Optical Coherence Tomography Market Size to Cross US$ 10.5 Billion in 2032 | 13.7% CAGR

The advancements in OCT technology, such as ultra-high resolution OCT and swept-source OCT, have revolutionized the field of imaging by enabling more precise and accurate imaging. This has led to the widespread adoption of OCT in diverse medical fields.

New York, April 17, 2023 (GLOBE NEWSWIRE) — According to Market.us, The global optical coherence tomography market is estimated to be valued at USD 10.5 billion by 2032 from USD 3 billion in 2022 and is expected to exhibit a CAGR of 13.7% during the forecast period 2023 to 2032. The optical coherence tomography market is expected to increase as a result of factors such as the expanding population and rising demand for the technology in drug delivery. Optical coherence tomography is used to analyse deeper tissues found in the heart, eyes, and skin. OCT is a fibre-optics-based technique that enables body imaging and is combined with devices like endoscopes, surgical probes, catheters and laparoscopes. Growing global awareness of retinal disease will also likely create more chances for the optical coherence tomography market to expand.

Global Optical Coherence Tomography Market

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Key Takeaway:

  • By product, in 2022, the Optical Coherence Tomography market was dominated by the Product Handheld category. The Handheld OCT devices make use of Microelectromechanical Systems (MEMS) and 3D imaging to help in the early identification of a range of eye disorders, including macular degeneration, diabetic retinopathy, and glaucoma.
  • By application, the ophthalmology industry was dominant in 2022 and is expected to grow at the highest rate from 2022 to 2032.
  • By Technology, the Sd–Oct segment dominated the largest market share in Technology analysis.
  • In 2022, North America dominated the market with the highest revenue share of 34.67%.
  • North America is anticipated to have the highest CAGR among all the regions.

Factors affecting the growth of Optical Coherence Tomography?

There are several factors that can have an impact on the growth of Optical Coherence Tomography market. Some of these factors include:

  • Growing Prevalence of Chronic Diseases: With the rising incidence of chronic illnesses like diabetes, cardiovascular diseases, and age-related macular degeneration (AMD), OCT imaging is becoming an increasingly valuable tool for diagnosing and monitoring these illnesses, propelling growth in the OCT market.
  • Technological Advances in OCT Technology: There have been significant technological advances in OCT, such as ultra-high resolution OCT and swept-source OCT. These advancements have improved the accuracy and precision of imaging with OCT, leading to its widespread adoption across various medical fields.
  • Growing Geriatric Population: The global population of people aged 65 and above is growing, creating a need for OCT imaging. Elder individuals are especially vulnerable to chronic illnesses that need regular monitoring, making OCT imaging an invaluable diagnostic tool.
  • Growing Healthcare Expenditure: Governments and healthcare providers are increasing their healthcare expenditure, fuelling the growth of the OCT market. As demand for medical imaging technologies such as OCT grows, investments in this area of healthcare will likely follow suit.

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Market Growth

A significant factor driving the growth of the optical coherence tomography market is the rising incidence of different cardiovascular illnesses and eye disorders worldwide, and this trend is projected to persist throughout the course of the forecast period. Over 2.2 billion individuals worldwide have a near- or distance-vision impairment brought on by eye conditions such refractive error, cataract, glaucoma, diabetic retinopathy, and other causes, according to the World Health Organization (WHO). Demand for cutting-edge illness diagnostic tools like optical coherence tomography systems is growing as a result of the rise in these eye ailments. Similar to this, growing demand for dynamic optical coherence tomography (D-OCT), which enables in vivo assessment of blood vessels and their distribution inside certain lesions, will present chances for the producers of optical coherence tomography devices throughout the projected period.

Regional Analysis

In North America optical coherence tomography market is forecasted to grow at a high CAGR, reaching $1.05 billion by 2022. Numerous factors contribute to its development, such as an aging population, higher approvals and R&D spending, the US’ preference for modern products, hospital expansion plans and strong healthcare infrastructure. Topcon Canada Inc. (Canada) unveiled their 3D Maestro2 optical coherence tomography system with an optical system ophthalmoscope capability in November 2019, topcon Canada Inc (Canada). additionally, diabetic retinopathy rates, and abundance of wealthy businesspeople make the United States one of the most sought-after markets for optical coherence tomography technology.

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Scope of the Report

Report Attribute Details
Market Value (2022)  USD 3 Billion
Market Size (2032) USD 10.5 Billion
CAGR (from 2022 to 2032) 13.7%
North America Revenue Share 34.67%
Historic Period 2016 to 2022
Base Year 2022
Forecast Year 2023 to 2032

 Market Drivers

There are a number of factors that could propel the Optical Coherence Tomography (OCT) market expansion, such as a increase in cancer patient population, an aging geriatric population, the addition of optical coherence imaging techniques into dosage forms, early diagnosis methods being added, advanced medical centers adopting OCT technologies, and eye illnesses becoming more widespread. Furthermore, demand is being driven by expansion in applications such as crucial imaging procedures; sales agreements; collaborations; and takeovers by major Key market players.

Market Restraints

The absence of a medical payment system and lack of clinical data are two major obstacles to growth for optical coherence tomography on the global market. Furthermore, lack of efficient instruments, and an insufficient number of knowledgeable workers who understand how to use associated technologies can present major difficulties to companies looking to penetrate this space.

Market Opportunities

The range of neoplastic and inflammatory skin disorders for which optical coherence tomography (OCT) is effective is being expanded thanks to significant investments in research and development by major optical coherence tomography device manufacturers. There are now advanced OCT systems available with the finest speed and resolution. This will support the Optical Coherence Tomography market’s expansion throughout the ensuing several years. Due to its rising usage for analytical and quality control applications across sectors and its non-destructive, contactless nature, as well as the swift growth of the OCT imaging systems market, optical coherence tomography is also anticipated to increase market share in the following years. Inline optical coherence tomography examination of multi layered objects during production processes has produced positive results.

