The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

According to The Business Research Company’s Optical Coherence Tomography Global Market Report 2024, the optical coherence tomography market is expected to show promising growth in the forecast period.

The optical coherence tomography (OCT) market has experienced rapid expansion in recent years, driven by several key factors. Here’s an insight into the market dynamics and trends shaping its growth:

Market Growth and Projections

• The optical coherence tomography market is set to grow from $1.72 billion in 2023 to $1.94 billion in 2024, with a compound annual growth rate (CAGR) of 12.9%.
• Projections indicate growth to $3.17 billion by 2028, with a CAGR of 13.1%.

Factors Driving Market Growth

• Global pandemic impact.
• Patient preferences.
• Competitive landscape.
• Rapid research & development.
• Regulatory support.
• Miniaturization of devices.

Addressing Rising Prevalence of Eye Disorders

• Eye disorders like cataracts, glaucoma, and age-related macular degeneration (AMD) contribute to vision loss globally.
• Demand for advanced diagnostic tools like OCT systems is increasing.
• Over 2.2 billion individuals worldwide suffer from near-or vision problems, according to the World Health Organization (WHO).

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Key Players and Innovations

• Major companies in the OCT market include Carl Zeiss Meditec AG, Abbott Laboratories, and Luneau Technology Group.
• Technological advancements drive innovation and market growth.
• Abbott Laboratories launched a vascular imaging platform integrating OCT with AI for precise assessment of blood flow and blockages.

Strategic Acquisitions Fuel Market Expansion

• Luneau Technology Group acquired Optovue Inc. to strengthen its global presence in ophthalmic diagnostic technology.
• Optovue Inc. specializes in high-speed OCT and optical coherence tomography angiography (OCTA) technology.

Market Segmentation
The OCT market is segmented based on type, technology, and application:

1. By Type: Catheter-Based OCT Devices, Doppler OCT Devices, Handheld OCT Devices, Tabletop OCT Devices.
2. By Technology: Time Domain OCT (TDOCT), Frequency Domain OCT (FD-OCT), Spatial Encoded Frequency Domain OCT.
3. By Application: Ophthalmology, Cardiovascular, Oncology, Dermatology, Other Applications.

Regional Insights

• North America dominated the OCT market in 2023.
• Asia-Pacific is anticipated to be the fastest-growing region in the forecast period.

Conclusion
The optical coherence tomography market is witnessing significant growth driven by the rising prevalence of eye disorders globally. With advancements in technology, strategic acquisitions, and expanding applications, OCT systems play a crucial role in early diagnosis and treatment planning for various ocular conditions. As healthcare systems prioritize patient-centric care and technological integration, the OCT market is poised for continued expansion, offering innovative solutions to meet evolving healthcare needs worldwide.

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