Optical Coherence Tomography Market to Grow with a CAGR of 7.25% Globally through 2028
Increasing prevalence of eye diseases and expanding research
and development initiatives are factors driving the Global Optical Coherence
Tomography Market in the forecast period 2024-2028.
According to TechSci Research report, “Optical
Coherence Tomography Market – Global Industry Size, Share,
Trends, Competition Forecast & Opportunities, 2028”, the Global Optical
Coherence Tomography Market stood at USD 1.52 billion in 2022 and is
anticipated to grow with a CAGR of 7.25% in the forecast period, 2024-2028. The Global Optical Coherence Tomography (OCT) market has been on a
remarkable growth trajectory in recent years, and this trend is expected to
continue in the foreseeable future. Optical Coherence Tomography, a
non-invasive imaging technology, has gained significant traction in various
medical applications, especially in ophthalmology and cardiology. One of the
primary drivers for the growth of the Global OCT market is the rising
prevalence of eye diseases, such as glaucoma, age-related macular degeneration,
and diabetic retinopathy. As the global population ages and the incidence of
diabetes continues to increase, the demand for early diagnosis and effective management
of these eye conditions has surged. OCT technology has proven to be invaluable
for the high-resolution imaging of ocular tissues, enabling early disease
detection and monitoring. This has led to the increasing adoption of OCT
devices in ophthalmology, boosting market growth.
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The OCT technology has evolved
significantly in recent years, with continuous advancements in imaging quality,
speed, and versatility. The development of spectral domain OCT (SD-OCT) and
swept-source OCT (SS-OCT) has enhanced image resolution and reduced examination
times, making OCT more efficient and accessible. Additionally, the integration
of OCT with other imaging modalities, such as OCT angiography and adaptive
optics, has expanded its capabilities, leading to increased adoption in various
medical fields. OCT's applications have extended beyond
ophthalmology to cardiology, where it plays a vital role in intravascular
imaging. In the field of interventional cardiology, OCT is used for the
assessment of coronary artery diseases and stent deployment. With a higher
resolution than traditional angiography, OCT provides detailed insights into
vessel pathology, plaque morphology, and stent apposition. The increasing
prevalence of heart diseases, coupled with the need for precise diagnosis and
treatment, has boosted the demand for OCT devices in the cardiology sector.
The OCT market has benefited from
substantial investments in research and development. Academic institutions,
medical device companies, and government agencies are actively involved in
research to enhance OCT technology and explore new applications. These
initiatives lead to the development of cutting-edge OCT systems, driving market
growth. In addition, research collaborations and partnerships facilitate
knowledge exchange and the development of innovative solutions.
The Global Optical Coherence Tomography Market is
segmented into type, technology, application and company.
Based on type, the Handheld OCT Devices segment has
emerged as the predominant market leader. The demand for handheld OCT devices is steadily
rising. Medical professionals are keen on integrating OCT into their practice
due to the convenience and mobility offered by these devices. This growing
demand is a strong indicator of their market dominance. Handheld OCT device
manufacturers have been able to capture a substantial portion of the market
share. This has led to increased competition, fostering innovation and driving
down the cost of these devices, making them more affordable and accessible.
Based on region, North America segment is expected to
grow during the forecast period. The prevalence of diseases that can
be diagnosed and managed using OCT technology is on the rise in North America.
For instance, in ophthalmology, conditions like age-related macular
degeneration (AMD) and glaucoma are becoming increasingly common, creating a
significant demand for OCT devices. Additionally, OCT's applications in
cardiology for assessing coronary artery diseases and in dermatology for skin
cancer diagnosis have led to an increased adoption of this technology. North America
has been a hub for OCT-related research and development initiatives. Public and
private organizations invest heavily in advancing OCT technology, which, in
turn, has led to a wide range of innovative applications. These initiatives not
only improve the quality of patient care but also help the OCT market grow by
expanding its areas of application.
The Asia Pacific region is experiencing rapid market
growth. Collaborations and partnerships between academic institutions, medical
centers, and industry players have driven innovation in the OCT field. These
partnerships have facilitated the exchange of knowledge and resources,
resulting in the development of cutting-edge OCT technology. The collective
efforts of academia and industry have played a crucial role in North America's
leadership in the global OCT market.
Major companies operating in Global Optical
Coherence Tomography Market are:
- Agfa - Gevaert Group
- Carl Zeiss Meditec AG
- Heidelberg Engineering GmbH
- Imalux Corp.
- Michelson Diagnostics
- Novacam Technologies, Inc.
- OPTOPOL Technology S.A.
- Metall Zug AG
- Topcon Corporation
- Thorlabs, Inc
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“The Global Optical Coherence Tomography market is
witnessing remarkable growth, driven by a confluence of factors. The increasing
prevalence of eye diseases, advancements in OCT technology, its expanding
applications in cardiology, dermatology, and gastroenterology, as well as the
growing geriatric population, all contribute to the robust growth of the
market. Additionally, ongoing research and development initiatives continue to
push the boundaries of OCT technology, ensuring its relevance in various
medical fields. As the healthcare industry increasingly recognizes the value of
OCT in early diagnosis and precise treatment, the global OCT market is poised
for continued expansion in the coming years.,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based management consulting firm.
“Global Optical Coherence Tomography Market By Type (Catheter based OCT
Devices, Doppler OCT Devices, Handheld OCT Devices, Tabletop OCT Devices), By Technology (Time Domain OCT (TDOCT), Frequency Domain
OCT (FD-OCT), Spatial Encoded Frequency Domain OCT), By Application (Ophthalmology, Cardiovascular,
Oncology, Dermatology, Others), By Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated
the future growth potential of Global Optical Coherence Tomography Market and
provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Optical Coherence Tomography Market.
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