Optical Coherence Tomography Market Size, Share & Trends Analysis Report Technology Outlook (Time Domain OCT (TDOCT), Frequency Domain OCT (FD-OCT), Spatial Encoded Frequency Domain OCT), Type Outlook (Catheter-Based OCT Devices, Doppler OCT Devices, Handheld OCT Devices, Tabletop OCT Devices), Application Outlook (Ophthalmology, Cardiovascular, Oncology, Dermatology, Others) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2022-2030

Market Overview

The global optical coherence tomography market size was valued at USD 1.51 billion in 2021 and is projected to reach USD 5.45 billion by 2030 at a CAGR of 15.34% from 2022 to 2030.

Optical coherence tomography is a cutting-edge technique used for cross-sectional imaging with high resolution. Similar to ultrasound imaging, optical coherence tomography is a type of non-invasive imaging technique. This technique uses coherent light to capture images in two and three dimensions. This technique is used to examine transparent tissues. In addition, this technique is employed in the field of ophthalmology to monitor the condition of the retina. During a biopsy, optical coherence tomography is distinguished by its high-resolution imaging and deep penetration. This method can provide live images of tissue. Consequently, it can be utilized in optical biopsies and can reduce sampling errors associated with biopsies.

Market Dynamics

Global optical coherence tomography market drivers 

Cardiovascular diseases are driving the market

The increasing prevalence of various cardiovascular diseases and eye disorders across the globe is a major factor driving the growth of the optical coherence tomography market, and this trend is anticipated to continue throughout the forecast period. According to the World Health Organization (WHO), approximately 2.2 billion people suffer from near or farsightedness due to eye diseases such as refractive error, cataracts, glaucoma, diabetic retinopathy, and other factors. Demand for advanced disease diagnostic tools, such as optical coherence tomography systems, is being driven by the escalation of these eye conditions.

A rise in the geriatric population is driving the market

Two of the most significant growth drivers for the global optical coherence tomography (OCT) market are the escalating incidences of cancer and the significant increase in the elderly population. In addition, an increase in the number of patients suffering from eye disorders and the growing adoption of advanced medical and healthcare facilities are driving demand within the global optical coherence tomography (OCT) market. In addition, the constant innovations in the healthcare sector and the increasing government funding and capital aimed at advancing research and development in the field are contributing to the growth of the global optical coherence tomography (OCT) market.

Surging technological development

Cross-sectional high-resolution imaging is accomplished using optical coherence tomography, a field of science constantly developing. An optical biopsy is assisted by optical coherence tomography, a cutting-edge, non-invasive imaging technology. It can be used where traditional imaging methods could be more helpful. OCT uses fiber optics as its foundation and is integrated with tools, including catheters, endoscopes, laparoscopes, and surgical probes, to provide body imaging. In addition, OCT is a portable and small instrument, which increases its demand among medical professionals.

Global optical coherence tomography market restraints

High cost hampers the growth of the market

In spite of optimistic growth forecasts, the global optical coherence market is confronted with a number of obstacles that are significantly impeding its expansion. The high cost of optical coherence tomography systems, the absence of reimbursement policies, and the availability of alternative technologies, such as ultrasound biomicroscopy are examples of these obstacles.

Global optical coherence tomography market opportunities

Technological advancements will bring in new opportunities

Leading manufacturers of optical coherence tomography devices continually invest in research and development to broaden OCT's applicability for various neoplastic and inflammatory skin diseases. They are introducing advanced OCT systems with the highest possible speed and resolution. This will continue to fuel market expansion for optical coherence tomography over the next few years.

In addition, the growing use of optical coherence tomography for analysis and quality control applications across industries as a result of its non-destructive and contactless nature, coupled with the rapid growth of the OCT imaging systems market, is anticipated to increase the optical coherence tomography market share in the coming years. Optical coherence tomography has demonstrated promising results in the inline examination of multilayered objects during manufacturing processes.

Regional Analysis

North America accounted for USD 511.1 million in 2021 and is growing at a CAGR of 14.70% during the forecast period due to the increasing geriatric population, increasing approvals and R&D investments, inclination toward adopting newer products in the US, expansion of hospitals, and the presence of well-established healthcare infrastructure.

