Optical Coherence Tomography Market Research Report Forecast to 2027

Optical Coherence Tomography Market Growth Analysis, Application And Share by Technology (Sd-Oct, Swept-Source Oct), Application (Cardiology, Ophthalmology, Dermatology, Others) and Type Of Devices (Handheld, Tabletop, Catheter-Based Oct Devices) - Forecast till 2030

ID: MRFR/MED/0820-CR | February 2021 | Region: Global | 85 Pages         

Optical Coherence Tomography Market

Optical Coherence Tomography Market to reach USD 15.50 Billion by 2030 at 15.5% CAGR

Segmentation

By Technology Sd Oct Swept Source Oct
By Application Cardiology Ophthalmology Dermatology
By Type Of Devices Handheld Tabletop Catheter Based Oct Devices

Key Players

  • 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

Drivers

  • Technical Innovations to Bolster OCT’s Medical Applications
  • Micro-Optical Coherence Tomography to Emerge as a Profitable Opportunity
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Optical Coherence Tomography Market Overview


Market Research Future (MRFR) expects the Optical Coherence Tomography Market to gain a valuation of USD 15.50 Billion by 2030 at 15.5% CAGR, in view of the rising burden of eye diseases worldwide and the surge in technological innovations.


COVID-19 Analysis


In response to the COVID-19 outbreak, medical and healthcare industries are boosting their efforts to revive operations and services. The optical coherence industry has been gearing up to address the challenges posed by the SARS-CoV-2 pandemic, which include revenue loss, economic downfall and weakened demand among end-users.


Optical coherence tomography manufacturers are striving to ramp up their production capacity, while exploring innovative methods to bolster their presence, such as collaborations with firms outside the sector, open-source designing of equipment, and deployment of skilled healthcare employees to cater to health needs. These initiatives by players in the face of the novel coronavirus and the lockdown can be favorable for the optical coherence tomography market in the near future.


Market Dynamics


Drivers


Technical Innovations to Bolster OCT’s Medical Applications


Various experts and healthcare professionals claim that the optical coherence tomography has not been exploited completely and has a considerable growth potential. As of now, efforts are being made to enhance the scanning speed, accuracy, resolution power and multimodal imaging. Lately, hybridization of angiography with OCT for development of OCT angiography devices has gained prevalence in the medical field, resulting in emergence of new cardiovascular applications. OCT is a cutting-edge technology that helps address several public health ailments like diabetic retinopathy, non-melanoma skin cancer, cardiovascular disease, age-related Macular Disease, prostate cancer, barett’s esophagus, to name a few. It is also projected to penetrate medical applications beyond ophthalmology, such as in the life sciences industry.


The rising need for non-invasive, label-free, in vivo imaging methods for diagnosing and monitoring various pathologies is fostering the demand for OCT. This demand is especially strong in developing nations like such as China and India. The latest optical coherence tomography market trends observed include the increased focus of players on developing low-cost, portable and compact OCT systems with basic applications including dentistry, dermatology and more.


Opportunities


Micro-Optical Coherence Tomography to Emerge as a Profitable Opportunity


Mounting popularity of micro optical coherence tomography could be a huge opportunity in the years to come, with miniaturization and improvements in device designing currently being the key focus areas. Market participants are concentrating on conducting researches to develop “OCT in a chip” that is anticipated to go commercial in the next couple of years, depending on regulatory compliance as well as approval procedures. As of now, micro-optical coherence tomography is one of the prominent optical coherence tomography market trends picking up pace in the global industry.


Restraints


Unfavorable Medical Reimbursement Schemes to Restrain Growth


Lack of favorable medical reimbursement schemes along with limited clinical data are top deterrents in the optical coherence tomography market.


Challenges


Dearth of Skilled Medical Professionals to be a Huge Challenge


Shortage of effective equipment and dearth of skilled medical professionals that can use devices related to optical coherence tomography can prove to be massive challenges for the top companies in the global optical coherence tomography market.


Cumulative Growth Analysis


The Market Size to Soar at a Strong Rate


MRFR believes that the optical coherence tomography market size can expand at a rate of 8.9% over the appraisal period.


Segment Overview


SD-OCT to Command the Global Market


Depending on technology, the optical coherence tomography market can be categorized into swept-source OCT, spectral-domain OCT (SD-OCT), and others. Spectral domain optical coherence tomography (SD-OCT) is on track to achieve the biggest share of 60.1% over the given period, while swept-source OCT segment can grow at the fastest pace of 9.1% during the same period.


Ophthalmology Segment to be the Top Application


OCT’s top applications are oncology, cardiology, dermatology, ophthalmology and more. The ophthalmology segment can most likely take the commanding position with the highest share of 53.6% in the market, while the dermatology segment could procure the fastest growth rate of 9.3% during the forecast period.


