Optical Coherence Tomography Market

Emerging technological advancements in optical coherence tomography to drive market growth

OCT (Optical Coherence Tomography) is a rapidly evolving innovation for high-resolution cross-sectional image processing. It employs light for in situ and real-time cross-sectional imaging of tissue structure on the micron scale. It is a non-invasive optical technique for optical biopsies. It is used in situations where conventional imaging techniques are ineffective. 

OCT is a fiber optics-based technology that can be incorporated into devices that allow for body imaging, including endoscopes, catheters, surgical probes, and laparoscopes. OCT is a lightweight, portable device. These factors are expected to drive the market CAGR of optical coherence tomography during the forecast years. OCT can diagnose various severe medical conditions, including cardiovascular disease, non-melanoma skin cancer, prostate cancer, and age-related macular degeneration.

Leading suppliers of optical coherence tomography equipment consistently make research and development investments to increase the applicability of OCT for a broader range of inflammatory and neoplastic skin conditions. They are introducing the fastest and most accurate OCT systems currently available. Companies are excited to introduce modern technology and refined product lines. Incorporating 3D technology in optical coherence tomography is a significant leap forward in the market.

For instance, in March 2020, researchers from Nanyang Technological University (Singapore), Harvard Medical School (US), and the University of Alabama (US) worked together to develop a prototype device that can image tissues at resolutions as low as 1 micrometer (m) to detect tumors below the tissue surface. Thus, advanced technologies are anticipated to provide lucrative growth opportunities for optical coherence tomography market revenue during the forecast period.

The market is expected to grow as a result of continued innovation, the creation of cutting-edge technologies, and increased demand from more recent biomedical application domains such medicine administration, growing demand for early sickness diagnosis, and increase in incidences of eye disorders. With a tissue penetration measurement of a few hundred microns, optical coherence tomography frequently employs light in the near-infrared wavelength to examine deeper tissues present in the eyes, skin, and heart. 

THE SECTOR IS DEFINED BY increased R&D efforts, creating several original goods, and cutting-edge hybridization technologies. It is employed when more traditional medical imaging methods are ineffective. Devices used for body imaging, such as endoscopes, catheters, and surgical instruments, can contain OCT, a fiber optics-based technique.

OCT is a small, portable gadget. These variables are anticipated to fuel the optical coherence tomography market's CAGR over the years. OCT can identify several serious medical diseases, such as age-related macular degeneration, cancer of the prostate, non-melanoma skin cancer, and cardiovascular disease. Commercial OCT (optical coherence tomography) devices are employed in a wide range of applications, such as diagnostic imaging procedures in ophthalmology or optometry that can be used to generate precise images within the retina. 

They have recently been used in interventional cardiology to help with determining the presence of coronary artery disease and dermatology to help with diagnostics Ophthalmology is expected to have substantial growth in the future because of the rise in choroidal and retinal illnesses, which encourages ophthalmologists to use more products.

A further factor driving expansion is the growing significance and knowledge of early disease diagnosis and better treatment options using OCT equipment. Nevertheless, the industry's growth in the upcoming years may be hampered by a dearth of benign reimbursement policies and clinical evidence. The optical coherence tomography (OCT) emerging technique enables high-resolution cross-sectional imaging. As a result, it is projected that increased eye-related ailments will spur market growth. The optical coherence tomography industry is predicted to grow as a result of technological advancements in the industry, including product development and increased diagnostic accuracy, in addition to the aforementioned factors.

In May 2023, the Zenition 10 Philips Image Guided Therapy Mobile C-arm System 1000 was unveiled by Royal Philips (Philips). The Zenition 10, the most recent iteration within the Zenition mobile C-arm product line, has now become commercially accessible. It utilizes the flat panel detector technology of Philips to provide low-cost treatment with improved patient outcomes. 

The utilization and image quality of the transportable C-arm are both exceptional, which significantly enhances patient accessibility to routine surgical procedures and minimally invasive approaches. The primary objective of the Philips Zenition 10 is to enhance patient throughput by providing rapidity and effectiveness. Additionally, its adaptability allows it to be utilized in orthopaedics, trauma, and other surgical specialties, thereby increasing its utility.

