Market Overview: The optical coherence tomography market is anticipated to experience a growth rate of 8.20% in terms of value, expanding from USD 1,308.0 Million in 2020 to a projected USD 2,473.3 Million by 2028. Optical coherence tomography (OCT) serves as a non-invasive diagnostic imaging test.

Optical Coherence Tomography Applications: OCT finds diverse applications in ophthalmology, oncology, dermatology, and more. Its primary use is in diagnosing and treating eye conditions, including macular issues like macular hole and age-related Macular Degeneration (AMD), glaucoma, retina-related conditions like central serous retinopathy, and vitreous traction. The technology is also emerging for high-resolution cross-sectional imaging using coherent light at micrometer resolutions.

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Expanded Market Scope: The market's scope has broadened to encompass diseases such as non-melanoma Prostate Cancer, Skin Cancer, esophageal problems, cardiovascular disruptions, and Diabetes. The increasing incidence of these diseases is expected to drive demand for OCT products.

Technological Advancements: In January 2020, scientists at Northwestern University introduced a new tool called spectral contrast optical coherence tomography angiography (SC-OCTA). This tool employs a 3D technique to detect subtle changes in capillary organization, providing insights into the human circulatory system's central portion.

Challenges in Market Growth: Despite its potential, a lack of awareness about the benefits of optical coherence tomography may pose challenges to market growth in the forecast period.

Type Outlook: Doppler optical coherence tomography utilizes the Doppler Effect principle, resulting in high-resolution tomographic images. Two types include Fourier Domain Doppler OCT and Time domain Doppler OCT, both offering high spatial resolution and velocity sensitivity, making them valuable in biomedical research and clinical medicine.

Technology Outlook: Spatial Encoded Frequency Domain OCT or Spectral-domain optical coherence tomography (SDOCT) is expected to grow significantly from 2020 to 2028. SDOCT, an interferometric technology, provides depth-resolved tissue structure data, enabling ultra-high-speed optical coherence tomography imaging with superior sensitivity.

Application Outlook: OCT usage in oncology has thrived in recent years, encompassing imaging for various malignancies in the brain, breast, gastrointestinal, oral cavity, bladder, respiratory, and reproductive tracts. The rising prevalence of cancer, particularly in the United States, is driving the demand for imaging techniques like OCT.

Regional Insights: The United States leads the market due to the increasing prevalence of diabetic retinopathy and other eye diseases. Europe, with countries like Germany and the UK, is the second-largest market. In the Asia Pacific, initiatives in countries like India and China, along with the growing incidence of ophthalmologic and cardiovascular disorders, contribute to market demand.

Market-O-Nomics: Factors such as increased disposable income, strengthened GDP, and government initiatives in countries like India, China, and Malaysia are driving market demand. The rise in the geriatric population and the expanding application scope of optical coherence tomography in drug discovery further boost market growth.

Challenges and Constraints: Lack of proper medical reimbursement facilities, insufficient clinical data, and a shortage of equipment and skilled professionals are hindering the global optical coherence tomography market's development.

Competitive Landscape: Key players include Topcon Medical Systems Inc., Heidelberg Engineering GmbH, Carl Zeiss Meditec AG, Michelson Diagnostics Ltd., Agfa Healthcare, Novacam Technologies Inc., Thorlabs Inc., Boston Scientific Corporation, Abbott Laboratories, and Optovue, Inc.

Start-up Traction: The industry sees opportunities for growth, with startups like Vivosight and M Squared Lasers entering the market. M Squared Lasers focuses on developing light-sheet microscopy systems for various applications, including neuroscience, cancer biology, developmental biology, and regenerative medicine.

Deal Landscape: Mergers and acquisitions are integral to the industry's dynamics. In December 2020, Agfa-Gevaert Group engaged in exclusive negotiations for the sale of a part of its HealthCare IT activities to Dedalus Holding S.p.A.

Expert Insights: Industry experts forecast promising developments in increased OCT adoption, particularly in ophthalmology, oncology, and cardiology. New entrants are expected to focus on designing and developing innovative products to meet the growing end-user demand.

Market Segmentation: The report segments the optical coherence tomography market based on type (Catheter-based OCT devices, Doppler OCT devices, Handheld OCT devices, Tabletop OCT devices), technology (Frequency Domain OCT, Time Domain OCT, Spatial Encoded Frequency Domain OCT), application (Ophthalmology, Oncology, Cardiovascular, Dermatology), and region (North America, Europe, Asia Pacific, Latin America, MEA) from 2017 to 2028.

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