The global optical coherence tomography market size is projected to register a significant CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the increasing demand from new biomedical optical coherence applications and ongoing development of innovative technology.
Optical coherence tomography (OCT) is a non-invasive optical diagnostic procedure. The notion of Interferometry is applied in OCT, which uses near infrared light to construct a cross-sectional picture of the retina. It produces three-dimensional pictures of biological tissue with a micrometer-resolution accuracy of 10 to 15 microns. Furthermore, the sample light and reference light are only coherent when the travel distances are tightly matched in OCT devices, which are designed to be precise. A sample arm and a reference arm are included in the devices. The system's sample arm shines light on the patient sample and captures the scattered light. The light gathered from the sample is then combined with light reflected from the device's reference arm.
OCT techniques are effective optical diagnostics that provide a two-dimensional picture of the retina to facilitate ophthalmological testing and therapies. OCT's application is not limited to ophthalmology as it is being used in various area such as cancer, nephrology, and dermatology. Moreover, OCT techniques are also used in the contemplative investigation of micro-level disorders. Furthermore, it is now being used to investigate disorders such as non-melanoma skin cancer, prostate cancer, cardiovascular disruptions, esophageal issues, and diabetes.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing burden of eye related disease and rising investment by key pharmaceutical companies in the development of advanced OCT imaging system are key factors propelling the market growth.
- Ongoing development initiatives and early stage approvals for the advanced system of OCT imaging systems by regulatory bodies are estimated to fuel the market expansion.
- Growing awareness for eye related disorders and increasing research & development activities for advanced OCT systems are expected to boost the market growth during the forecast period.
- Lack of proper medical reimbursement facilities and insufficient clinical data are key factors hindering the market growth.
- Absence of proper equipment and skilled professionals to handle sophisticated devices are another factors restraining the market expansion.
- Developing & manufacturing of compact, low cost, and portable OCT systems by key pharmaceutical companies are expected to offer immense opportunity for the market expansion during the forecast period.
Scope of the Report
The report on the global optical coherence tomography market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Optical Coherence Tomography Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Types (Handheld, Catheter, Doppler OCT Devices, Tabletop, and Others), Applications (Cardiovascular, Ophthalmology, Gastroenterology, Urology, Rheumatology, Gynecology, Dental, Dermatology, Oncology, and Others), and Technology (Spatially Encoded Frequency Domain Based, Frequency Domain Based, and Time Domain Based)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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OPTOPOL Technology Sp. z o.o.; Optovue; Agfa Healthcare; Carl Zeiss Meditec AG; Michelson Diagnostics Inc.; Imalux Corp.; Topcon Medical Systems Inc.; Novacam Technologies Inc.; Agiltron Inc.; Thorlabs Inc.; and Leica Microsystems.
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Market Segment Insights
Handheld segment is expected to grow at a rapid pace
Based on types, the global optical coherence tomography market is segmented into handheld, catheter, doppler OCT devices, tabletop, and others. The handheld segment is expected to grow at a rapid pace during the forecast period attributed to the greater product penetration in regions such as the U.S., the UK, Germany, and Brazil. Moreover, it replaces swept source OCT with a high-performance 880-nm micro-spectrometer, reducing volume without losing picture quality while lowering costs. Furthermore, it also features clever anti-shake image capture technology, allowing it to be used as a handheld device. Thus, aforementioned advantages are expected to boost the segment growth.
Ophthalmology segment is projected to expand at a considerable CAGR
On the basis of applications, the market is segregated as cardiovascular, ophthalmology, gastroenterology, urology, rheumatology, gynecology, dental, dermatology, oncology, and others. The ophthalmology segment is projected to expand at a considerable CAGR in the coming years owing to the introduction of technological advanced devices. Moreover, these devices offer enhanced performance, accuracy, and ease of use along with the augmenting incidences of retinal and choroidal disorders.
However, the dermatology segment is projected to register a considerable growth rate during the forecast period. Since 1997, the devices have been utilized in dermatology and have undergone significant developments to fulfil the demand for non-invasive imaging and monitoring of various skin conditions.
Spatially encoded frequency domain based segment to gain a large revenue share
Based on technology, the global optical coherence tomography market is divided into spatially encoded frequency domain based, frequency domain based, and time domain based. The spatially encoded frequency domain based segment is estimated to gain a large revenue share during the forecast period. The growth of the segment is attributed to the advanced data collection and developed scanning capabilities. Furthermore, these eradicate the faults arising due to patient movement along with better slicing of the images.
On the other hand, time domain based segment is projected to account for a major share of the market in the coming years owing to wide use and rising popular of imaging technology for retinal problems diagnosis. However, this technology is losing revenue share over the recent years due to superior outcomes from spatially encoded frequency-based devices.
North America is anticipated to constitute a key market share
In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to constitute a key market share during the forecast period due to the rising investment in R&D activities and growing adoption of the new products from key regional players. Furthermore, rapid expansion of hospitals and laboratory facilities resulting in new product purchases in the region prove to be key factors driving the regional market growth. For example, Notal Vision has announced the introduction of its first self-operated OCT equipment with longitudinal research in the US in January 2021. Thus, all these factors are expected to upsurge the market expansion in the region.
However, the quicker processing of approvals and less documents required to enable automated devices in the region, Europe is likely to increase its market share significantly in the coming years. For example, the CEA expedited the distribution of Topcon's latest goods across the European Union, resulting in increased revenue of the regional market.
Segments
Segments Covered in the Report
The global optical coherence tomography market has been segmented on the basis of
Types
- Handheld
- Catheter
- Doppler OCT Devices
- Tabletop
- Others
Applications
- Cardiovascular
- Ophthalmology
- Gastroenterology
- Urology
- Rheumatology
- Gynecology
- Dental
- Dermatology
- Oncology
- Others
Technology
- Spatially Encoded Frequency Domain Based
- Frequency Domain Based
- Time Domain Based
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- OPTOPOL Technology Sp. z o.o.
- Optovue
- Agfa Healthcare
- Carl Zeiss Meditec AG
- Michelson Diagnostics Inc.
- Imalux Corp.
- Topcon Medical Systems Inc.
- Novacam Technologies Inc.
- Agiltron Inc.
- Thorlabs Inc.
- Leica Microsystems.
Competitive Landscape
Some of the major players competing in the market are OPTOPOL Technology Sp. z o.o.; Optovue; Agfa Healthcare; Carl Zeiss Meditec AG; Michelson Diagnostics Inc.; Imalux Corp.; Topcon Medical Systems Inc.; Novacam Technologies Inc.; Agiltron Inc.; Thorlabs Inc.; and Leica Microsystems.
These major players are engaged in various marketing strategies such as partnership & collaboration, fund infusion, merger & acquisitions, and new product launch to secure their market position in the regional as well as global competition. For instance, Optovue has introduced high-density OCT angiography for ophthalmology, which offered high-resolution and peripheral vision of the vasculature in the eyes. As a result, the expansion of the OCT market is expected to be aided by such product releases and innovation.
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