GE Healthcare Technologies Inc. introduced a 3Dstent imaging tool at the EuroPCR conference in Paris in May 2023. The company asserts that the tool will offer a novel perspective on stent viewing, enabling clinicians to enhance their performance. Nevertheless, the company issued a warning that it is currently conducting verification on the method. This technique, which provides intraprocedural 3D and multi-slice stent images in addition to enhancing current technologies, is not without its limitations.

Johnson & Johnson Vision has declared August 2023 as the anticipated month of introduction for their Elita laser correction technology, which is designed to provide myopia (short-sightedness) with minimally invasive surgical intervention. With approval from the US Food and Drug Administration (FDA) and CE mark certification, the Elita Femtosecond Laser System is anticipated to be commercially available in the United States by the conclusion of this year. With or without astigmatism, the procedure permits minimally invasive Lasik (Laser-assisted in situ keratomileusis) myopia correction.

The Global Optical Coherence Tomography Market Industry is projected to experience substantial growth, with estimates indicating a rise from 1.54 USD Billion in 2024 to 3.38 USD Billion by 2035. This growth trajectory reflects a compound annual growth rate (CAGR) of 7.42% from 2025 to 2035. Such projections underscore the increasing demand for OCT technology in various medical applications, including ophthalmology and cardiology. The anticipated growth is driven by factors such as technological advancements, rising healthcare expenditure, and an increasing prevalence of eye disorders, positioning the market for significant expansion in the coming years.

The Global Optical Coherence Tomography Market Industry is experiencing rapid growth due to continuous technological advancements. Innovations in imaging techniques and the development of high-resolution OCT systems enhance diagnostic capabilities, enabling earlier detection of ocular diseases. For instance, swept-source OCT technology has emerged, offering deeper tissue penetration and improved imaging speed. These advancements not only improve patient outcomes but also drive market demand, as healthcare providers seek to adopt the latest technologies. The market is projected to reach 1.54 USD Billion in 2024, reflecting the increasing integration of advanced OCT systems in clinical practice.

The Global Optical Coherence Tomography Market Industry is also driven by growing awareness and education regarding eye health. Initiatives by healthcare organizations to educate the public about the importance of regular eye examinations are leading to increased demand for diagnostic tools like OCT. Campaigns aimed at highlighting the benefits of early detection of eye diseases are fostering a proactive approach to eye care. This heightened awareness is likely to result in more patients seeking OCT diagnostics, thereby contributing to the market's growth trajectory. As awareness continues to rise, the market is poised for sustained expansion.

The Global Optical Coherence Tomography Market Industry benefits from increased healthcare expenditure across various regions. Governments and private sectors are investing heavily in healthcare infrastructure, which includes the acquisition of advanced diagnostic equipment like OCT systems. For instance, countries in North America and Europe are leading in healthcare spending, which facilitates the adoption of innovative technologies. This trend is likely to enhance the availability of OCT devices in clinical settings, thereby expanding market reach. As healthcare budgets grow, the demand for effective diagnostic tools is expected to rise, further propelling the market forward.

The Global Optical Coherence Tomography Market Industry is positively impacted by regulatory support and approvals for OCT devices. Regulatory bodies are increasingly recognizing the importance of OCT technology in diagnosing and managing ocular diseases, leading to streamlined approval processes for new devices. This regulatory environment encourages innovation and the introduction of advanced OCT systems into the market. As manufacturers receive timely approvals, they can bring their products to market faster, enhancing competition and driving growth. The supportive regulatory landscape is expected to play a crucial role in the market's development in the coming years.

The Global Optical Coherence Tomography Market Industry is significantly influenced by the rising prevalence of eye disorders, including age-related macular degeneration and diabetic retinopathy. As the global population ages, the incidence of these conditions is expected to rise, necessitating advanced diagnostic tools like OCT. The World Health Organization indicates that by 2030, the number of people with vision impairment is projected to reach 2.7 billion. This growing patient population drives the demand for OCT systems, contributing to the market's anticipated growth to 3.38 USD Billion by 2035, with a CAGR of 7.42% from 2025 to 2035.

