Market Summary
Optical Coherence Tomography Market Overview
Optical Coherence Tomography (OCT) Market Size was valued at USD 1.44 Billion in 2023. The Global Optical Coherence Tomography (OCT) industry is projected to grow from USD 1.54 Billion in 2024 to USD 2.73 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.43% during the forecast period (2024 - 2032). Consistent development and innovation of newer technologies, growing demands for latest generation biomedical applications like drug delivery, increased demand for early disease diagnosis, and rise in prevalence of eye disorders are the major market drivers enhancing market growth of optical coherence tomography.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The market is expected to grow as a result of continued innovation, the creation of cutting-edge technologies, and increased demand from more recent biomedical application domains such medicine administration, growing demand for early sickness diagnosis, and increase in incidences of eye disorders. With a tissue penetration measurement of a few hundred microns, optical coherence tomography frequently employs light in the near-infrared wavelength to examine deeper tissues present in the eyes, skin, and heart.
THE SECTOR IS DEFINED BY increased R&D efforts, creating several original goods, and cutting-edge hybridization technologies. It is employed when more traditional imaging methods are ineffective. Devices used for body imaging, such as endoscopes, catheters, and surgical instruments, can contain OCT, a fiber optics-based technique.
OCT is a small, portable gadget. These variables are anticipated to fuel the optical coherence tomography market's CAGR over the years. OCT can identify several serious medical diseases, such as age-related macular degeneration, cancer of the prostate, non-melanoma skin cancer, and cardiovascular disease. Commercial OCT (optical coherence tomography) devices are employed in a wide range of applications, such as diagnostic imaging procedures in ophthalmology or optometry that can be used to generate precise images within the retina.
They have recently been used in interventional cardiology to help with determining the presence of coronary artery disease and dermatology to help with diagnostics. Ophthalmology is expected to have substantial growth in the future because of the rise in choroidal and retinal illnesses, which encourages ophthalmologists to use more products.
A further factor driving expansion is the growing significance and knowledge of early disease diagnosis and better treatment options using OCT equipment. Nevertheless, the industry's growth in the upcoming years may be hampered by a dearth of benign reimbursement policies and clinical evidence. The optical coherence tomography (OCT) emerging technique enables high-resolution cross-sectional imaging. As a result, it is projected that increased eye-related ailments will spur market growth. The optical coherence tomography industry is predicted to grow as a result of technological advancements in the industry, including product development and increased diagnostic accuracy, in addition to the aforementioned factors.
In May 2023, the Zenition 10 Philips Image Guided Therapy Mobile C-arm System 1000 was unveiled by Royal Philips (Philips). The Zenition 10, the most recent iteration within the Zenition mobile C-arm product line, has now become commercially accessible. It utilizes the flat panel detector technology of Philips to provide low-cost treatment with improved patient outcomes.
The utilization and image quality of the transportable C-arm are both exceptional, which significantly enhances patient accessibility to routine surgical procedures and minimally invasive approaches. The primary objective of the Philips Zenition 10 is to enhance patient throughput by providing rapidity and effectiveness. Additionally, its adaptability allows it to be utilized in orthopaedics, trauma, and other surgical specialties, thereby increasing its utility.
GE Healthcare Technologies Inc. introduced a 3Dstent imaging tool at the EuroPCR conference in Paris in May 2023. The company asserts that the tool will offer a novel perspective on stent viewing, enabling clinicians to enhance their performance. Nevertheless, the company issued a warning that it is currently conducting verification on the method. This technique, which provides intraprocedural 3D and multi-slice stent images in addition to enhancing current technologies, is not without its limitations.
Johnson & Johnson Vision has declared August 2023 as the anticipated month of introduction for their Elita laser correction technology, which is designed to provide myopia (short-sightedness) with minimally invasive surgical intervention. With approval from the US Food and Drug Administration (FDA) and CE mark certification, the Elita Femtosecond Laser System is anticipated to be commercially available in the United States by the conclusion of this year. With or without astigmatism, the procedure permits minimally invasive Lasik (Laser-assisted in situ keratomileusis) myopia correction.
