Market Insights
The non-invasive nature of optical coherence tomography (OCT) and its ability to generate a false-color depiction of tissue structure has made the global market for OCT highly lucrative. OCT is comparable to ultrasound imaging, with the principal difference that the technology uses light instead of sound. Research development of the technology has led to efficient, fast and accurate OCT devices which have branched out from ophthalmology to include medical applications in dermatology, and cardiology among others, thus facilitating growth. The optical coherence tomography market share was valued at USD 2.3 billion in 2022 and is projected to grow from USD 2.64 Billion in 2023 to USD 6.14 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 15.06% during the forecast period (2023 - 2030).
Prevalence of eye diseases and the rising occurrence of cardiac conditions have motivated market growth. Rising demand for OCT has led to RD for technological advancements which in turn is expected to increase market growth further. Presently, although there are many applications for OCT devices, they are primarily used in ophthalmology, this indicates unrealized potential yet to be explored which will likely push demand for this technology in the coming years.
High costs associated with portable optical coherence tomography may hamper growth. However, increasing use in various applications, supportive government regulations and favorable reimbursements are likely to mitigate this challenge to a great extent.
Regional Analysis
The Americas hold the largest share with nearly 37% of the global market share. Increasing occurrence of diabetic retinopathy and other eye diseases is one of the key factors driving the growth of the market. Moreover, there is a strong presence of market leaders. MRFR as predicted that region will reach an evaluation of approximately USD 558.34 million by 2023.
Europe follows the Americas lead and is expected to maintain a strong second lead due to supportive government policies and research development carried out by private players is the primary propeller for the growth of the OCT market over the forecast period. The region is expected to closely follow the growth pattern of the Americas.
The Asia-Pacific region, is predicted to be the fastest growing region with a CAGR of 9.4% during the forecast period. A massive patient population in the region with a rising incidence of eye diseases and diabetic retinopathy is expected to fuel rapid growth for the region. International market leaders are trying to enter this region, and this is likely to facilitate growth in the coming years further.
The Middle East Africa are expected to experience limited growth. This is primarily due to the passive development in the African continent.
Market Segmentation
The optical coherence tomography market outlook has been segmented by technology, application, type of devices and region.
By technology, the market has been segmented into spectral-domain OCT (SD-OCT), swept-source OCT, and others. The SD-OCT segment is predicted to dominate with approximately 60% share of the total market during the forecast period. Meanwhile, swept-source OCT is the fastest growing segmented and is expected to grow at CAGR of 9.1% during the review period.
By application, the market has been segmented into cardiology, ophthalmology, dermatology, oncology, and others. Ophthalmology has the most significant segment with over 53% of the market share. However, dermatology is the fastest growing application segment and is expected to grow at a considerable 9.3% CAGR during the forecast period.
By type of devices, the market has been segmented into handheld OCT devices, tabletop OCT devices, catheter-based OCT devices, and others.
By region, the market has been segmented into the Americas, Europe, Asia Pacific and the Middle East and Africa.
Key Players
Market leaders have been featured in the report to provide a comprehensive understanding of the competitive landscape. Prominent players included in the report are Imalux Corporation, Optovue, Michelson Diagnostics, Carl Zeiss AG, Alcon, Abbott Laboratories, Terumo Corporation, KONINKLIJKE PHILIPS N.V, B. Braun Melsungen AG, Boston Scientific Corporation, OPTOPOL Technology S.A, Heidelberg Engineering GmbH, Topcon Corporation, NIDEK Co., Ltd, Novacam Technologies Inc, Thorlabs Inc., and Agfa Healthcare
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