By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American Optical Coherence Tomography market accounted for USD 1.05 billion in 2022 and is expected to exhibit a significant CAGR growth during the study period. The region's growth is fueled by a growing senior population, increased approvals and R&D investments, a preference for adopting newer products in the United States, hospital expansion, and a well-established healthcare infrastructure. For example, Topcon Canada Inc (Canada) introduced 3D Maestro2, an optical coherence tomography system with an optical system ophthalmoscope feature, in November 2019. 

The rising incidence of diabetic retinopathy and many wealthy vendors in the American region make this region the most lucrative market for optical coherence tomography. The high share of the North American market for optical coherence tomography has also been aided by beneficial medical insurance programs that assist patients in paying for their optical coherence tomography treatments.

Further, the major countries studied in the market report are the U.S., Germany, Canada, the UK, Italy, Spain, Japan, France, China, Australia, India, South Korea, and Brazil.

Figure 3:  OPTICAL COHERENCE TOMOGRAPHY MARKET SHARE BY REGION 2022 (%)

Source: Secondary Research, Primary Research, Market Research Future Database, and Analyst Review

The European optical coherence tomography market accounts for the second-largest market share, owing to increased awareness about the early detection of glaucoma and other diseases associated with ocular eye pressure and market adoption of new products. For example, according to the Prevalence & Incidence of Diabetic Retinopathy (DR) in the U.K. Population of Gloucestershire, in May 2021, 35,873 adults with diabetes underwent at least one diabetic retinopathy examination. In Europe, optical coherence tomography has proven helpful in various medical fields, especially ophthalmology. 

Moreover, increasing awareness about the early detection of glaucoma and other diseases associated with ocular eye pressure and market adoption of new products contribute to the European market growth. Further, the German market of optical coherence tomography held the largest market share, and the UK market of optical coherence tomography was the fastest-growing market in the European region.

The Asia-Pacific Optical Coherence Tomography Market is expected to grow at the fastest CAGR from 2024 to 2032. The rapid regional growth can be attributed to several factors, including an increase in the prevalence of chronic diseases, increased adoption of advanced technologies, a large senior population pool, increased reimbursement for surgical procedures, and a strong preference for minimally invasive procedures over traditional methods. 

Besides, rising awareness about eye disorders is expected to drive the Asia Pacific optical coherence tomography industry growth throughout the forecast period. Moreover, China’s market of optical coherence tomography held the largest market share, and the Indian market of optical coherence tomography was the fastest-growing market in the Asia-Pacific region.

Major market players are continuously investing in research and development to diversify the application of OCT for multiple neoplastic and inflammation skin problems. They are introducing highly developed OCT systems that operate at the fastest possible rates. Some key market development initiatives adopted by players include strategic collaborations with local distribution companies and region-based category variations.

Moreover, leading suppliers in the optical coherence tomography industry are concentrating on creating advanced pharmaceuticals using cutting-edge technology. The optical coherence tomography markets major players such as Alcon, Abbott Laboratories (US), Topcon Corporation, NIDEK Co. Ltd, and others are heavily investing in R&D activities to develop and launch new products to serve the industry demand.

Abbott Laboratories is a multinational American medical device and healthcare company headquartered in Abbott Park, Illinois. Abbott declared the first optical coherence tomography interactive virtual product for cardiologists in 2020.

Also, Michelson Diagnostics Ltd (UK) is a company that develops and sells optical imaging technology. The company provides non-invasive monitoring and  prognosis of diseases and conditions affecting the body's cutaneous and epithelial linings. Michelson Diagnostics has a geographic presence. Michelson Diagnostics Ltd released VivoTools, an advanced software suite for analyzing VivoSight Dx Optical Coherence Tomography (OCT) images, in August 2020.