Optical Coherence Tomography Market Trends
- Emerging technological advancements in optical coherence tomography to drive market growth
OCT (Optical Coherence Tomography) is a rapidly evolving innovation for high-resolution cross-sectional image processing. It employs light for in situ and real-time cross-sectional imaging of tissue structure on the micron scale. It is a non-invasive optical technique for optical biopsies. It is used in situations where conventional imaging techniques are ineffective.
OCT is a fiber optics-based technology that can be incorporated into devices that allow for body imaging, including endoscopes, catheters, surgical probes, and laparoscopes. OCT is a lightweight, portable device. These factors are expected to drive the market CAGR of optical coherence tomography during the forecast years. OCT can diagnose various severe medical conditions, including cardiovascular disease, non-melanoma skin cancer, prostate cancer, and age-related macular degeneration.
Leading suppliers of optical coherence tomography equipment consistently make research and development investments to increase the applicability of OCT for a broader range of inflammatory and neoplastic skin conditions. They are introducing the fastest and most accurate OCT systems currently available. Companies are excited to introduce modern technology and refined product lines. Incorporating 3D technology in optical coherence tomography is a significant leap forward in the market.
For instance, in March 2020, researchers from Nanyang Technological University (Singapore), Harvard Medical School (US), and the University of Alabama (US) worked together to develop a prototype device that can image tissues at resolutions as low as 1 micrometer (m) to detect tumors below the tissue surface. Thus, advanced technologies are anticipated to provide lucrative growth opportunities for optical coherence tomography market revenue during the forecast period.
Optical Coherence Tomography Market Segment Insights
Optical Coherence Tomography Technology Insights
Based on technology, the market segments of optical coherence tomography includes Sd-Oct and Swept-Source Oct. The Sd-Oct segment held the majority share in 2022, contributing around ~65-67% to the market revenue of optical coherence tomography. Sd-Oct is an interferometric technology capable of providing depth-resolved tissue data structures encrypted in the scale and deferral of backscattered light by analyzing the spectrum of the sequence of the interference fringe.
Moreover, unlike time domain (TD) OCT, Sd-Oct technology enables ultra-high-speed optical coherence tomographic imaging. Sd-Oct is essential in biomedical imaging applications due to its high operational speed and excellent sensitivity. The Spectral Domain OCT utilizes interferometric signals as an imaging aid, which increases imaging speed by up to 50 times, allowing for a more significant number of images per unit surface area and increasing industry penetration during the forecast years.
Optical Coherence Tomography Application Insights
Based on application, the optical coherence tomography market segmentation includes cardiology, ophthalmology, and dermatology. The ophthalmology segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period, 2024-2032. Ophthalmology is expected to increase as the incidence of choroidal and retinal disorders rises, leading to increased use of optical coherence tomography imaging and diagnostic devices by ophthalmologists.
Moreover, the growing importance and awareness of early disease detection and better treatment options with OCT devices will contribute to market growth in the upcoming years. Furthermore, ophthalmology is the most critical application of OCT devices and is expected to have the highest market revenue share over the study period.
Optical Coherence Tomography Type of Devices Insights
The optical coherence tomography market data has been bifurcated by type of devices into handheld, tabletop, and catheter-based Oct devices. The handheld segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period 2024-2032. Handheld OCT devices use Microelectromechanical Systems (MEMS) and 3D imaging to assist in the early detection of various eye disorders, including macular degeneration, diabetic retinopathy, and glaucoma.
Therefore, the management of bedside monitoring will be enhanced by portable OCT devices in the coming years. As a result, this segment's profitable growth can be attributed to increased demands for pharmacokinetic services to help with toxicology tests for IND-enabling studies.
Figure 2: Optical Coherence Tomography Market, by Type of Devices, 2023 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Further, the catheter-based OCT devices type segment is expected to grow at the fastest rate in the optical coherence tomography industry during the forecast period due to their widespread use in ophthalmology, dermatology, gastrointestinal endoscopy, and cardiology; the capacity to image dynamic flow parameters such as pulsatility; and the reduced processing time.
