Optical Coherence Tomography Market

Key Points Covered in Optical Coherence Tomography Market Survey

• Market estimates and forecast 2021-2031
• Key drivers and restraints impacting market growth
• Segment-wise, Country-wise, and Region-wise Analysis
• Competition Mapping and Benchmarking
• Brand share and Market Share Analysis
• Key Product Innovations and Regulatory Climate
• COVID-19 Impact on Optical Coherence Tomography Market and How to Navigate
• Recommendation on Key Winning Strategies

Optical Coherence Tomography Historic Sales Compared to 2021-2031 Forecast Outlook

The global optical coherence tomography market worth is forecast to total US$ 912.08 Mn in 2021. Increasing prevalence of eye related disorders and growing usage of OCT in the field of dermatology will present a positive demand outlook through the assessment period.

Increasing number of start-ups and alliance between end-users and distribution channel providers intended at expanding the regional footprints will boost OCT market growth. Besides this, increasing optical coherence tomography applications are expected, which will encourage research and development activities (R&D) within the market.

These initiatives will be intended at developing treatment solutions for various diseases such as diabetic retinopathy, glaucoma and other eye disorders.

With growing prevalence of skin cancer across the globe, healthcare professionals are likelier to increase the adoption of OCT for treatment and medical diagnosis. Extensive use in ophthalmology and dermatology will accelerate optical coherence tomography market sales during the forecast period.

Key players are adopting advanced technologies such as artificial intelligence, big data and real time analysis for the product innovation catering the demand, widening growth opportunities over the coming years.

For example, Optovue launched high-density OCT angiography for ophthalmology to provide high resolution and peripheral visualization of the vasculature in eyes. Such product launches and innovation will boost the growth of OCT market.

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Innovation in OCT Imaging Systems Creating Positive Optical Coherence Market Demand Outlook

Rising prevalence of eye related disorders such as diabetic retinopathy, glaucoma and others have improved the adoption of OCT devices within hospitals and imaging centers. Increasing cases of these disorders have encouraged the market players to adopt advanced technologies for the development of advanced OCT imaging devices.

Innovations such as systems with software advancements combined with OCT angiography are gaining immense popularity among healthcare professionals.

These innovations are expected to improve the outcomes of retinal imaging devices. With high resolution and high-speed spectral domain-OCT and ultrahigh speed swept-source technology, market players are incorporating real-time data in the OCT devices.

This, in turn, will assist with the early diagnosis and will provide greater retinal coverage with higher pixel resolutions. Hospitals and ophthalmology clinics are adopting highly advanced OCT imaging devices to necessitate the demand.

Hence, leading players are focusing on product launches and expansion of their existing product portfolios through incorporating advanced technologies. These strategies are expected to broaden their future expansion prospects, bolstering market growth.

Research and Development Initiatives aimed at Spurring OCT Devices Sales

The global OCT market is driven by some of the key factors including increasing application of OCT in ophthalmology, cardiovascular, dental and others. Increasing popularity of advanced OCT imaging systems in diagnostic centers and hospitals will accelerate the market demand.

Increasing awareness for eye related disorders and growing research & development activities for advanced OCT systems will aid the growth over the coming years. For instance:

A research team in Northwestern University, in 2019, developed a new system known as spectral contrast optical coherence tomography angiography (SC-OCTA) with latest 3D technique that can detect minute changes in the capillary organization, giving detailed insights into the central portion of human circulatory system.

Increased funding by the government across the globe for eye care programs and fast-track approval from regulatory organizations are aiding the growth.

However, low awareness about the benefits of OCT imaging systems in the emerging economies might hamper the demand over the coming years.

Country-wise Insights

How big is the Optical Coherence Tomography Market in the U.S?

The U.S. is anticipated be the largest optical coherence tomography market over the forecast period, estimates Future Market Insights.

Research from Centre for Disease Control and Prevention shows that over 4.2 million adults were diagnosed with diabetic retinopathy and 655,000 had vision-threatening diabetic retinopathy in 2020. 

