Optical Coherence Tomography (OCT) Market Share, Size, Trends, Industry Analysis Report, By Technology; By; Type; By Application (Ophthalmology, Cardiovascular, Oncology, Dermatology, Others); By Region; Segment Forecast, 2023 - 2032
- Published Date:Sep-2023
- Pages: 117
- Format: PDF
- Report ID: PM1300
- Base Year: 2021
- Historical Data: 2019-2021
Report Outlook
The global optical coherence tomography (OCT) market was valued at USD 1,051.9 million in 2022 and is expected to grow at a CAGR of 7.2% during the forecast period.
The market's growth is driven by advancements in healthcare technology and increasing applications in various medical fields. OCT is a non-invasive imaging technique that provides high-resolution cross-sectional images of biological tissues, enabling detailed visualization and diagnosis of multiple diseases and conditions. By utilizing light waves, OCT enables clinicians to examine tissues at a cellular level, making it a valuable tool in ophthalmology, cardiology, dermatology, and other medical specialties.
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The rising prevalence of ophthalmic disorders, such as macular degeneration, diabetic retinopathy, and glaucoma. OCT has revolutionized ophthalmology by providing detailed retina images, allowing early detection and monitoring of these diseases. Additionally, OCT is increasingly used in cardiology, dermatology, oncology, and other medical specialties, further propelling market expansion.
Technological advancements have also contributed to market growth. The development of spectral-domain OCT (SD-OCT) and swept-source OCT (SS-OCT) has improved imaging speed, resolution, and depth penetration, enhancing clinical utility. Moreover, incorporating OCT with other imaging modalities, such as angiography and ultrasound, has further expanded its applications and diagnostic capabilities.
Growing awareness among healthcare professionals and patients about the benefits of early disease detection and precise monitoring has increased the adoption of OCT systems. The Optical Coherence Tomography (OCT) market is witnessing a surge in demand for handheld and portable OCT devices, particularly in primary care settings and remote areas where access to specialized clinics is limited.
The COVID-19 pandemic has significantly impacted the market. The postponement of non-essential medical procedures resulted in a temporary decline in OCT device adoption. However, the shift towards telemedicine and remote monitoring created new opportunities for OCT applications. Manufacturers responded by developing solutions for remote OCT imaging and diagnosis, emphasizing hygiene and safety features, and investing in research and development for advanced imaging technologies. As healthcare services recover and the focus on early disease detection and remote care persists, the OCT market is expected to rebound and continue its growth trajectory.
Industry Dynamics
Growth Drivers
Prevalence of Ophthalmic Disorders
The market is being driven by the increasing prevalence of ophthalmic disorders such as macular degeneration, glaucoma, and diabetic retinopathy, fueling the demand for OCT imaging. With its ability to provide high-resolution, non-invasive retina imaging, OCT enables early detection, accurate diagnosis, and effective monitoring of these conditions.
Ongoing technological advancements in OCT are boosting market growth. Innovations like spectral-domain OCT (SD-OCT) and swept-source OCT (SS-OCT) have significantly improved imaging speed, resolution, and depth penetration. These advancements enhance the clinical utility of OCT systems, making them more reliable and effective for various medical applications. Furthermore, the expanding applications of OCT in different medical specialties beyond ophthalmology, including cardiology, dermatology, oncology, and gastroenterology, are driving its adoption and market expansion.
A growing awareness and demand for early disease detection propel the market. OCT's ability to provide detailed cross-sectional images of tissues at a cellular level facilitates the early detection of diseases and enables prompt interventions, leading to improved patient outcomes. Increasing awareness among healthcare professionals and patients about the benefits of early disease detection drives the demand for OCT systems.
Report Segmentation
The market is primarily segmented based on technology, type, application, and region.
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By Technology |
By Type |
By Application |
By Region |
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By Technology Analysis
Spatially encoded frequency domain optical coherence tomography (OCT) Segment accounted for the highest CAGR rate during forecast period
The spatially encoded frequency domain optical coherence tomography (OCT) Segment is anticipated to witness the highest CAGR rate during the forecast period. This can be attributed to its advanced scanning capabilities and enhanced data collection features, which offer superior performance compared to other OCT technologies. Its ability to provide highly detailed and accurate imaging results drives this growth, making it ideal for various applications in ophthalmology and other medical specialties.
In contrast, the time-domain OCT segment is expected to maintain a healthy growth rate throughout the forecast period. Time-domain OCT remains widely used for identifying retinal abnormalities and offers reliable diagnostic capabilities. However, it may experience a slight decline in revenue share as spatially encoded frequency-based OCT gains prominence.
By Type Analysis
Handheld OCT devices segment is expected to dominate the market during forecast period
The handheld OCT devices segment is expected to dominate the market regarding device type during the projected period. This growth is fueled by various factors, including increased product availability and adoption, leading to market expansion beyond established regions such as the U.S., the United Kingdom, Germany, and Brazil. The convenience and portability offered by handheld OCT devices contribute to their popularity and market dominance.
