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Oct-2021
Optical Coherence Tomography Market Size To Grow USD 2.04 Bn By 2026
Global Optical Coherence Tomography Market Size, Share, Trends, COVID-19 Impact and Growth Analysis Report – Segmented By Device Type (Handheld OCT Devices, Catheter Based OCT Devices, Tabletop OCT Devices and Doppler OCT Devices), Technology and Region – Industry Forecast (2021 to 2026)
As per our report, the global optical coherence tomography market size is predicted to value USD 2.04 billion by 2026 from USD 1.2 billion in 2021, growing at a CAGR of 11.2% from 2021 to 2026.
Commercial optical coherence tomography plays a critical role in providing high flexibility and throughput for various semiconductor and automotive sector applications, resulting in increased production rates. And, in the near future, the constant rise of the coherence tomography market is likely to improve product demand, consequently enhancing market growth potential for the global optical coherence tomography market.
In addition, the polymer manufacturing sector's prospective adoption of the versatile and powerful OCT for inline process control and non-destructive quality control applications is expected to impact revenue growth substantially.
Furthermore, the growing number of non-medical end-use sector applications, such as welding, textiles, and semiconductors, is likely to support the worldwide optical coherence tomography market's revenue growth in the near future. However, in light of the recent epidemic, some industries' operations have temporarily halted or are operating with a reduced staff due to government-imposed precautions and limitations.
However, a lack of precise product understanding, an inexperienced workforce, and an insufficient supply of raw materials are some of the factors that may limit the optical coherence tomography market during the forecast period. However, Due to imposed measures and limits by different regulatory bodies in the wake of the recent epidemic, numerous industries' operations have temporarily halted or are operating with a small workforce.
MARKET SEGMENTATION:
By Device Type:
- Handheld OCT Devices
- Catheter Based OCT Devices
- Tabletop OCT Devices
- Doppler OCT Devices
By Technology:
- Frequency Domain Optical Coherence Tomography (FD-OCT)
- Spatially Encoded Frequency Domain Optical Coherence Tomography
- Time Domain Optical Coherence Tomography (TDOCT)
By Region:
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
KEY MARKET INSIGHTS:
- Based on type, the handheld OCT devices are estimated to occupy the leading share in the global optical coherence tomography market during the forecast period. On the other hand, the Tabletop OCT Devices segment is projected to showcase a healthy growing rate.
- Based on technology, spatially encoded frequency domain OCT is the most lucrative segment and is forecasted to perform well during the forecast period.
- Based on the region, the North American market was the most promising regional market worldwide in 2020 and is predicted to continue the trend throughout the forecast period. In North America, the U.S. is currently dominating, and Canada is displaying a prominent growth rate.
- Europe region is forecasted to account for a substantial share in the global market during the forecast period. In Europe, Germany and UK are expected to register promising growth rates.
- APAC region is expected to grow at the fastest CAGR among all the regions in the global market.
- Latin America is anticipated to account for a moderate share in the optical coherence tomography market during the forecast period. The regional market growth is driven by the improving healthcare sector, the presence of key market players, and favorable reimbursement policies. In addition, the emerging countries in the regions such as Brazil, Mexico, and Argentina are expanding the Latin America regional market growth with a significant market share, As these are the primary countries experiencing increased demand for optical coherence tomography as a result of an increase in the number of individuals suffering from eye illnesses.
- Brazil recorded the largest share of the optical coherence tomography market, and it is expected to register a predominant share during the forecast period. Increasing investments by the government, technological advancements such as the implementation of computational imaging to improve resolution, among other things, are expected to boost the growth of the optical coherence tomography market.
- On the other hand, Mexico is more likely to witness a considerable share in the Latin American optical coherence tomography market during the forecast period. The numerous factors such as the presence of major key manufacturers and expanding research & development activities linked to imaging diagnostic products contribute to the growth of the optical coherence tomography market. Furthermore, the increasing popularity of optical coherence tomography is expected to uplift market growth.
- Agfa Healthcare, Thorlabs Inc., Carl Zeiss Meditec AG, Topcon Medical Systems Inc., Heidelberg Engineering GmbH, OPTOPOL Technology S.A., Imalux Corporation, Novacam Technologies Inc., and Michelson Diagnostics are a few of the dominating companies operating in the global optical coherence tomography market.
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WRITTEN BY: Market Data Forecast
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