Growing burden of this eye related disease have urged the healthcare professionals to install advanced eye care programs across the region. Key players are investing heavily for the development of advanced OCT imaging system.

Growing initiatives and fast-track approvals for the advanced system of OCT imaging systems have improved the market demand across the region.

For instance, in January 2021, Notal Vision announced the launch of its first self-operated optical coherence tomography device with longitudinal study in the U.S.

The study will analyse the ability of patients with wet age-related macular degeneration (AMD) to perform sequential daily self-imaging of their eyes with the, self-operated and user friendly Notal Home OCT device in their homes.

Why will Optical Coherence Tomography Demand Soar across the U.K.?

By 2031, the U.K. is anticipated to emerge as one of the most lucrative market for optical coherence tomography. Significant rise in the occurrence of cardiovascular and ophthalmologic disorders have been recorded over the past couple of years.

With this, state authorities and private organizations have introduced several eye care programs to curb the number of growing eye disorders across the region.

Rising prevalence of diabetes in the geriatric population have escalated the need of advanced eye care imaging & treatment.

By 2025, 5.3 million people are estimated to have type-2 diabetes and around 4.8 million people were diagnosed with type-2 diabetes as per the record of Diabetes UK.

Also, as per the Commonwealth Diabetic Retinopathy Symposium, approximately 10% of adults with diabetes will have sight-threatening diabetic retinopathy requiring immediate treatment to prevent blindness.

With growing number of eye disorders across the region, healthcare professionals have amped up the adoption of OCT imaging systems incorporating advanced technology for the treatment.

For instance, in April 2021, a leading healthcare organization, Spacesavers have announced its 900^th store location in the U.K. and Ireland to install an optical coherence tomography as Selby in Yorkshire.

What the Key Factors Driving Optical Coherence Tomography Market in Germany?

Rising prevalence of diabetic retinopathy, cataract and other eye diseases are anticipated to surge the adoption of OCT across Germany. As per the FMI’s analysis, Germany is anticipated to lead the Europe’s optical coherence tomography market during the forecast period.

Growing pool of patients affected with eye disorders will propel the market growth over the coming years. International Diabetes Foundation and Eurostat Population Data states, 25.7% of population across Germany were diagnosed with diabetic retinopathy and around 8.6 million people are estimated to suffer from type-2 diabetes.

With growing cases of eye disorders prevailing across Germany, leading players are adopting novel technologies to improve the imaging system for early screening and diagnosis.

Increasing adoption of OTC across the hospitals and ophthalmology clinics will improve the demand over the forecast period. According to Future Market Insights, Germany is anticipated to be the second-largest market for optical coherence tomography, followed by the U.S.

How will Optical Coherence Tomography Growth Unfold in Japan?

Japan is expected to be one of the most lucrative market accounting for over 9.8% of global market share, estimates Future Market Insights.

Rising healthcare expenditure and growing awareness of eye disorders have increased the growing pool of patients for early screening and treatment. As per the Global Health Data Exchange, around 1.2 people across Japan were diagnosed with cataract in 2019.

In addition to this, growing cases of glaucoma diseases is also anticipated to rise across Japan. Around 238,019 cases of glaucoma were recorded in 2019, states a report on Detection of Glaucoma and other eye disorders in Japan.

By 2030, around 2 million of population are estimated to have impaired vision due to glaucoma, diabetic retinopathy and age-related macular degeneration.

With the growing burden of eye related diseases, health care professionals have increased the funding and initiatives to build an advanced eye care programs.

Increasing research & development activities for the development of advanced OCT imaging systems for the treatment and early detection of these disease will propel the market demand over the coming years.

Category-wise Insights

Which is the Leading Optical Coherence Tomography Application?

Increasing application of OCT in the field of ophthalmology have been prospering over the past few years. As per the FMI’s analysis, application of OCT in ophthalmology is anticipated to bring in revenues of nearly US$ 1183.4 Mn by 2031-end.

While ophthalmology segment is anticipated to remain dominant, application of OCT in cardiovascular is expected to gain momentum over the forecast period.

