Optical Coherence Tomography Market

Global Optical Coherence Tomography Market Size (2024 to 2032)

The size of the global optical coherence tomography market was worth USD 1.33 billion in 2023. The global market is anticipated to grow at a CAGR of 11.2% from 2024 to 2032 and be worth USD 3.46 billion by 2032 from USD 1.48 billion in 2024. 

Optical Coherence Tomography (OCT) is a non-invasive imaging technique that uses near-infrared light to produce cross-sectional images of biological tissues. Optical coherence tomography is similar to ultrasound imaging. The only difference between optical coherence tomography and ultrasound imaging is that OCT uses light waves for the images and ultrasound imaging uses sound waves. The usage of optical coherence tomography is growing significantly in the ophthalmology industry for imaging the retina and diagnosing various diseases such as macular degeneration and glaucoma. Optical coherence tomography is not limited to ophthalmology but can also be seen in cardiology, dermatology, and gastroenterology to image various tissues and diagnose several diseases. Over time, optical coherence tomography has become an essential tool in medical research owing to its ability of non-invasive imaging. 

MARKET DRIVERS

The growing aging people population is propelling the optical coherence tomography market growth.

The aging population is prone to many eye-related problems, such as diabetic retinopathy and age-related macular degeneration. According to the World Health Organization (WHO) statistics, the population aged 65 years and above is estimated to increase from 13% in 2010 to 53% by 2020. Furthermore, per the numbers published by the U.S. Census Bureau, the 65 and above face various kinds of ophthalmic diseases. Around 22 people in every 100 were prone to ophthalmic-related disorders in 2010, and it is estimated to be 35 by the end of 2020. As mentioned earlier, the statistics strongly indicate that the demand for optical coherence tomography will grow significantly in the coming future. Furthermore, the broad utilization of OCT devices for drug invention and the development of imaging biological tissues at the molecular level also increase the OCT market growth.

Technological advancements are contributing to the growth of the optical coherence tomography market.

Technological developments such as the availability to visualize the eye, mucosal membranes, surface tissues, and vascular systems have been playing a key role in enhancing the capabilities of machines that are used in the eye treatment procedures. The growth in eye-related diseases is considerably influencing the development of the global OCT market. Favorable reimbursement policies, growing approvals from regulatory organizations, and rising OCT applications further accelerate market growth.

Additionally, the commercialization of healthcare and the escalation of product development processes are coupled with various medical applications that adopt critical imaging techniques estimated to provide growth opportunities for the global OCT market. Furthermore, the increasing economies of developing countries like India, Brazil, and South Africa offer lucrative growth opportunities for the products and services related to eye care over the forecast period due to the massive population base, favorable reimbursements scenario, and escalated approval procedure regulatory bodies.

MARKET RESTRAINTS

Yet, constraining factors such as the absence of favorable reimbursements and clinical information may restrict the market growth.

The problems due to the lack of sufficient data related to clinics are the major challenge that is likely to hinder the growth rate of the optical coherence tomography market during the forecast. Other factors limiting the market's growth are the high costs associated with OCT and the unfavorable reimbursement policies expected to slow the growth pace of the optical coherence tomography market.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Optical Coherence Tomography Market Analysis By Device Type

The handheld OCT devices segment is expected to hold the leading share of the optical coherence market during the forecast period. Factors such as high product perforation propel the market over the developed regions such as the U.S., UK, Germany, and Brazil drive growth.

However, the catheter-based OCT devices segment is expected to have significant growth during the forecast period due to the increased efficiency of the procedure due to new advancements. For example, the Department of Biomedical Engineering, Thoraxcenter, has developed A Micromotor Catheter for Intravascular Optical Coherence Tomography, which enables the capture of high-resolution pictures of the coronary arteries very quickly.

Global Optical Coherence Tomography Market Analysis By Technology

The spatially encoded frequency domain optical coherence tomography (OCT) segment is projected to grow fastest, owing to immense scanning abilities and advanced data collection. In addition, the Spatially encoded frequency domain OCT eliminates errors that appear due to patient movement, along with a better section of the images.

On the other hand, the time-domain OCT segment is predicted to grow at a healthy rate during the forecast period as this technology is regularly used to diagnose retinal disorders. However, with improved results using spatially encoded frequency-based devices, the time domain may lose income share during the analysis period.

REGIONAL ANALYSIS

The North American market had the largest share of the global market in 2023 and is expected to maintain the trend during the forecast period. The presence of notable market participants in the North American region, increasing R&D activities to develop new and advanced optical coherence tomography techniques and rising awareness among healthcare providers regarding the benefits of optical coherence tomography are majorly propelling the market growth in North America. The U.S. held the major share of the North American market in 2023, followed by Canada.

