The Latin American Optical Coherence Tomography Market is projected to grow at a steady CAGR of 12.18% from 2023 to 2028. The market size is predicted to be worth USD 0.1 billion in 2023 and USD 0.18 billion by 2028.
The healthcare industry is witnessing huge investments in technology. Factors driving the growing demand for optical coherence tomography to diagnose neurodegenerative disorders such as Alzheimer's disease and Parkinson's disease and other diseases like cancer, diabetes, cataract, etc. This has been facilitated by the demand for effective and accurate early diagnosis of diseases. In 2018, it was estimated that there were around 1.6 million new cancer cases and 670,500 cancer deaths in the Latin American region. The primary cancers diagnosed were prostate, lung and breast, which are expected to drive the Latin America optical coherence tomography market during the projected period.
Additionally, optical coherence tomography is used in various cosmetic applications in dermatology to measure the effects of ultraviolet radiation, collagen density, and wrinkle tightening. Likewise, in ophthalmic and dentistry, to study multiple tissues and their cellular structures in detail. Hence, the growing awareness of optical coherence tomography and its application in various medical sectors is expected to increase the market's growth in the coming years. Currently, optical coherence tomography devices are growing with automated diagnostic kits to meet the evolving market. In addition, increased research and development activities aimed at improving imaging capabilities by enhancing the range and details of optical coherence tomography and using artificial intelligence and machine learning to enhance the decision-making process for healthcare professionals are expected to further fuel the market growth.
One of the recent developments where optical coherence tomography has increased the use of optical fiber and photonics, like in angioplasty, is a driver of the growth of optical imaging technology. This modern technology enables precise identification of tissues during surgery, which is expected to drive the Latin American optical coherence tomography market growth.
However, the high price associated with optical coherence tomography, limited resources for research and development, and the lack of healthcare development in certain parts of Latin America are anticipated to impact the market growth rate during the forecast period negatively. Additionally, there are stringent regulations that are further estimated to hamper market growth.
This research report on the Latin American optical coherence tomography market has been segmented and sub-segmented into the following categories:
By Device Type:
In the recent past, the Latin American health system has grown tremendously. Many countries in this region are recognized around the world for their success in the health sector. Due to the growing incidence of eye disorders and the recent technological advancements in optical coherence tomography, the market in Brazil is anticipated to exceed a valuation of $ 49 million by 2027, with a CAGR of 3.7% during the forecast period 2022-2027. In 2012, Brazil spent 47% of its expenditure on health as a percentage of total public spending and Argentina 23.5%. According to a study by CDC, approximately 3.5 million people will be diagnosed with diabetic retinopathy in 2020. This large number of people require medical help to prevent complications, needing optical coherence tomography. Between Latin American countries, the incidence and mortality of all cancers combined varied between 2 and 3 times. Brazil, Uruguay, and Argentina had the highest incidence of cancer. All these factors mentioned above depict the growth of the market in Brazil owing to the high rate of cancer, ophthalmic and diabetic complications, and high healthcare expenditure in the region.
The increasing setup of new hospitals heavily impacts the development of optical coherence tomography in many Latin American regions. In addition, hospitals are progressing with the need for highly advanced diagnostic equipment. With this massive increase in healthcare spending and healthcare awareness, the demand for optical coherence tomography is raising the revenues for the market in other Latin American countries such as Bolivia, Argentina, Chile, and Puerto Rico.
KEY MARKET PLAYERS:
A few prominent companies operating in the Latin America Optical Coherence Tomography Market profiled in the report are 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.
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