News: A prospective study found that using artificial intelligence, evaluation of retinal pictures, and related data revealed condition-specific characteristics that set patients with moderate cognitive impairment apart from those with adequate cognition. The analytic model, which was used to assess optical coherence tomography (OCT) and OCT angiography (OCTA), discovered abnormalities in the retina and microcirculation that, with 79% sensitivity and 83% specificity, separated moderate cognitive impairment from normal cognition.
Intraclass correlation coefficients (ICC) analysis, which reflects measurement reliability, was used to compare matched images, and the results often produced values that ranged from moderate to good, with some measures producing exceptional results. The findings expand on prior research demonstrating strong reproducibility of OCT and OCTA analyses for traits that separate Alzheimer's disease from healthy cognition.
Optical Coherence Tomography Regional Insights
By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American Optical Coherence Tomography market accounted for USD 1.05 billion in 2022 and is expected to exhibit a significant CAGR growth during the study period. The region's growth is fueled by a growing senior population, increased approvals and R&D investments, a preference for adopting newer products in the United States, hospital expansion, and a well-established healthcare infrastructure. For example, Topcon Canada Inc (Canada) introduced 3D Maestro2, an optical coherence tomography system with an optical system ophthalmoscope feature, in November 2019.
The rising incidence of diabetic retinopathy and many wealthy vendors in the American region make this region the most lucrative market for optical coherence tomography. The high share of the North American market for optical coherence tomography has also been aided by beneficial medical insurance programs that assist patients in paying for their optical coherence tomography treatments.
Further, the major countries studied in the market report are the U.S., Germany, Canada, the UK, Italy, Spain, Japan, France, China, Australia, India, South Korea, and Brazil.
Figure 3: OPTICAL COHERENCE TOMOGRAPHY MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The European optical coherence tomography market accounts for the second-largest market share, owing to increased awareness about the early detection of glaucoma and other diseases associated with ocular eye pressure and market adoption of new products. For example, according to the Prevalence & Incidence of Diabetic Retinopathy (DR) in the U.K. Population of Gloucestershire, in May 2021, 35,873 adults with diabetes underwent at least one diabetic retinopathy examination. In Europe, optical coherence tomography has proven helpful in various medical fields, especially ophthalmology.
Moreover, increasing awareness about the early detection of glaucoma and other diseases associated with ocular eye pressure and market adoption of new products contribute to the European market growth. Further, the German market of optical coherence tomography held the largest market share, and the UK market of optical coherence tomography was the fastest-growing market in the European region.
The Asia-Pacific Optical Coherence Tomography Market is expected to grow at the fastest CAGR from 2024 to 2032. The rapid regional growth can be attributed to several factors, including an increase in the prevalence of chronic diseases, increased adoption of advanced technologies, a large senior population pool, increased reimbursement for surgical procedures, and a strong preference for minimally invasive procedures over traditional methods.
Besides, rising awareness about eye disorders is expected to drive the Asia Pacific optical coherence tomography industry growth throughout the forecast period. Moreover, China’s market of optical coherence tomography held the largest market share, and the Indian market of optical coherence tomography was the fastest-growing market in the Asia-Pacific region.
Optical Coherence Tomography Key Market Players & Competitive Insights
Major market players are continuously investing in research and development to diversify the application of OCT for multiple neoplastic and inflammation skin problems. They are introducing highly developed OCT systems that operate at the fastest possible rates. Some key market development initiatives adopted by players include strategic collaborations with local distribution companies and region-based category variations.
Moreover, leading suppliers in the optical coherence tomography industry are concentrating on creating advanced pharmaceuticals using cutting-edge technology. The optical coherence tomography markets major players such as Alcon, Abbott Laboratories (US), Topcon Corporation, NIDEK Co. Ltd, and others are heavily investing in R&D activities to develop and launch new products to serve the industry demand.
Abbott Laboratories is a multinational American medical device and healthcare company headquartered in Abbott Park, Illinois. Abbott declared the first optical coherence tomography interactive virtual product for cardiologists in 2020.