In 2021, Asia-Pacific held the second largest market share. During the forecast period, it is anticipated that this region will experience the highest growth rate, 16.70%. The growth can be attributed to a number of factors, including the rising prevalence of chronic disorders, the high adoption of advanced technologies, the presence of a large geriatric population, the rising reimbursement for surgical procedures, and the growing preference for minimally invasive procedures over conventional ones. In addition, growing awareness of eye disorders is anticipated to boost the growth of the optical coherence tomography (OCT) market in the region over the forecast period.

The Europe optical coherence tomography market is anticipated to experience a substantial CAGR during the projected period due to the rising prevalence of eye illnesses, the expanding medical tourism sector, and rising investments in research and development.

The United Kingdom's healthcare spending has dramatically increased in recent years due to an increase in cases of eye illnesses, cancer, and many cardiovascular ailments. The Office for National Statistics reports that overall healthcare spending increased by 4.0% in 2019 to surpass 225 billion. As a result, the country's optical coherence tomography market is growing in a favorable environment.

Additionally, the rapid growth of the optical imaging industry in Europe and the rise in ophthalmology clinics are anticipated to produce good potential possibilities for the producers of optical coherence tomography systems in the future.

Segmental Analysis

This market can be segmented on the basis of technology, type, application, regions and competitors. In 2021, the frequency domain optical coherence tomography (FD-OCT) segment accounted for 37.2% of total revenue. Therefore, they are also known as spectral-domain OCT systems (SD-OCT). The Spectral Domain OCT employs interferometric signals to increase imaging speed by a factor of 50. So providing a greater number of images per unit area and increasing market penetration in the coming years.

The market for time-domain optical coherence tomography (TD-OCT) is anticipated to expand at the highest CAGR during the forecast period, 15.94% per year. OCT with a time domain is the conventional method for examining the retinal display of the eye. TD-OCT is utilized to measure the distance between the internal limiting membrane and the most hyperreflective band in order to determine the retinal thickness. Several retinal conditions, such as a macular hole, macular pucker, vitreomacular traction, and macular oedema, can be diagnosed using this technique.

In 2021, handheld OCT devices held the largest market share, 46,3%. Microelectromechanical systems (MEMS) and 3D imaging are combined in handheld OCTs to aid in the early detection of multiple eye disorders. This aids in diagnosing diabetic retinopathy, macular degeneration, and glaucoma.

Due to their widespread application in ophthalmology, dermatology, gastrointestinal endoscopy, and cardiology, ability to image dynamic flow parameters such as pulsatility, and decreased processing time, Doppler OCT devices are anticipated to grow at the highest CAGR of 16.88% over the forecast period.

Tabletop OCT devices are the traditional type of non-invasive devices used to scan the retina to detect eye disorders when certain symptoms are present. Tabletop OCTs require a suitable infrastructure and are immobile.

In 2021, ophthalmology held the largest market share of 59.6%. Ophthalmology is anticipated to experience rapid growth in the future due to the increasing incidences of choroidal and retinal disorders, which in turn leads to the increased adoption of optical coherence tomography imaging and diagnostic devices by ophthalmologists. Moreover, as the prevalence of cataracts and glaucoma increases, people will seek earlier disease diagnosis and improved treatment options with OCT devices, which is anticipated to stimulate the market. Due to the increasing prevalence of skin disorders and the use of OCT to diagnose such conditions as solid skin tumors, the dermatology segment has experienced the highest CAGR of 21.37 % over the forecast period.

Oncology is another market category expected to expand significantly over the forecast years. Cancer is the leading cause of death and a substantial hindrance to rising life expectancy. In 2020, the WHO predicted that there would be over 19.3 million new cancer cases and nearly 10 million deaths from cancer. 22.8% of cancer cases and 19.6% of cancer deaths occur in Europe. The Americas rank second with a 14.2% global mortality rate and a 20.98% incidence rate. An accurate diagnosis and treatment plan are necessary for every cancer kind. The use of imaging methods for cancer screening is the cause of the rising product demand.

Recent Developments

• In January 2023, A contract for a cloud-based enterprise imaging system for the entire HeiligHart hospital in Lier, Belgium, was signed by Agfa HealthCare.
• In August 2022, The Healthcare Industry was Undergoing a Digital Transformation Thanks to ZEISS Integrated Workflow Solutions
• In November 2022, the Launch of the consortium's website was announced by Heidelberg Engineering to enhance glaucoma detection.