The global optical coherence tomography (OCT) market is on a trajectory of significant expansion, with the market size reaching USD 1,311.70 million in 2023. According to recent forecasts, the market is expected to achieve robust growth, with sales projected to soar to USD 3,250.70 million by 2033, reflecting an impressive compound annual growth rate (CAGR) of 9.5% over the next decade.
The global demand for optical coherence tomography market is further bolstered by the growing utilization of OCT in ophthalmology, particularly in key regions such as China, the U.K., Germany, and Japan. This upward trend is expected to contribute to the widespread adoption of optical coherence tomography on a global scale.
As per the FMI’s analysis, the optical coherence tomography market across Japan and China is anticipated to expand at over 9.8% and 4.6%, respectively in 2021. The growing prevalence of eye-related disorders such as diabetic retinopathy, glaucoma, and others will improve the adoption of OCT imaging systems.
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 treating skin cancer and eye diseases have urged 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 Market Study
- Hospitals are anticipated to emerge as primary end users of the optical coherence tomography market, accounting for the 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 Europe’s optical coherence tomography market 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 the healthcare sector
- China is anticipated to lead the East Asia market during the forecast period, accounting for over 4.6% of market sales
- The U.S. is estimated to be the largest market for optical coherence tomography market attributed to be growing prevalence of eye-related disorders
“Key players are increasing research and development activities for the development of advanced OCT imaging systems for the early detection & treatment of eye-related disorders. This, in turn, is likely to improve growth opportunities for the market players over the coming years,” says the FMI analyst.
Optical Coherence Tomography Market Competitive Landscape
Future Market Insights, in its updated report, has profiled prominent players operating in optical coherence tomography market 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.
The 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.
Top tier-1 market players include Leica Microsystem (Sub. dominates the global optical coherence tomography market Danaher), Optovue Inc., and Zeiss Group (Carl Zeiss Meditec AG).
Targeted mergers and collaborations with top distribution channel partners are anticipated to be the key strategy to maintain their top position in the industry. The tier-1 players contribute around 20% to 25% of global market revenue 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 on transforming 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 Market
Future Market Insights, in its latest report, offers an incisive coverage of the global optical coherence tomography market, providing historical data for 2016-2020 and forecast statistics for 2021-2031. To understand the global market potential, its growth, and scope, the market is classified based on 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)
Optical Coherence Tomography Market 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
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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