Also, Michelson Diagnostics Ltd (UK) is a company that develops and sells optical imaging technology. The company provides non-invasive monitoring and prognosis of diseases and conditions affecting the body's cutaneous and epithelial linings. Michelson Diagnostics has a geographic presence. Michelson Diagnostics Ltd released VivoTools, an advanced software suite for analyzing VivoSight Dx Optical Coherence Tomography (OCT) images, in August 2020.
Key Companies in the optical coherence tomography market include
- Carl Zeiss AG
- Alcon
- Abbott Laboratories
- Terumo Corporation
- Koninklijke Philips N.V.
- Braun Melsungen AG
- Boston Scientific Corporation
- Topcon Corporation
- NIDEK Co. Ltd
- Novacam Technologies Inc
Optical Coherence Tomography Industry Developments
October 2023: Researchers at the University of California, San Francisco develop a new AI-powered algorithm that can use OCT images to detect glaucoma at an early stage.
September 2023: The FDA approves a new OCT system from Topcon Corporation for use in diagnosing and monitoring patients with age-related macular degeneration (AMD).
August 2023: Zeiss Meditec AG launches a new OCT system that is specifically designed for use in pediatric ophthalmology.
July 2023: Optovue Inc. announces a partnership with Google to develop new AI-powered OCT applications.
June 2023: Heidelberg Engineering GmbH launches a new OCT system that is designed for use in ophthalmic surgery.
Optical Coherence Tomography Market Segmentation
Optical Coherence Tomography Technology Outlook
- Sd-Oct
- Swept-Source Oct
Optical Coherence Tomography Application Outlook
- Cardiology
- Ophthalmology
- Dermatology
Optical Coherence Tomography Type of Devices Outlook
- Handheld
- Tabletop
- Catheter-Based Oct Devices
Optical Coherence Tomography Regional Outlook
-
North America
- US
- Canada
-
Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
-
Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
-
Rest of Asia-Pacific
-
Rest of the World
-
Middle East
-
Africa
-
Latin America
-
Market Size & Forecast
| Attribute/Metric | Details |
| Market Size 2023 | USD 1.44 billion |
| Market Size 2024 | USD 1.54 billion |
| Market Size 2032 | USD 2.73 billion |
| Compound Annual Growth Rate (CAGR) | 7.43% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018 - 2021 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Technology, Application, Type of Devices, and Region |
| Geographies Covered | Europe, North America, Asia Pacific, and the Rest of the World |
| Countries Covered | The U.S, Germany, Canada, the UK, Italy, France, Spain, Japan, China, Australia, India, South Korea, and Brazil |
| Key Companies Profiled | Carl Zeiss AG, Alcon, Abbott Laboratories, Terumo Corporation, Koninklijke Philips N.V., Braun Melsungen AG, Boston Scientific Corporation, Topcon Corporation, NIDEK Co. Ltd, Novacam Technologies Inc |
| Key Market Opportunities | Rising R&D activities to improve optical coherence tomography diagnostic capabilities Growing applications of optical coherence tomography in dermatology |
| Key Market Dynamics | Increased demand for optical coherence tomography in drug delivery |
Major Players
Optical Coherence Tomography Market Segmentation
Optical Coherence Tomography Type of Devices Outlook (USD Billion, 2018-2030)
- Handheld
- Tabletop
- Catheter-Based Oct Devices
Optical Coherence Tomography Application Outlook (USD Billion, 2018-2030)
- Cardiology
- Ophthalmology
- Dermatology
Optical Coherence Tomography Technology Outlook (USD Billion, 2018-2030)
- Sd-Oct
