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Optical Coherence Tomography Market Size, Trend & Share 2033
The Global Optical Coherence Tomography (OCT) Industry has achieved a significant milestone, with a market size of US$ 1,311.70 million in 2023. A promising future lies ahead as the OCT market is expected to soar to US$ 3,250.70 million by 2033, driven by a robust compound annual growth rate (CAGR) of 9.5% from 2023 to 2033.
The burgeoning demand for non-invasive diagnostic methods in the medical field is a primary driver behind this remarkable growth. Optical coherence tomography’s ability to provide precise, high-resolution images without invasive procedures is garnering increasing favor among both patients and medical professionals. This rise in adoption is further fueled by OCT’s expanding applications in fields such as dermatology, cardiology, and ophthalmology.
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Development of advanced OCT imaging systems coupled with increasing government & private organizations initiatives for eye care programs across the globe are propelling the adoption of OCT imaging systems.
Growing awareness and increasing innovation for the advanced OCT devices for the treatment of skin cancer and eye diseases have urged the manufacturers to incorporate real-time data for better outcomes, expanding their existing product ranges.
Based on the aforementioned factors, the OCT market is slated to expand at a robust pace of over 6.7% CAGR during the assessment period of 2021 and 2031.
Key Takeaways from FMI’s Optical Coherence Tomography Industry Study
Hospitals are anticipated emerge as primary end users of optical coherence tomography industry, accounting for leading market share
Preference for spectral domain-OCT will be higher as compared to swept source-OCT over the forecast period
Increasing application of OCT in ophthalmology is expected to drive sales through 2031
Germany and the U.K. will lead the Europe’s optical coherence tomography industry on the back of rising cases of eye disorders across the region
Japan is anticipated to emerge as a lucrative market backed by the rising development of advanced OCT imaging systems within healthcare sector
China is anticipated to lead the East Asia market during the forecast period, accounting for over 4.6% market sales
The U.S. is estimated to be the largest market for optical coherence tomography industry attributed to be growing prevalence of eye related disorders
“Key players are increasing research and development activities for the development of advanced OCT imaging system for the early detection & treatment of eye-related disorders. This, in turn, is likely to omprovegrowth opportunities for the market players over the coming years,” says the FMI analyst.
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Optical Coherence Tomography Industry Competitive Landscape
Future Market Insights, in its updated report, have profiled prominent players operating in optical coherence tomography industry which include Leica Microsystems, Optovue Inc., Carl Zeiss Meditec AG, Santec Corporation, Heidelberg Engineering GmbH, Optopol Technology SP Z.O.O., Topcon Corporation, Michelson Diagnostic Ltd., Tomophase Inc., Moptim Imaging Technique, NIDEK Co. Ltd., and Sonostar Technologies Co. Ltd among others.
Optical coherence tomography systems manufacturers are actively focusing on expanding their product portfolios to improve their revenue generation.
Incorporation of advanced technology combined with the upgradation of its existing range of products is also one of the core strategies of market players to maintain their position in the industry.
The global optical coherence tomography industry is dominated by top tier-1 market players that include Leica Microsystem (Sub. Danaher), Optovue Inc., and Zeiss Group (Carl Zeiss Meditec AG).
Targeted mergers and collaborations with top distribution channel partners is anticipated to be the key strategy to maintain their top position in the industry. Around 20% to 25% of global market revenue is contributed by the tier-1 players over the forecast period.
New product launches with the expansion of their existing product range is one of the common market strategy for the key players. For instance:
In March 2021, Premier Medical Imaging AI Inc., a medical technology company focusing to transform cancer surgery with ultra-high resolution, announced the 510 (k) clearance for its Perimeter’s Optical Coherence Tomography imaging system (v2.1) from the U.S. Food & Drug Administration (FDA), designed to examine tissue microstructures during surgical procedures.
In January 2021, Notal Vision announced the launch of its first ‘US Home-Based’ optical coherence tomography platform which was patient self-operated.
More Insights on the Global Optical Coherence Tomography Industry
Future Market Insights, in its latest report, offers an incisive coverage on the global optical coherence tomography market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is classified on the basis of product type (spectral domain-OCT, swept source-OCT, and others), application type (ophthalmology, dermatology, cardiovascular, dental, and others), and end user (hospitals, ophthalmology clinics, dermatology clinics, dental clinics, ambulatory surgical centers, and others) across seven major regions (North America, Latin America, Eastern Europe, Asia Pacific excluding Japan, Western Europe, Japan and Middle East & Africa)
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Optical Coherence Tomography Industry by Category
By Product Type:
Spectral Domain-OCT
Swept Source-OCT
Others
By End User:
Hospitals
Ophthalmology Clinics
Dermatology Clinics
Dental Clinics
Ambulatory Surgical Centers
Others
By Application:
Ophthalmology
Dermatology
Cardiovascular
Dental
Others
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