The Global Optical Coherence Tomography Industry is experiencing a significant boom, reaching a market size of US$1.31 billion by 2023 according to a recent market analysis. This impressive growth trajectory is expected to continue, with the OCT market projected to skyrocket to a staggering US$3.25 billion by 2033. This translates to a robust Compound Annual Growth Rate (CAGR) of 9.5%, highlighting the growing adoption of this innovative medical imaging technology.
The burgeoning demand for non-invasive diagnostic methods in the medical field is a primary driver behind this remarkable growth. Optical coherence tomography’s ability to provide precise, high-resolution images without invasive procedures is garnering increasing favor among both patients and medical professionals. This rise in adoption is further fueled by OCT’s expanding applications in fields such as dermatology, cardiology, and ophthalmology.
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Development of advanced OCT imaging systems coupled with increasing government & private organizations initiatives for eye care programs across the globe are propelling the adoption of OCT imaging systems.
Growing awareness and increasing innovation for the advanced OCT devices for the treatment of skin cancer and eye diseases have urged manufacturers to incorporate real-time data for better outcomes, expanding their existing product ranges.
Based on the aforementioned factors, the OCT market is slated to expand at a robust pace of over 6.7% CAGR during the assessment period of 2021 and 2031.
Key Takeaways from FMI’s Global Optical Coherence Tomography Industry Study
- Hospitals are anticipated to emerge as primary end users of the optical coherence tomography industry, accounting for the leading market share
- Preference for spectral domain-OCT will be higher as compared to swept source-OCT over the forecast period
- Increasing application of OCT in ophthalmology is expected to drive sales through 2031
- Germany and the U.K. will lead Europe’s optical coherence tomography industry on the back of rising cases of eye disorders across the region
- Japan is anticipated to emerge as a lucrative market backed by the rising development of advanced OCT imaging systems within the healthcare sector
- China is anticipated to lead the East Asia market during the forecast period, accounting for over 4.6% of market sales
- The U.S. is estimated to be the largest market for the optical coherence tomography industry attributed to be growing prevalence of eye-related disorders
“Key players are increasing research and development activities for the development of advanced OCT imaging system for the early detection & treatment of eye-related disorders. This, in turn, is likely to omprovegrowth opportunities for the market players over the coming years,” says the FMI analyst.
Global Optical Coherence Tomography Industry Competitive Landscape
Future Market Insights, in its updated report, has profiled prominent players operating in the optical coherence tomography industry which include Leica Microsystems, Optovue Inc., Carl Zeiss Meditec AG, Santec Corporation, Heidelberg Engineering GmbH, Optopol Technology SP Z.O.O., Topcon Corporation, Michelson Diagnostic Ltd., Tomophase Inc., Moptim Imaging Technique, NIDEK Co. Ltd., and Sonostar Technologies Co. Ltd among others.
Optical coherence tomography systems manufacturers are actively focusing on expanding their product portfolios to improve their revenue generation.
The incorporation of advanced technology combined with the upgradation of its existing range of products is also one of the core strategies of market players to maintain their position in the industry.
The global optical coherence tomography industry is dominated by top tier-1 market players that include Leica Microsystem (Sub. Danaher), Optovue Inc., and Zeiss Group (Carl Zeiss Meditec AG).
Targeted mergers and collaborations with top distribution channel partners are anticipated to be the key strategy to maintain their top position in the industry. Around 20% to 25% of global market revenue is contributed by the tier-1 players over the forecast period.
New product launches with the expansion of their existing product range are one of the common market strategies for the key players. For instance:
In March 2021, Premier Medical Imaging AI Inc., a medical technology company focusing on transforming cancer surgery with ultra-high resolution, announced the 510 (k) clearance for its Perimeter’s Optical Coherence Tomography imaging system (v2.1) from the U.S. Food & Drug Administration (FDA), designed to examine tissue microstructures during surgical procedures.
In January 2021, Notal Vision announced the launch of its first ‘US Home-Based’ optical coherence tomography platform which was patient-self-operated.
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More Insights on the Global Optical Coherence Tomography Industry
Future Market Insights, in its latest report, offers an incisive coverage of the global optical coherence tomography market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. To understand the global market potential, its growth, and scope, the market is classified based on product type (spectral domain-OCT, swept source-OCT, and others), application type (ophthalmology, dermatology, cardiovascular, dental, and others), and end-user (hospitals, ophthalmology clinics, dermatology clinics, dental clinics, ambulatory surgical centers, and others) across seven major regions (North America, Latin America, Eastern Europe, Asia Pacific excluding Japan, Western Europe, Japan and Middle East & Africa)
Global Optical Coherence Tomography Industry by Category
By Product Type:
- Spectral Domain-OCT
- Swept Source-OCT
- Others
By End User:
- Hospitals
- Ophthalmology Clinics
- Dermatology Clinics
- Dental Clinics
- Ambulatory Surgical Centers
- Others
By Application:
- Ophthalmology
- Dermatology
- Cardiovascular
- Dental
- Others
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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