- Swept-Source Oct
Optical Coherence Tomography Regional Outlook (USD Billion, 2018-2030)
-
North America Outlook (USD Billion, 2018-2030)
-
North America Optical Coherence Tomography by Type of Devices
- Handheld
- Tabletop
- Catheter-Based Oct Devices
-
North America Optical Coherence Tomography by Application
- Cardiology
- Ophthalmology
- Dermatology
-
North America Optical Coherence Tomography by Technology
- Sd-Oct
- Swept-Source Oct
- US Outlook (USD Billion, 2018-2030)
-
US Optical Coherence Tomography by Type of Devices
- Handheld
- Tabletop
- Catheter-Based Oct Devices
-
US Optical Coherence Tomography by Application
- Cardiology
- Ophthalmology
- Dermatology
-
US Optical Coherence Tomography by Technology
- Sd-Oct
- Swept-Source Oct
- CANADA Outlook (USD Billion, 2018-2030)
-
CANADA Optical Coherence Tomography by Type of Devices
- Handheld
- Tabletop
- Catheter-Based Oct Devices
-
CANADA Optical Coherence Tomography by Application
- Cardiology
- Ophthalmology
- Dermatology
-
CANADA Optical Coherence Tomography by Technology
- Sd-Oct
- Swept-Source Oct
-
North America Optical Coherence Tomography by Type of Devices
- Europe Outlook (USD Billion, 2018-2030)
-
-
Europe Optical Coherence Tomography by Type of Devices
- Handheld
- Tabletop
- Catheter-Based Oct Devices
-
Europe Optical Coherence Tomography by Application
- Cardiology
- Ophthalmology
- Dermatology
-
Europe Optical Coherence Tomography by Technology
- Sd-Oct
- Swept-Source Oct
- Germany Outlook (USD Billion, 2018-2030)
-
Germany Optical Coherence Tomography by Type of Devices
- Handheld
- Tabletop
- Catheter-Based Oct Devices
-
Germany Optical Coherence Tomography by Application
- Cardiology
- Ophthalmology
- Dermatology
-
Germany Optical Coherence Tomography by Technology
- Sd-Oct
- Swept-Source Oct
- France Outlook (USD Billion, 2018-2030)
-
France Optical Coherence Tomography by Type of Devices
- Handheld
- Tabletop
- Catheter-Based Oct Devices
-
France Optical Coherence Tomography by Application
- Cardiology
- Ophthalmology
- Dermatology
-
France Optical Coherence Tomography by Technology
- Sd-Oct
- Swept-Source Oct
- UK Outlook (USD Billion, 2018-2030)
-
UK Optical Coherence Tomography by Type of Devices
- Handheld
- Tabletop
- Catheter-Based Oct Devices
-
UK Optical Coherence Tomography by Application
- Cardiology
- Ophthalmology
- Dermatology
-
UK Optical Coherence Tomography by Technology
- Sd-Oct
- Swept-Source Oct
- ITALY Outlook (USD Billion, 2018-2030)
-
ITALY Optical Coherence Tomography by Type of Devices
- Handheld
- Tabletop
- Catheter-Based Oct Devices
-
ITALY Optical Coherence Tomography by Application
- Cardiology
- Ophthalmology
- Dermatology
-
ITALY Optical Coherence Tomography by Technology
- Sd-Oct
- Swept-Source Oct
- SPAIN Outlook (USD Billion, 2018-2030)
-
Spain Optical Coherence Tomography by Type of Devices
- Handheld
- Tabletop
- Catheter-Based Oct Devices
-
Spain Optical Coherence Tomography by Application
- Cardiology
- Ophthalmology
- Dermatology
-
Spain Optical Coherence Tomography by Technology
- Sd-Oct
- Swept-Source Oct
- Rest Of Europe Outlook (USD Billion, 2018-2030)
-
Rest Of Europe Optical Coherence Tomography by Type of Devices
- Handheld
- Tabletop
- Catheter-Based Oct Devices
-
REST OF EUROPE Optical Coherence Tomography by Application
- Cardiology
- Ophthalmology
- Dermatology
-
REST OF EUROPE Optical Coherence Tomography by Technology
- Sd-Oct
- Swept-Source Oct
-
Europe Optical Coherence Tomography by Type of Devices
- Asia-Pacific Outlook (USD Billion, 2018-2030)
-
-
