Optical Coherence Tomography Angiography Equipment Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Handheld Type and Tabletop Type) and End User (Hospitals, Clinics, and Others)

Optical Coherence Tomography Angiography Equipment Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Handheld Type and Tabletop Type) and End User (Hospitals, Clinics, and Others)

The optical coherence tomography angiography equipment market is projected to reach US$ 616.31 million by 2028 from US$ 388.50 million in 2021; it is expected to grow at a CAGR of 6.8% from 2021 to 2028. The rising prevalence of several eye-related disorders, and the availability of cost-efficient diagnosis methods fuel the growth of the optical coherence tomography angiography equipment market. According to the World Health Organization (WHO) report, globally at least 2.2 billion people suffer from a near or distance vision impairment. Of these, at least 1 billion, or almost half of these cases, can be prevented through incorporation of advanced technology for early detection of ophthalmic disorders among patient’s group. For records, 1 billion people include those with moderate or severe distance vision impairment or blindness owing to unaddressed refractive error (88.4 million), cataract (94 million), glaucoma (7.7 million), corneal opacities (4.2 million), diabetic retinopathy (3.9 million), and trachoma (2 million), and near vision impairment disorders caused due to unaddressed presbyopia (826 million). According to the Optica Publishing Group report, OCTA has become an essential tool for retinal health evaluation among adults and is gaining strong attention due to its noninvasive method that involved in producing objective biomarkers (an objective indication of medical state observed from outside the patient that can be measured accurately) resulting in earlier and more effective diagnosis for retinal diseases. Additionally, OCTA has been recommended as a standard of care in adult retinal practices due to its features such as the ability to identify subclinical disease and track disease progression in the majority of cases of blindness. Furthermore, fast product approval for optical coherence tomography angiography equipment by the Food and Drug Administration (FDA) enhances the utilization of such advanced technology. For instance, in August 2021, Abbott, announced receiving US Food and Drug Administration (FDA) clearance for its latest OCT imaging platform powered by the company's new Ultreon Software. The newly launched product offers physicians an enhanced, comprehensive view of coronary blood flow and blockages for assisting physician decision-making and offer the best pathway of treatment for patients. Such aforementioned factors stimulate the growth of global optical coherence tomography equipment market during the projected period of 2021 to 2028.

The optical coherence tomography angiography equipment market has been analyzed on the basis of type and end user. Based on type, the market is bifurcated into handheld type and tabletop type. The tabletop type segment is estimated to account for a larger market share for optical coherence tomography angiography equipment during 2021–2028. As per the Association for Research in Vision and Ophthalmology report, OCTA has revolutionized the diagnosis and management of several eye disorders. Moreover, the optica publishing report, states that this technique is a functional extension of OCT intended for noninvasive imaging. Therefore, most current angiography equipment are tabletop systems that are typically utilized for imaging compliant and seated subjects with satisfactory results in terms of reproducibility. These factors drive the optical coherence tomography angiography equipment market growth for the tabletop type segment. On the other hand, the handheld type segment is expected to register a higher CAGR during 2021–2028. The projected market growth can be attributed to the broader adoption of these devices due to high-resolution results. Additionally, the handheld type is a compact, battery-powered system comprising all optical components, processing units, and a lightweight display. Further, handheld type features enhanced portability and supportive technologies, which results the high adoption among hospitals and clinics worldwide. The aforementioned factors are highly responsible for the overall growth of optical coherence tomography angiography equipment market during the forecast period of 2021 to 2028.

By end user, the optical coherence tomography angiography equipment market is segmented into hospitals, clinics, and others. The hospital segment is expected to dominate the market during the forecast period. This is mainly due to with rising prevalence of eye related disorders involving diabetic retinopathy, glaucoma, and other retinal disorders, which have ultimately accelerated the adoption of OCTA within hospitals. The market growth of the hospitals segment is ascribed to the rising prevalence of eye-related disorders such as diabetic retinopathy, glaucoma, and other retinal disorders, which has bolstered the adoption of OCT angiography devices in hospitals. These devices offer higher pixel solutions. Furthermore, prominent players are collaborating with hospitals for expanding their product portfolios and services, which is benefitting the optical coherence tomography angiography equipment market for the hospitals segment.

The World Health Organization (WHO), Optical Publishing Group Report, Association for Research in Vision and Ophthalmology Report, and National Institute of Health (NIH) are among the primary and secondary sources referred to while preparing the report on the optical coherence tomography angiography equipment market.

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