Handheld OCT Devices to Witness Strong Demand


The primary types of devices considered in the MRFR report include tabletop OCT devices, catheter-based OCT devices, handheld OCT devices, and others. Over the years, there have been major advances in handheld OCT devices, allowing high-resolution retinal imaging in young children and infants and also helping physicians in the early detection of several retinal disorders, such as diabetic retinopathy, macular degeneration and glaucoma. As a result, it is expected that the handheld OCT devices segment can make significant progress in the years ahead.


Regional Analysis


America to Grab Lion’s Share in the Global Market


The Americas can touch USD 558.34 million by 2023 and is currently the most profitable market for optical coherence tomography, profiting majorly from the rising prevalence of diabetic retinopathy, coupled with the huge number of affluent vendors present in the region. Increased use of OCT macular degeneration, glaucoma and conditions related to retina such as vitreous traction and central serous retinopathy in the region also benefits the regional market. Retinal optical coherence tomography and optical coherence tomography cardiology have emerged as highly lucrative segments in the American market over the past few years, owing to the surge in various eye and heart related disorders in the region. Also, favorable medical insurance schemes that help patients cover the optical coherence tomography cost, in terms of treatment, have bolstered the optical coherence tomography market size as well.


Asia Pacific to Clinch the Fastest CAGR during the forecast period


Asia Pacific is the fastest emerging market and could procure a CAGR of 9.4% during the foecast period, in view of the expanding obesity population base, rising stress, and prevalence of unhealthy lifestyle among people. These factors are resulting in higher cases of diabetes and other chronic ailments in the region, which fosters the demand for optical coherence tomography technology. The government funds new advanced technologies and promote innovative treatment options, prompting a surge in research and development activities for the same. India and China are home to a number of reputed companies that cater to the vast patient pool suffering from diabetes and a burgeoning aging population.


Competitive Landscape


Rigorous R&D Activities to be the Top Favored Strategy among Firms


The optical coherence tomography market observes rigorous R&D efforts, the introduction of various innovative products as well as innovative hybridized technology, as players are doing everything in their capacity to bolster their positions.


Novacam Technologies Inc. is one of the leading optical coherence tomography companies, which develops and produces high-precision advanced 3D metrology systems for applications bio-medicine and more. The company’s products are based on low-coherence interferometry and have non-contact fiber-based scanning probes. Novacam is proactively seeking new ways to bolster its market position, by partnering with OEMs and system integrators that want to incorporate the vendor’s innovative LCI-based components into standard assemblies for vertical industries.


List of Key Companies Covered in this Report



  • 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

  • OPTOPOL Technology S.A

  • Heidelberg Engineering GmbH

  • Optovue

  • Michelson Diagnostics

  • Thorlabs Inc.

  • Agfa Healthcare

  • Imalux Corporation


Recent Developments



  • November 2020 – A researchers’ team from the Severance Hospital (US) has created a machine learning-backed fractional flow reserve prediction technology that makes extensive use of optical coherence tomography images as well as patient biometric information. This technology helps in the treatment of patients that undergo coronary intervention surgery and can be a huge hit in the intravascular optical coherence tomography OCT imaging systems market over the coming years.



  • December 2020 – RetinAI Medical AG has collaborated with Novartis Pharma AG, which entails RetinAI’s artificial intelligence tools to be deployed for supporting various projects in ophthalmology as well as digital health. The agreement backs a multi-center clinical study that focuses on examining the effects of optical coherence tomography image with the use of Artificial Intelligence (AI) on the review of the disease activity. The study is expected to catapult Novartis’ position in the optical coherence tomography for ophthalmology market.


Report Overview


Segmentation Table


Global Optical Coherence Tomography Market By Technology



  • Spectral-Domain OCT (SD-OCT)

  • Swept-Source OCT


Global Optical Coherence Tomography Market By Application



  • Cardiology

  • Ophthalmology

  • Dermatology

  • Oncology


Global Optical Coherence Tomography Market By Type of Devices



  • Handheld OCT Devices

  • Table Top OCT Devices

  • Catheter Based OCT Devices



Report Scope:

Report Attribute/Metric Details
  Market Size   USD 15.50 Billion
  CAGR   15.5% CAGR
  Base Year   2021
  Forecast Period   2022-2030
  Historical Data   2020
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Technology, Application, Type Of Devices
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   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, OPTOPOL Technology S.A, Heidelberg Engineering GmbH, Optovue, Michelson Diagnostics, Thorlabs Inc., Agfa Healthcare, Imalux Corporation
  Key Market Opportunities   Micro-Optical Coherence Tomography to Emerge as a Profitable Opportunity
  Key Market Drivers   Technical Innovations to Bolster OCT’s Medical Applications


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Frequently Asked Questions (FAQ) :

Optical Coherence Tomography Market is projected to reach USD 15.50 Billion by 2030 at 15.5% CAGR.

Rising prevalence of eye disease is adding market growth.

It finds wide application in dermatology, ophthalmology, and cardiology.

The Americas is expected to lead the Optical Coherence Tomography Market.