Asia-Pacific Optical Coherence Tomography by Type of Devices
- Handheld
- Tabletop
- Catheter-Based Oct Devices
-
Asia-Pacific Optical Coherence Tomography by Application
- Cardiology
- Ophthalmology
- Dermatology
-
Asia-Pacific Optical Coherence Tomography by Technology
- Sd-Oct
- Swept-Source Oct
- China Outlook (USD Billion, 2018-2030)
-
China Optical Coherence Tomography by Type of Devices
- Handheld
- Tabletop
- Catheter-Based Oct Devices
-
China Optical Coherence Tomography by Application
- Cardiology
- Ophthalmology
- Dermatology
-
China Optical Coherence Tomography by Technology
- Sd-Oct
- Swept-Source Oct
- Japan Outlook (USD Billion, 2018-2030)
-
Japan Optical Coherence Tomography by Type of Devices
- Handheld
- Tabletop
- Catheter-Based Oct Devices
-
Japan Optical Coherence Tomography by Application
- Cardiology
- Ophthalmology
- Dermatology
-
Japan Optical Coherence Tomography by Technology
- Sd-Oct
- Swept-Source Oct
- India Outlook (USD Billion, 2018-2030)
-
India Optical Coherence Tomography by Type of Devices
- Handheld
- Tabletop
- Catheter-Based Oct Devices
-
India Optical Coherence Tomography by Application
- Cardiology
- Ophthalmology
- Dermatology
-
India Optical Coherence Tomography by Technology
- Sd-Oct
- Swept-Source Oct
- Australia Outlook (USD Billion, 2018-2030)
-
Australia Optical Coherence Tomography by Type of Devices
- Handheld
- Tabletop
- Catheter-Based Oct Devices
-
Australia Optical Coherence Tomography by Application
- Cardiology
- Ophthalmology
- Dermatology
-
Australia Optical Coherence Tomography by Technology
- Sd-Oct
- Swept-Source Oct
- Rest of Asia-Pacific Outlook (USD Billion, 2018-2030)
-
Rest of Asia-Pacific Optical Coherence Tomography by Type of Devices
- Handheld
- Tabletop
- Catheter-Based Oct Devices
-
Rest of Asia-Pacific Optical Coherence Tomography by Application
- Cardiology
- Ophthalmology
- Dermatology
-
Rest of Asia-Pacific Optical Coherence Tomography by Technology
- Sd-Oct
- Swept-Source Oct
-
Asia-Pacific Optical Coherence Tomography by Type of Devices
- Rest of the World Outlook (USD Billion, 2018-2030)
-
-
Rest of the World Optical Coherence Tomography by Type of Devices
- Handheld
- Tabletop
- Catheter-Based Oct Devices
-
Rest of the World Optical Coherence Tomography by Application
- Cardiology
- Ophthalmology
- Dermatology
-
Rest of the World Optical Coherence Tomography by Technology
- Sd-Oct
- Swept-Source Oct
- Middle East Outlook (USD Billion, 2018-2030)
-
Middle East Optical Coherence Tomography by Type of Devices
- Handheld
- Tabletop
- Catheter-Based Oct Devices
-
Middle East Optical Coherence Tomography by Application
- Cardiology
- Ophthalmology
- Dermatology
-
Middle East Optical Coherence Tomography by Technology
- Sd-Oct
- Swept-Source Oct
- Africa Outlook (USD Billion, 2018-2030)
-
Africa Optical Coherence Tomography by Type of Devices
- Handheld
- Tabletop
- Catheter-Based Oct Devices
-
Africa Optical Coherence Tomography by Application
- Cardiology
- Ophthalmology
- Dermatology
-
Africa Optical Coherence Tomography by Technology
- Sd-Oct
- Swept-Source Oct
- Latin America Outlook (USD Billion, 2018-2030)
-
Latin America Optical Coherence Tomography by Type of Devices
- Handheld
- Tabletop
- Catheter-Based Oct Devices
-
Latin America Optical Coherence Tomography by Application
- Cardiology
- Ophthalmology
- Dermatology
-
Latin America Optical Coherence Tomography by Technology
- Sd-Oct
- Swept-Source Oct
-
Rest of the World Optical Coherence Tomography by Type of Devices
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