Optical Coherence Tomography Market Worth USD 15.50 Billion by 2030 at 15.5% CAGR - Report by Market Research Future (MRFR)
Market Research Future
7 min read
Optical Coherence Tomography Market Trends and Insights by Technology (Sd-Oct, Swept-Source Oct), Application (Cardiology, Ophthalmology, Dermatology, Others) and Type Of Devices (Handheld, Tabletop, Catheter-Based Oct Devices), Competitive Market Growth, Size, Share and Forecast to 2030
New York, USA, May 26, 2022 (GLOBE NEWSWIRE) -- Optical Coherence Tomography Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Optical Coherence Tomography Market Information by Technology, Application, Type of Devices, and Region - Forecast till 2030”, the market will garner a strong valuation of USD 15.50 Billion by 2030 at 15.5% CAGR.
Optical Coherence Tomography Market Synopsis
Optical coherence tomography is an advanced imaging technique that makes use of low coherence light for capturing the micrometer resolution. This particular technique is extensively used in dermatology, cardiology, ophthalmology and more, wherein it is used for endoscopy and tissue imaging.
With the surge in the aging population along with the technological benefits including the provision to visualize the in-depth and detailed structure of the mucosal membranes, eye, vascular system and surface tissue, the market demand will note a hike in the years to come. Optical coherence tomography also helps address numerous health issues including cardiovascular diseases, non-melanoma skin cancer, prostate cancer, and age-rated macular disease, as all these conditions require label-free, in vivo imaging and noninvasive technique for monitoring and diagnosing.
The important firms in the optical coherence tomography market are
Imalux Corporation
Michelson Diagnostics
Terumo Corporation
KONINKLIJKE PHILIPS N.V
Alcon
Abbott Laboratories
Carl Zeiss AG
Topcon Corporation
NIDEK Co. Ltd
Braun Melsungen AG
Boston Scientific Corporation
Heidelberg Engineering GmbH
Optovue
Novacam Technologies Inc
OPTOPOL Technology S.A
Agfa Healthcare
Thorlabs Inc.
Optical Coherence Tomography Market USP Covered:
Market Drivers:
Optical coherence tomography/OCT is a continuously evolving technology that is used for cross-sectional high-resolution imaging. Optical coherence tomography is an advanced, non-invasive imaging technique that helps carry out an optical biopsy. It has uses in areas where conventional imaging techniques are of no help. OCT works on the basis of fiber optics and is integrated using instruments like catheters, endoscopes, laparoscopes, and surgical probes, which allow imaging of the body. Other than this, OCT is a compact and portable device, which further enhances its demand among healthcare professionals.
The surging cases of eye disorders will fuel the growth of the optical coherence tomography market in subsequent years. The World Health Organization (WHO) reveals that around 3.4 billion people in 2019 were affected by vision loss owing to unaddressed conditions including refractive errors, cataracts, glaucoma, corneal opacities, diabetic retinopathy, as well as trachoma.
Soaring preference and use of micro-optical coherence tomography will be a massive opportunity for the players in the coming years, with miniaturization and advances in device designing emerging as the top focus areas. Industry participants are currently focused on carrying out extensive research activities for the development of “OCT in a chip”, which will soon go commercial, depending on the approval procedures as well as regulatory compliance. However, for now, the micro-optical coherence tomography technology remains one of the major market trends.
Optical Coherence Tomography Market Restraints:
Lack of a supportive medical reimbursement framework and limited clinical data are the major deterrents in the global market for optical coherence tomography.
Furthermore, shortage of efficient equipment and the dearth of trained and skilled professionals that know how to use the devices associated with optical coherence tomography can also be a massive challenge for the companies in the worldwide market.
To curb the number of infected people, the demand for a variety of medical supplies has surged. Respiratory support devices life-support machines, like atomizers, monitors and oxygen generators are some of the medical devices most extensively deployed in primary clinical treatment.
The COVID-19 outbreak had an adverse impact on the optical coherence tomography market, given that the healthcare sector’s focus is now on treating affected patients and curbing the pandemic spread. Therefore, patients affected by other diseases remain largely untreated.
Furthermore, the production was halted due to the surging cases of COVID-19. However, the accelerated cases of non-melanoma skin cancer, diabetic retinopathy, and cardiovascular disease will ensure sustained market growth in the years to come.
Optical Coherence Tomography Market Segmentation
By Technology
The various technology-based segments highlighted in the MRFR study include spectral-domain OCT (SD-OCT), swept-source OCT, and more. Spectral-domain optical coherence tomography or SD-OCT will occupy the highest share of around 60.1% in the worldwide market while the swept-source OCT segment can expect to thrive at the fastest rate of 9.1% during the forecast period.
By Application
OCT’s primary applications are in dermatology, oncology, ophthalmology cardiology, and more. The ophthalmology section is likely to secure the commanding spot with the biggest share of 53.6% in the years ahead. On the other hand, the dermatology segment can procure the fastest CAGR of 9.3% during the forecast period.
By Type of Devices
The key types of devices are handheld OCT devices, catheter-based OCT devices, tabletop OCT devices, and others. Over the years, significant innovations in handheld OCT devices have taken place, enabling high-resolution retinal imaging in infants as well as young children. These innovations also help physicians in the early detection of retinal disorders, including macular degeneration, glaucoma, and diabetic retinopathy. Therefore, MRFR anticipates that the handheld OCT devices segment will make the highest progress during the review period.
The American market will be touching USD 558.34 million during the forecast period and is at present, the top performer out of all the regions. The Americas stands to profit from the surging burden of diabetic retinopathy, paired with the massive number of eminent firms based in the region. Heightened use of OCT for macular degeneration, and glaucoma as well as conditions associated with retina including vitreous traction as well as central serous retinopathy will also have a favorable impact on the regional market. Optical coherence tomography cardiology and retinal optical coherence tomography are the most lucrative segments in the region, owing to the dramatic rise in various eye as well as heart-related disorders.
Asia Pacific will thrive at the fastest rate of 9.4% during the forecast period, thanks to the burgeoning obese population, surging stress, and prominence of an unhealthy lifestyle among people. These factors have raised the cases of diabetes and various chronic ailments, thereby fostering the demand for optical coherence tomography technology.
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