Europe is predicted to witness a noteworthy CAGR during the forecast period owing to the growing number of investments by the governmental and non-governmental organizations to develop the healthcare infrastructure in European countries, rapid adoption of technological developments in ophthalmology, an increasing number of healthcare facilities and growing patient population suffering from diabetes. The UK, Germany and Spain accounted for the major share of the European market in 2023 and the trend is estimated to continue during the forecast period.

APAC is predicted to register the highest CAGR during the forecast period due to the growing awareness regarding OCT among healthcare providers and the presence of developing countries primarily. The population is growing significantly across the countries of the APAC region and the demand for healthcare services and medical technologies is also growing equally, which is expected to favor the OCT market in APAC during the forecast period. In addition, the growing patient count suffering from diseases such as diabetes, cancer, and cardiovascular diseases is fuelling the market growth in the Asia-Pacific region. Increasing healthcare expenditure is further contributing to the growth of the APAC market. China, India and Japan are the notable markets for optical coherence tomography in the Asia Pacific region and captured the major share of the APAC market in 2023.

Latin America is anticipated to hold a considerable share of the worldwide market during the forecast period. The growth of the Latin American market is majorly driven by the increasing number of hospitals and clinics, growing health awareness among the public and rising awareness among healthcare providers regarding the benefits of early disease detection and diagnosis. During the forecast period, Mexico, Brazil and Argentina are predicted to occupy the leading share of the Latin American market.

During the forecast period, the optical coherence tomography market in MEA is anticipated to grow at a steady CAGR.

KEY PLAYERS IN THE GLOBAL OPTICAL COHERENCE TOMOGRAPHY MARKET

Some of the major companies leading the global optical coherence tomography Market profiled in this report are Agfa Healthcare, Thorlabs Inc., Carl Zeiss Meditec AG, Topcon Medical Systems Inc., Heidelberg Engineering GmbH, OPTOPOL Technology S.A., Imalux Corporation, Novacam Technologies Inc. and Michelson Diagnostics.

RECENT HAPPENINGS IN THE MARKET

• In December 2022, a peer-reviewed study from Perimeter Medical Imaging AI, Inc. was published in JAMA Otolaryngology Head & Neck Surgery. Perimeter Medical Imaging AI, Inc. made the announcement. The study's results support further investigation into using wide-field optical coherence tomography (WF-OCT) equipment from the Perimeter to view margins during head and neck operations.
• In December 2022, a recent study examined the connection between anatomical characteristics and best-corrected visual acuity (BCVA) in patients with macular edema (ME) brought on by retinal vein blockage (RVO). The results show a clinical correlation between BCVA and central subfield thickness, optical coherence tomography (OCT), and fluorescein angiography in the patient group (CST).
• In December 2022, Adalimumab-aacf (Idacio), a biosimilar to adalimumab approved by the US Food and Drug Administration (FDA) this week, is meant to treat chronic autoimmune illnesses such as plaque psoriasis and Crohn's disease. The novel adalimumab formulation from Fresenius Kabi SwissBioSim is a monoclonal antibody devoid of citrate that is made to bind TNF and subsequently prevent the cytokine's effects.
• In November 2022, Lineage Cell Therapeutics, Inc., a clinical-stage biotechnology firm developing allogeneic cell therapies for unmet medical needs, today announced that its partner Genentech, a member of the Roche Group, has begun a Phase 2a, multicenter, open-label, single-arm clinical study of RG6501 (OpRegen), a retinal pigment epithelial cell therapy. The trial aims to assess the safety and efficacy of OpRegen in up to 60 patients with geographic atrophy (GA) brought on by age-related macular degeneration. In addition, the study will examine the best subretinal surgical delivery method.
• In December 2019, Dedalus Holding S.P.a completed healthcare IT imaging solutions from Agfa Company to operate in France, Brazil, and Dach market networks. Agfa will continue to offer its imaging IT solutions and the enterprise imaging platform in the remaining geographies to explore the market's full potential.
• In October 2019, researchers submitted the results of their two-year studies based on eye treatment. They have confirmed that two treatment procedures can be applied simultaneously to slow down myopia progression in the patients. The researchers mentioned that the researchers are orthokeratology, which involves using rigid gas-permeable contact lenses to reshape the front part of the eye daily. The other method that can slow down myopia's progression is 0.01% of atropine eye drops instilled daily in the eye, which is very safe and effective.

DETAILED SEGMENTATION OF THE GLOBAL OPTICAL COHERENCE TOMOGRAPHY MARKET INCLUDED IN THIS REPORT

This report on the global optical coherence tomography market has been segmented based on device type, technology, and region.

By Device Type

• Handheld OCT Devices
• Catheter-Based OCT Devices
• Tabletop OCT Devices
• Doppler OCT Devices

By Technology

• Frequency Domain Optical Coherence Tomography (FD-OCT)
• Spatially Encoded Frequency Domain Optical Coherence Tomography
• Time Domain Optical Coherence Tomography (TDOCT)

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• The Middle East and Africa