The global optical coherence tomography market size was valued at USD 1.51 million in 2021 and is projected to reach USD 5.45 million 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.
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.
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.
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.
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.
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.
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.
With global competition being so intense, the market is fragmented. Global players have adopted a number of initiatives, including strategic alliances with regional distributors and regionally-based type variations. In order to meet market demand, major corporations are investing in research and development for the creation and introduction of new products.
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