By Application Analysis
Ophthalmology segment holds the largest market shares of the market in 2022
The ophthalmology segment holds the largest revenue shares of the market in 2022 and likely to continue its dominance over the forecast period. The significant growth can be attributed to the development of higher-performing equipment characterized by increased accuracy, enhanced efficiency, and improved ease of use.
Furthermore, the increasing prevalence of choroidal and retinal illnesses has been a key driver behind the growth of the ophthalmology segment. Diseases such as macular degeneration, glaucoma, and diabetic retinopathy have witnessed a surge in incidence worldwide, necessitating advanced imaging techniques like OCT for early detection, accurate diagnosis, and effective monitoring. The ability of OCT to provide high-resolution cross-sectional images of the retina has revolutionized ophthalmic care and contributed to the dominant position of the ophthalmology segment in the OCT market.
Regional Insights
North America dominated the global market in 2022
The North America region dominated the global market, holding the largest market share. This dominance is expected to continue over the forecast period due to the growing incidence of diabetic retinopathy and many affluent suppliers in the region. North America also benefits from increased usage of OCT in diagnosing and managing various retinal disorders, including macular degeneration, glaucoma, vitreous traction, and core serous retinopathy.
On the other hand, the Asia Pacific region is anticipated to witness significant growth in the market over the forecast period. This growth can be attributed to the increasing prevalence of chronic diseases, including diabetes, due to a growing overweight population, increased stress, and unhealthy lifestyles in the region. The rising incidence of these chronic conditions and the need for advanced diagnostic tools like OCT are driving market growth in Asia Pacific.
Competitive Insight
The technological advancements, increasing demand for non-invasive medical imaging solutions, and a growing prevalence of eye diseases such as glaucoma and age-related macular degeneration. Strategic partnerships and acquisitions to expand product portfolios and market reach are common strategies within this competitive landscape. As the healthcare industry increasingly recognizes the diagnostic and monitoring capabilities of OCT, the market is poised for sustained growth, with potential applications extending beyond ophthalmology to fields like cardiology and dermatology, further intensifying the competition among industry leaders and emerging players.
Some of the major players operating in the global market include:
- Abbott Laboratories
- Agfa Healthcare
- Alcon
- Boston Scientific Corporation
- Braun Melsungen AG
- Carl Zeiss AG
- Danaher Corporation
- Heidelberg Engineering GmbH
- Imalux Corporation
- KONINKLIJKE PHILIPS N.V
- Michelson Diagnostics
- Nidek Co., Ltd.
- NIDEK Co. Ltd
- Novacam Technologies Inc
- OPTOPOL Technology S.A
- Optovue
- Terumo Corporation
- Thorlabs Inc.
- Topcon Corporation
Recent Developments
- In February 2023, NIDEK partnered with HOYA Vision Care, a renowned innovator in optical technology. This strategic collaboration offers eye care professionals (ECPs) a unique opportunity to access various optical instruments and products. By joining forces, NIDEK and HOYA Vision Care aim to provide ECPs with a comprehensive portfolio of high-quality eyecare solutions.
- In January 2022, Haag-Streit UK (HS-UK) has launched Optovue iScan80 in the country, offering a high-speed OCT system that is both affordable and versatile. The iScan80 is designed to meet the needs of practices seeking an advanced OCT solution. Its streamlined design combines the operator interface, display, patient interface, and scan head into a single console, making it particularly suitable for practices with limited space.
- In July 2021, Topcon Corporation acquired VISIA Imaging S.r.l, a leading ophthalmic device manufacturer based in suburban Florence, Italy. By acquiring VISIA Imaging, Topcon aims to strengthen its product portfolio and leverage the expertise of VISIA Imaging in developing advanced ophthalmic devices.
Optical Coherence Tomography (OCT) Market Report Scope
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Report Attributes |
Details |
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Market size value in 2023 |
USD 1,051.9 million |
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Revenue forecast in 2032 |
USD 2,061.0 million |
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CAGR |
7.2% from 2023 – 2032 |
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Base year |
2022 |
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Historical data |
2019 – 2021 |
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Forecast period |
2023 – 2032 |
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Quantitative units |
Revenue in USD million and CAGR from 2023 to 2032 |
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Segments Covered |
By Technology, By Type, By Application, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Customization |
Report customization as per your requirements with respect to countries, region and segmentation. |
FAQ's
key companies in Optical Coherence Tomography (OCT) Market Abbott Laboratories,Agfa,Healthcare,Alcon,Boston Scientific,Corporation,Braun Melsungen AG
The global optical coherence tomography (OCT) market is expected to grow at a CAGR of 7.2% during the forecast period
technology, type, application, and region key segments covered.
Prevalence of Ophthalmic Disorders key driving factors in Optical Coherence Tomography (OCT) Market.
The global optical coherence tomography (OCT) market was valued at USD 1,051.9 million in 2022.
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