Optical Coherence Tomography (OCT) Market Share, Size, Trends, Industry Analysis Report, By Application (Ophthalmology, Cardiovascular, Oncology, Dermatology, Others); By Technology; By Type; By Region; Segment Forecast, 2022 - 2030
- Published Date:Jan-2022
- Pages: 101
- Format: PDF
- Report ID: PM1300
- Base Year: 2021
- Historical Data: 2018 - 2020
Report Summary
The global Optical Coherence Tomography (OCT) market size was valued at USD 1.0 billion in 2021 and is expected to grow at a CAGR of 9.3% during the forecast period. The market is being driven by elements such as a rise in the advancements in medical science businesses, as well as a rise in awareness of retinal illnesses.
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The healthcare and medical businesses are stepping up their efforts to resurrect processes and solutions in the wake of the COVID-19 pandemic. The optical coherence sector has been preparing for the problems faced by the virus outbreak, which include revenue shortfall, economic downturn, and diminished end-user consumption.
Producers of tomography have been attempting to increase manufacturing capacity while also pursuing novel ways to expand their presence, such as partnering with companies out beyond the industry, open-source technical equipment, and implementing skilled health personnel to meet health needs. During the forecast period, these measures by companies in the context of the new coronavirus as well as the shutdown might be beneficial for the optical coherence tomography business.
Industry Dynamics
Growth Drivers
Growth in the number of cancer patients, an upsurge in the geriatric demographic, an addition for optical coherence imaging techniques in dosage forms, a boost in the amount for early diagnosis techniques, a rise in the adoption of advanced medical centers, and a rise in the number of patients with eye disorders are all factors that could propel the Optical Coherence Tomography (OCT) market forward.
Furthermore, emerging advanced healthcare innovation in emerging regions, government initiatives and capital to strengthen infrastructure establishments, R&D operations to boost the effectiveness of these tomography devices, increase in application domains of optical coherence tomography including critical imaging procedure, and sales agreements, as well as partnerships and takeovers by major industry players, helps to drive market development.
In 2019, a Northwestern University research group developed a new platform called Spectral Contrast Optical Coherence Tomography Angiography (SC-OCTA), which uses the latest 3D technology to detect minute adjustments in capillary organization, providing detailed information and insight into humans circulatory system's middle region.
Report Segmentation
The global market is segmented on the basis of technology, type, application, and region.
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By Technology |
By Type |
By Application |
By Region |
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Insight by Technology
Due to its vast scanning capabilities and improved data collecting, the spatially encoded frequency domain optical coherence tomography sector is expected to increase at the highest rate.
Furthermore, time-domain OCT is expected to expand at a healthy pace throughout the projected period since it is commonly employed to identify retinal abnormalities. On the other hand, the time domain may lose revenue share during the study period due to superior outcomes operating spatially encoded frequency-based equipment.
Insight by Device
Handheld equipment is predicted to dominate the industry over the projected period, according to device type. Development is fueled by factors such as increased product perforations, which drive the Optical Coherence Tomography (OCT) market beyond established regions, including the U.S., the United Kingdom, Germany, and Brazil.
Insight by Application
The ophthalmology section dominated the global market in 2021. The development of higher-performing equipment with increased accuracy, enhanced efficiency, and ease of use, and the increasing prevalence of choroidal and retinal illnesses have significantly influenced market development.
Geographic Overview
North America region was dominating the global market in 2021. It is expected to maintain its dominance over the forecast period due to the growing incidence of diabetic retinopathy along with the region's large number of affluent suppliers. The regional industry benefits from increased usage of macular degeneration, glaucoma, and retinal disorders, including vitreous traction and core serous retinopathy in this region.
Because of the growing overweight population, increased stress, and the incidence of unhealthy lifestyles among the population, Asia Pacific is anticipated to grow at a significant pace over the forecast period. As a consequence of these circumstances, the region is seeing an increase in diabetes and related chronic illnesses, driving up the market for optical coherence tomography equipment.
Competitive Insight
Some of the players operating in the global Optical Coherence Tomography (OCT) 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., and Topcon Corporation.
Optical Coherence Tomography (OCT) Market Report Scope
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Report Attributes |
Details |
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Market size value in 2021 |
USD 1.0 billion |
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Revenue forecast in 2030 |
USD 2.16 billion |
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CAGR |
9.3% from 2022 - 2030 |
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Base year |
2021 |
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Historical data |
2018 - 2020 |
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Forecast period |
2022 - 2030 |
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Quantitative units |
Revenue in USD million/billion and CAGR from 2022 to 2030 |
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Segments covered |
By Technology, By Type, By Application, and, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
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Key companies |
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., and Topcon Corporation. |
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