The North American optical coherence tomography market is anticipated to grow at a CAGR of 10.59% from 2023 to 2028 and the regional market size is expected to grow from USD 453.4 million in 2023 to USD 750 million by 2028.
Optical Coherence Tomography or OCT is proven to be very useful in diagnosing many eye conditions such as age-related macular degeneration, macular puckering, macular hole, diabetic retinopathy, Glaucoma, macular edema, vitreous traction, and central serous retinopathy. The reason behind the high adoption of these optical coherence tomography machines is that in the past few years, the North American region has been facing many of these disorders among the population, especially Glaucoma.
These severe eye problems raised the demand for faster and more accessible treatment among patients, resulting in non-invasive imaging tests, such as OCT, which allows precise delineation of eye abnormalities with each layer of retinal capillaries and provides a detailed view of the retinal vasculature, also facilitating visibility into microaneurysms. Furthermore, with the ability to determine the three-dimensional relationships between the retina, vitreous, and extraretinal membranes, the OCT further helps the ophthalmologist have a better and more accurate eye view. This ensures efficient treatment with high accuracy. These factors are majorly responsible for driving the optical coherence tomography market growth in North America.
However, optical coherence tomography is expensive to use as a standard ophthalmology device and has several technical problems that prevent it from being used for treatments like heavy vitreous bleeding or dense cataracts because they require the passage of light through the eye. Other factors include a lack of skilled professionals, the availability of competing technologies like bio-ultrasound microscopy, and the availability of competing technologies. Therefore, these factors are expected to act as obstacles to the growth of the optical coherence tomography market in the North American region.
This research report on the North American optical coherence tomography market has been segmented and sub-segmented into the following categories:
By Device Type:
North America had the most significant share of the global market in 2022. The domination of the North American region is anticipated to continue throughout the forecast period owing to the rising prevalence of chronic diseases, the intense focus on R&D activities to improve the effectiveness of these tomography devices, the rise in reimbursement for surgical procedures, and the presence of notable players that operate in the regional market considering some innovative growth strategies to achieve their predefined goals. OCT is increasingly used for macular degeneration, Glaucoma, and retinal diseases such as vitreous traction and central serous retinopathy. Moreover, CDC has recently reported the number of glaucoma cases in 2020 to reach 6.3 million by 2050, from 3 million in the region of North America, which made Glaucoma rank the second most significant cause of blindness among the population. New product launches, mergers, and collaboration for the expansion of their portfolio of products by major key market players to improve the efficiency of these tomography devices, along with the intensive use of advanced technologies, are supporting the optical coherence tomography market in North America.
The U.S. market captured the leading share of the global market in 2022. The trend of adopting new products, large elderly population, growing awareness around eye diseases among the population, presence of well-established healthcare infrastructure leading to higher penetration of international market players, growing consumer awareness of brands in the industry, the growing demand for minimally invasive procedures, and expanding hospitals number in the United States are propelling the market growth in the U.S.
The Canadian market is anticipated to register a healthy CAGR during the forecast period. In addition, various government initiatives support the successful innovation of cutting-edge healthcare in the developing countries of this region to further increase the application areas of OCT, along with the rise in capita to strengthen infrastructure establishments by providing various kits and devices to hospital settings are further anticipated to drive the growth of optical coherence tomography market in Canada.
KEY MARKET PLAYERS:
Companies playing a dominant role in the North America Optical Coherence Tomography Market profiled in this 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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