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Report Segmentation of the Optical Coherence Tomography Market

Product Insight

The market statistic for optical coherence tomography has been divided into Handheld OCT devices, Catheter Based OCT Devices, Tabletop OCT devices, Doppler OCT Devices, Doppler OCT Devices. The Handheld category dominated the market in 2022 and is anticipated to expand at the fastest rate from 2022 to 2032. Microelectromechanical Systems (MEMS) and 3D imaging are used in handheld OCT devices to aid in the early diagnosis of a number of eye conditions, such as macular degeneration, diabetic retinopathy, and glaucoma. Hence, portable OCT devices will improve bedside monitoring management in the years to come. Due to the rising need for pharmacokinetic services to assist with toxicological testing for IND-enabling studies, this industry has experienced profitable expansion.

Application Insight

Based on application, the optical coherence tomography market is segmented into ophthalmology, cardiovascular, dermatology, and oncology. The market was led by the ophthalmology industry in 2022, and it is predicted that this industry would grow at the quickest pace from 2022 to 2032. Ophthalmologists are expected to use optical coherence tomography imaging and diagnostic tools more frequently as choroidal and retinal issues grow more prevalent. The market will also grow in the next years as early sickness detection and better treatment options employing OCT devices gain importance and recognition. The most significant use of OCT devices is in ophthalmology, which is also expected to account for the largest market revenue share throughout the research.

Technology Insight

Sd-Oct and Swept-Source Oct optical coherence tomography market segments are differentiated based on technology. In 2022, Sd-Oct accounted for 65-67% of revenue generated in this market, surpassing Swept-Source Oct which only contributed 65-71%. Sd-Oct uses interferometry to examine interference fringe sequences for tissue data structures encoded in size and deferral of backscattered light. Furthermore, unlike temporal domain (TD) OCT technology, Sd-Oct offers ultrafast optical coherence tomographic imaging applications due to its fast operational speed as well as great sensitivity; making Sd-Oct increasingly valuable within biological imaging applications.

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Market Segmentation

Based on Product Type

  • Handheld OCT Devices
  • Tabletop OCT Devices
  • Catheter Bases OCT Devices
  • Doppler OCT Devices
  • Other Products

Based on Application

  • Dermatology
  • Ophthalmology
  • Cardiovascular
  • Oncology
  • Other Applications

Based on Technology

  • Time Domain OCT (TDOCT)
  • Frequency Domain OCT (FD-OCT)
  • Spatial Encoded Frequency Domain OCT

By Geography

  • North America
    • The US
    • Canada
    • Mexico
  • Western Europe
    • Germany
    • France
    • The UK
    • Spain
    • Italy
    • Portugal
    • Ireland
    • Austria
    • Switzerland
    • Benelux
    • Nordic
    • Rest of Western Europe
  • Eastern Europe
    • Russia
    • Poland
    • The Czech Republic
    • Greece
    • Rest of Eastern Europe
  • APAC
    • China
    • Japan
    • South Korea
    • India
    • Australia & New Zealand
    • Indonesia
    • Malaysia
    • Philippines
    • Singapore
    • Thailand
    • Vietnam
    • Rest of APAC
  • Latin America
    • Brazil
    • Colombia
    • Chile
    • Argentina
    • Costa Rica
    • Rest of Latin America
  • Middle East & Africa
    • Algeria
    • Egypt
    • Israel
    • Kuwait
    • Nigeria
    • Saudi Arabia
    • South Africa
    • Turkey
    • United Arab Emirates
    • Rest of MEA

Competitive Landscape

Globally, there is fierce competition in a fragmented market. Global players have embraced a number of initiatives, including regional type variants and strategic collaborations with local distributors. To meet market demand, major corporations are spending in R&D for the creation and introduction of new goods. For instance, Abbott launched the first virtual reality solution for educating cardiologists using optical coherence tomography. A spectral domain optical coherence tomography system with optional optical coherence tomography angiography was introduced by TOPCON Canada Inc. as 3D Maestro2. The following are a few of the leading companies operating in the worldwide optical coherence tomography market:

  • Carl Zeiss AG
  • Alcon
  • Abbott Laboratories
  • Terumo Corporation
  • Koninklijke Philips N.V.
  • Braun Melsungen AG
  • Boston Scientific Corporation
  • Topcon Corporation
  • Nidek Co. Ltd
  • Novacam Technologies Inc
  • Agfa Healthcare
  • Heidelberg Engineering Gmbh
  • Imalux Corp
  • Michelson Diagnostics
  • Optopol Technology S.A.
  • Thorlabs, Inc.
  • Optovue Inc.
  • Moptim Imaging Technique
  • Sonostar Technologies Co. Limited
  • Canon Medical Systems
  • Excelitas Technologies Corp
  • Other Key Players

Recent Development of the Optical Coherence Tomography Market

  • As an addition to Alcon’s current training and instructional programmes, the Alcon Fidelis Virtual Reality (VR) Ophthalmic Surgical Simulator, a portable VR tool for aspiring cataract surgeons, will be made available in April 2022.
  • In January 2022, Haag-Streit UK (HS-UK) released their OptovueiScan80 in the country. It is a fast OCT system that is ideal for clinics seeking a flexible, affordable OCT system. As the operator console, monitor, patient console, and scan head are all integrated into one console, the iScan80 is ideal for confined spaces.

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