Optical Coherence Tomography Market Research Report—Global Forecast till 2030

Optical Coherence Tomography Market Research Report Information By Technology (Sd-Oct and Swept-Source Oct), By Application (Cardiology, Ophthalmology, and Dermatology), By Type of Devices (Handheld, Tabletop, and Catheter-Based Oct Devices), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) – Market Forecast Till 2030

ID: MRFR/HC/0820-CR | 115 Pages | Author: Rahul Gotadki | December 2022         

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Global Optical Coherence Tomography Market Overview


The optical coherence tomography market size was valued at USD 2.3 billion in 2022 and is projected to grow from USD 2.64 Billion in 2023 to USD 6.23 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 15.1% during the forecast period (2023 - 2030). Consistent development and innovation of newer technologies, growing demands for latest generation biomedical applications like drug delivery, increased demand for early disease diagnosis, and rise in prevalence of eye disorders are the major market drivers enhancing market growth of optical coherence tomography.
Optical Coherence Tomography Market Overview
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


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 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.


Optical Coherence Tomography Market Trends



  • 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.


Optical Coherence Tomography Market Segment Insights


Optical Coherence Tomography Technology Insights


Based on technology, the market segments of optical coherence tomography includes Sd-Oct and Swept-Source Oct. The Sd-Oct segment held the majority share in 2022, contributing around ~65-67% to the market revenue of optical coherence tomography. Sd-Oct is an interferometric technology capable of providing depth-resolved tissue data structures encrypted in the scale and deferral of backscattered light by analyzing the spectrum of the sequence of the interference fringe. Moreover, unlike time domain (TD) OCT, Sd-Oct technology enables ultra-high-speed optical coherence tomographic imaging. Sd-Oct is essential in biomedical imaging applications due to its high operational speed and excellent sensitivity. The Spectral Domain OCT utilizes interferometric signals as an imaging aid, which increases imaging speed by up to 50 times, allowing for a more significant number of images per unit surface area and increasing industry penetration during the forecast years.


Optical Coherence Tomography Application Insights


Based on application, the optical coherence tomography market segmentation includes cardiology, ophthalmology, and dermatology. The ophthalmology segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period, 2022-2030. Ophthalmology is expected to increase as the incidence of choroidal and retinal disorders rises, leading to increased use of optical coherence tomography imaging and diagnostic devices by ophthalmologists. Moreover, the growing importance and awareness of early disease detection and better treatment options with OCT devices will contribute to market growth in the upcoming years. Furthermore, ophthalmology is the most critical application of OCT devices and is expected to have the highest market revenue share over the study period.


Optical Coherence Tomography Type of Devices Insights


The optical coherence tomography market data has been bifurcated by type of devices into handheld, tabletop, and catheter-based Oct devices. The handheld segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period 2022-2030. Handheld OCT devices use Microelectromechanical Systems (MEMS) and 3D imaging to assist in the early detection of various eye disorders, including macular degeneration, diabetic retinopathy, and glaucoma. Therefore, the management of bedside monitoring will be enhanced by portable OCT devices in the coming years. As a result, this segment's profitable growth can be attributed to increased demands for pharmacokinetic services to help with toxicology tests for IND-enabling studies.
Figure 2:  Optical Coherence Tomography Market, by Type of Devices, 2022 & 2030 (USD Billion)
Optical Coherence Tomography Market, by Type of Devices, 2022 & 2030
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


Further, the catheter-based OCT devices type segment is expected to grow at the fastest rate in the optical coherence tomography industry during the forecast period due to their widespread use in ophthalmology, dermatology, gastrointestinal endoscopy, and cardiology; the capacity to image dynamic flow parameters such as pulsatility; and the reduced processing time.


