Optical coherence tomography market worth $15.50 billion

New York, U.S., May 26, 2022 (GLOBE NEWSWIRE) — Optical Coherence Tomography Market Overview

According to a comprehensive research report by Market Research Future (MRFR), “Optical coherence tomography market Insights by Technology, Application, Device Type and Region – Forecast to 2030the market will achieve a strong valuation of USD 15.50 billion by 2030 at a CAGR of 15.5%.

Optical Coherence Tomography Market Synopsis

Optical coherence tomography is an advanced imaging technique that uses low coherence light to capture micrometer resolution. This particular technique is widely used in dermatology, cardiology, ophthalmology and others, where it is used for endoscopy and tissue imaging.

With the increase in the aging of the population along with technological advantages including the ability to visualize in-depth and detailed structure of mucous membranes, eyes, vasculature, and surface tissues, market demand will register a rise in coming years. Optical coherence tomography also helps with many health issues including cardiovascular disease, non-melanoma skin cancer, prostate cancer, and age-related macular disease, as all of these conditions require label-free in vivo imaging and a non-invasive technique for monitoring and diagnosis.

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Report Scope:

Report attribute Details
Market size $15.50 billion
CAGR 15.5%
base year 2021
Forecast period 2022-2030
Historical data 2020
Forecast units Value (USD billion)
Report cover Revenue forecasts, competitive landscape, growth factors and trends
Segments Covered By technology, application, device type
Geographical areas covered North America, Europe, Asia-Pacific and Rest of the World (RoW)
Key Market Drivers Micro-optical coherence tomography will become a profitable opportunity
Technical innovations to strengthen the medical applications of OCT

Competitive Landscape of Optical Coherence Tomography Market:

Key players in the Optical Coherence Tomography market are

  • Imalux Corporation
  • Michelson Diagnosis
  • Terumo Company
  • KONINKLIJKE PHILIPS NV
  • Alcon
  • Abbott Laboratories
  • Carl Zeiss AG
  • Topcon Corporation
  • NIDEK Co.Ltd
  • Braun Melsungen AG
  • Boston Scientific Society
  • Heidelberg Engineering GmbH
  • Optoview
  • Novacam Technologies Inc.
  • OPTOPOL Technology SA
  • Agfa Health
  • Thorlabs Inc.

USP Optical Coherence Tomography Market Covered:

Market factors:

Optical coherence tomography/OCT is an ever-evolving technology that is used for high-resolution cross-sectional imaging. Optical coherence tomography is an advanced, non-invasive imaging technique that allows an optical biopsy to be performed. It has uses in areas where conventional imaging techniques are of no help. OCT works on the basis of optical fiber and is integrated with the help of instruments such as catheters, endoscopes, laparoscopes and surgical probes, which allow imaging of the body. Apart from that, OCT is a compact and portable device, which further enhances its demand among medical professionals.

Soaring cases of eye disorders will fuel the growth of the optical coherence tomography market in the coming years. The World Health Organization (WHO) reveals that approximately 3.4 billion people in 2019 were affected by vision loss due to untreated conditions, including refractive errors, cataracts, glaucoma, corneal opacities, diabetic retinopathy, as well as trachoma.

The skyrocketing preference and use of micro-optical coherence tomography will be a huge opportunity for players in the coming years, with miniaturization and advances in device design becoming major areas of interest. interest. Industry players are currently focusing on carrying out extensive research activities for the development of the soon to be commercialized “OCT in a chip” subject to approval procedures as well as regulatory compliance. However, for now, micro-optical coherence tomography technology remains one of the major trends in the market.

Constraints of Optical Coherence Tomography Market:

Lack of a favorable medical reimbursement framework and limited clinical data are the major hurdles in the global optical coherence tomography market.

In addition, scarcity of effective equipment and scarcity of trained and qualified professionals who know how to operate the devices associated with Optical Coherence Tomography can also be a big challenge for companies in the global market.

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COVID-19 Analysis of Optical Coherence Tomography Market

To reduce the number of infected people, the demand for various medical supplies has increased. Respiratory support devices, such as atomizers, monitors, and oxygen generators, are among the most widely deployed medical devices in primary clinical treatment.

The COVID-19 outbreak has negatively impacted the optical coherence tomography market as the healthcare industry is now focusing on treating affected patients and fighting the spread of the pandemic. Consequently, patients affected by other diseases remain largely untreated.

Additionally, production was halted due to the upsurge in COVID-19 cases. However, accelerating instances of non-melanoma skin cancer, diabetic retinopathy, and cardiovascular disease will ensure sustained market growth in the coming years.

Segmentation of the optical coherence tomography market

By technology

The different technology-based segments highlighted in the MRFR study include Spectral Domain OCT (SD-OCT), Swept Source OCT, and others. Spectral Domain Optical Coherence Tomography or SD-OCT will occupy the highest share of approximately 60.1% in the global market, while the swept-source OCT segment can be expected to flourish at the fastest rate. 9.1% over the forecast period.

By app

The main applications of OCT are dermatology, oncology, ophthalmic cardiology, etc. The ophthalmology section is likely to secure the dominant position with the largest share of 53.6% in the coming years. On the other hand, the dermatology segment may yield the fastest CAGR of 9.3% during the forecast period.

By device type

The main types of devices are portable OCT devices, catheter-based OCT devices, table-top OCT devices and others. Over the years, significant innovations in wearable OCT devices have taken place, enabling high resolution retinal imaging in infants as well as young children. These innovations also help physicians detect retinal disorders early, including macular degeneration, glaucoma and diabetic retinopathy. Therefore, MRFR predicts that the wearable OCT device segment will make the greatest progress during the review period.

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Regional Overviews of Optical Coherence Tomography Market

The US market will touch $558.34 million during the forecast period and is currently the best performer of all regions. The Americas stand to benefit from the growing burden of diabetic retinopathy coupled with the massive number of prominent companies based in the region. The increased use of OCT for macular degeneration and glaucoma as well as retinal related conditions including vitreous traction as well as central serous retinopathy will also have a favorable impact on the regional market. Optical coherence tomography cardiology and retinal optical coherence tomography are the most lucrative segments in the region, due to the dramatic increase in various eye and heart disorders.

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Asia-Pacific will prosper at the fastest rate of 9.4% over the forecast period, thanks to the booming obese population, rising stress and the prominence of an unhealthy lifestyle among the people. These factors have increased the instances of diabetes and various chronic diseases, thus driving the demand for optical coherence tomography technology.

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