Increasing cases of eye disorders such as dry eye disease, cataract, diabetic retinopathy and others are augmenting the adoption of OCT. By 2020, 57.1 million people were diagnosed with cataract and around 4 million people for glaucoma, states Centers for Disease Control and Prevention statistics.

As such, the need for optical coherence tomography devices is expected to increase for early diagnosis and treatment.

With rising adoption of optical coherence tomography devices, the market growth is anticipated to bolster over the forecast period.

Why has Spectral Domain-OCT Emerged as Top-selling Product Type?

Spectral domain-OCT in terms of product type is expected to witness substantial gains, exhibiting growth at 7% CAGR between 2021 and 2027.

While spectral domain-OCT is anticipated to lead the global market, swept source-OCT segment will also gain grounds while creating absolute dollar opportunity of over US$ 10 Mn in 2021.

Who are Leading Optical Coherence Tomography End Users?

In terms of end users, the market is segmented into hospitals, ophthalmology clinics, dermatology clinics, dental clinics, ambulatory surgical centers, and others.

Hospital segment will continue to grow and is anticipated to be the primary end-users for optical coherence tomography market, as per the FMI’s analysis.

Growing pool of patients and easy accessibility of medical tools with skilled professionals is accelerating the market growth.

In terms of end-users, hospitals are anticipated to account for the maximum global market share over the assessment period. Also, leading players are collaborating with the hospitals to expand their product portfolios and services which is also benefitting the hospitals, bolstering the growth.

Ophthalmology clinics are expected to be the second-largest segment in terms of end users on the back of increasing application of OCT in ophthalmology.

Competitive Landscape

Prominent players in the industry are relying on certain inorganic strategies such as collaborations with top industry end-users in different locations to provide products & services.

Strategic mergers and partnerships are also on the cards of leading players to expand their regional footprints.

Forming an alliance with local market players and distribution channel partners will aid the leading players in generating lucrative revenues over the coming years. For instance:

In December 2020, Abbott launched the release of its first optical coherence tomography virtual reality training program for cardiologists globally. Through this, Abbott expanded its training portfolio to help physicians and promote the usage of its Abbott’s OCT imaging.

In November 2020, MediciNova Inc., a leading biopharmaceutical company, announced the positive optical coherence tomography results from the SPRINT-MS Phase 2b trial of MN-166 in progressive multiple sclerosis as a secondary outcome measure in the SPRINT-MS trial.

Scope of Report

Key Questions Answered in the Report

• What is the current optical coherence tomography market value?

  The optical coherence tomography market is expected to surpass a valuation of US$ 912.08 Mn in 2021

• At what rate did the optical coherence tomography market grow between 2016 and 2020?

  The optical coherence tomography market registered steady growth at a CAGR of 5.3% between 2016 and 2020.

• What are the key trends driving optical coherence tomography sales?

  Increasing application of OCT in ophthalmology and dermatology backed by the growing eye related disorders and skin cancer will improve the sales.

• Who are the leading players of optical coherence tomography?

  Leica Microsystem, Optovue Inc., and Zeiss Group (Carl Zeiss Meditec AG) are the tier-1 players leading the optical coherence tomography market.

• What will be the demand outlook for North America Optical coherence tomography market?

  Over 32.5% sales of optical coherence tomography market are expected to come from North America in 2031.

• At what rate will optical coherence tomography demand rise in Europe?

  The sales for Optical coherence tomography are set to rise at an impressive rate of 6.9% across Europe over the forecast period.

• Which are the top countries driving the optical coherence tomography market demand?

  Top countries in terms of optical coherence tomography sales are the U.S., Germany, Japan, Switzerland and the U.K.

• What is the market share of leading players in optical coherence tomography market?

  The tier-1 players of global optical coherence tomography market is expected to contribute around 20% to 25% of total market share.

• What is the current market share of Japan and China in the global optical coherence tomography market?

  The optical coherence tomography market demand is slated to increase at 9.8% CAGR while China will register comparatively sluggish growth at 4.6% CAGR.

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

By Region:

• North America
• Latin America
• Eastern Europe
• Western Europe
• Asia Pacific excluding Japan
• Japan
• Middle East and Africa (MEA)