News:
A prospective study found that using artificial intelligence, evaluation of retinal pictures, and related data revealed condition-specific characteristics that set patients with moderate cognitive impairment apart from those with adequate cognition. The analytic model, which was used to assess optical coherence tomography (OCT) and OCT angiography (OCTA), discovered abnormalities in the retina and microcirculation that, with 79% sensitivity and 83% specificity, separated moderate cognitive impairment from normal cognition. Intraclass correlation coefficients (ICC) analysis, which reflects measurement reliability, was used to compare matched images, and the results often produced values that ranged from moderate to good, with some measures producing exceptional results. The findings expand on prior research demonstrating strong reproducibility of OCT and OCTA analyses for traits that separate Alzheimer's disease from healthy cognition.

Optical Coherence Tomography Regional Insights


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 (%)
OPTICAL COHERENCE TOMOGRAPHY MARKET SHARE BY REGION 2022
Source: Secondary Research, Primary Research, MRFR 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 2022 to 2030. 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.


Optical Coherence Tomography Key Market Players & Competitive Insights


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.


Key Companies in the optical coherence tomography market include



  • 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


Optical Coherence Tomography Industry Developments


October 2023: Researchers at the University of California, San Francisco develop a new AI-powered algorithm that can use OCT images to detect glaucoma at an early stage.

September 2023: The FDA approves a new OCT system from Topcon Corporation for use in diagnosing and monitoring patients with age-related macular degeneration (AMD).

August 2023: Zeiss Meditec AG launches a new OCT system that is specifically designed for use in pediatric ophthalmology.

July 2023: Optovue Inc. announces a partnership with Google to develop new AI-powered OCT applications.

June 2023: Heidelberg Engineering GmbH launches a new OCT system that is designed for use in ophthalmic surgery.


Optical Coherence Tomography Market Segmentation


Optical Coherence Tomography Technology Outlook



  • Sd-Oct

  • Swept-Source Oct


Optical Coherence Tomography Application Outlook



  • Cardiology

  • Ophthalmology

  • Dermatology


Optical Coherence Tomography Type of Devices Outlook



  • Handheld

  • Tabletop

  • Catheter-Based Oct Devices


Optical Coherence Tomography Regional Outlook




  • North America



    • US

    • Canada




  • Europe



    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe




  • Asia-Pacific



    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia




  • Rest of Asia-Pacific




    • Rest of the World




    • Middle East




    • Africa




    • Latin America





Report Scope:

Report Attribute/Metric Details
Market Size 2022 USD 2.3 billion
Market Size 2023 USD 2.64 billion
Market Size 2030 USD 6.23 billion
Compound Annual Growth Rate (CAGR) 15.1% (2023-2030)
Base Year 2022
Market Forecast Period 2023-2030
Historical Data 2018 - 2021
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Technology, Application, Type of Devices, and Region
Geographies Covered Europe, North America, Asia Pacific, and the Rest of the World
Countries Covered The U.S, Germany, Canada, the UK, Italy, France, Spain, Japan, China, Australia, India, South Korea, and Brazil
Key Companies Profiled 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
Key Market Opportunities Rising R&D activities to improve optical coherence tomography diagnostic capabilities Growing applications of optical coherence tomography in dermatology
Key Market Dynamics Increased demand for optical coherence tomography in drug delivery




Frequently Asked Questions (FAQ) :

The optical coherence tomography market size was valued at USD 2.3 Billion in 2022.

The market is projected to grow at a CAGR of 15.1% during the forecast period, 2022-2030.

The key players in the market are Carl Zeiss AG, Alcon, Abbott Laboratories, Terumo Corporation, Koninklijke Philips N.V., Braun Melsungen AG, Boston Scientific Corporation, Topcon Corporation, NIDEK Co. Ltd, and Novacam Technologies Inc.

The handheld category dominated the market in 2022.

Key Questions Answered

  • Global Market Outlook
  • In-depth analysis of global and regional trends
  • Analyze and identify the major players in the market, their market share, key developments, etc.
  • To understand the capability of the major players based on products offered, financials, and strategies.
  • Identify disrupting products, companies, and trends.
  • To identify opportunities in the market.
  • Analyze the key challenges in the market.
  • Analyze the regional penetration of players, products, and services in the market.
  • Comparison of major players’ financial performance.
  • Evaluate strategies adopted by major players.
  • Recommendations
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