the quicker processing of approvals and documents required to enable automated devices into the region, Europe is likely to exhibit a high expansion rate of the market in the coming years. For example, the CEA accelerated the distribution of Topcon's latest goods across the European Union, resulting in increasing revenue share for the region.
Segments
The global biomedical optical coherence tomography market has been segmented on the basis of
Applications
- Dermatology
- Ophthalmology
- Gastroenterology
- Cancer Diagnosis
- Intra Surgery for Tumor Margining
- Dentistry
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Some of the key players competing in the global biomedical optical coherence tomography market are Heliotis AG; Agfa HealthCare; Carl Zeiss AG; Michelson Diagnostics Ltd.; Meditec AG; and Imalux Corp. Various marketing strategies such as partnership & collaboration, fund infusion, merger & acquisitions, and new product launch are implemented by these key players to gain substantial market share in the market.
Optovue, for example, has developed high-density OCT angiography for ophthalmology, which provides high-resolution and peripheral vision of the eye's vascular. As a result, product launches and innovation are projected to boost the growth of the biomedical OCT market.
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