Optical Coherence Tomography Market: Current Analysis and Forecast (2022-2028)

Optical Coherence Tomography (OCT) is a non-invasive imaging technique that uses light waves to produce high-resolution, cross-sectional images of tissues in the body. It works by sending a beam of light into the tissue and measuring the time delay and intensity of the reflected light. OCT is commonly used in ophthalmology to obtain detailed images of the retina and optic nerve, helping to diagnose and monitor conditions such as macular degeneration, glaucoma, and diabetic retinopathy. It is also used in other medical fields, such as cardiology and gastroenterology, to visualize tissues and structures that are difficult to access with traditional imaging techniques. The global optical coherence tomography (OCT) market has been growing significantly over the past few years and is expected to continue growing during the forecast. The increasing prevalence of ophthalmic disorders such as cataracts and diabetic retinopathy is the primary reason for the market growth of optical coherence tomography. For instance, as per the WHO, globally, at least 2.2 billion people have near or distant vision impairment. In at least 1 billion or almost half of these cases, vision impairment could have been prevented or has yet to be addressed

The Optical Coherence Tomography Market is expected to grow at a strong CAGR of 9% during the forecast period owing to the increasing geriatric population and rising ophthalmic disorders among them. For instance, as per the WHO, by 2030, 1 in 6 people in the world will be aged 60 years or over. At this time the share of the population aged 60 years and over will increase from 1 billion in 2020 to 1.4 billion.

Based on technology, the market is segmented into time-domain OCT (TDOCT), frequency domain OCT (FD-OCT), and spatial encoded frequency domain OCT. Frequency domain OCT (FD-OCT) held dominating share in 2021. Frequency domain OCT (FD-OCT) is a type of OCT that operates by measuring the frequency of the reflected light waves, rather than the time it takes for them to return, as in time domain OCT. The ability of frequency domain OCT to provide large images attributes to the large segmental share.

Based on the type, the market is segmented into catheter-based OCT devices, doppler OCT devices, handheld OCT devices, and tabletop OCT devices. The Doppler OCT devices segment is expected to grow with a higher CAGR in the Optical Coherence Tomography market during the forecast period. Doppler Optical Coherence Tomography (OCT) is a specialized type of OCT that allows for non-invasive imaging of blood flow and other fluid dynamics within tissues and organs. Due to the increased usage of Doppler OCT devices in a variety of medical applications, including ophthalmology, cardiology, and neurology, the market for Doppler OCT devices is witnessing fast growth.

Based on application, the market is segmented into ophthalmology, cardiovascular, oncology, dermatology, and others. Ophthalmology held dominating share in 2021. The rising prevalence of optical disorders, along with the increasing population with these ophthalmic diseases are the main reason for the growth of the segment. For instance, as per the American Academy of Ophthalmology, Cataracts affect more than 24.4 million Americans age 40 and older. By age 75, approximately half of all Americans have cataracts.

For a better understanding of the market adoption of the industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, UK, France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and Rest of Asia-Pacific), Rest of World. North American optical coherence tomography dominated the optical coherence tomography market in 2021. The increasing prevalence of the geriatric population in the region is an important factor for the large market share of the region in the global market. For instance, as per Canadian Statistics, the population aged 85 and older is one of the fastest-growing age groups, with a 12% increase from 2016. Currently, 2.3% of the population is aged 85 and older.

Some of the major players operating in the market include: Agfa-Gevaert Group; Carl Zeiss AG; Heidelberg Engineering GmbH; Michelson Diagnostics Ltd; Novacam Technologies Inc.; OPTOPOL Technology Sp. z o.o.., Topcon Corporation; Thorlabs, Inc; NIDEK CO., LTD; and Canon Inc.