Optical Coherence Tomography (OCT) Market Expected to Reach $2.9 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Optical Coherence Tomography (OCT) Market," The optical coherence tomography market size was valued at $1.2 billion in 2021, and is estimated to reach $2.9 billion by 2031, growing at a CAGR of 8.6% from 2022 to 2031.

The optical coherence tomography market trends such as adoption of this technique in other diseases diagnosis, rise in new advancements and rise in research activities related to optical coherence tomography, drive the growth of the market. In cardiology, optical coherence tomography (OCT) imaging assists. cardiologists in diagnosing coronary plaque vulnerability and identifying coronary artery disease (CAD) patients with a high probability for the development of future cardiovascular events. 

In addition, rise in number of patients suffering from cardiovascular diseases results in demand of optical coherence tomography (OCT) imaging, thus it is expected to drive the growth during optical coherence tomography market forecast. Further, use of optical coherence tomography (OCT) imaging is used for evaluating skin layer thickness which can help in diagnosis of skin disorders and skin cancers. In addition, key manufacturers of optical coherence tomography (OCT) are continuously investing in research and development activities to expand the applicability of OCT for different neoplastic and inflammatory skin diseases.

Further, in oncology optical coherence tomography (OCT) imaging is used to measure tumor volume, to locate tumors anatomically, or to define the tumor microenvironment, which results in driving the growth during optical coherence tomography market analysis. Furthermore, the rise in adoption of optical coherence tomography (OCT) devices in dentistry and otology is anticipated to drive the growth of the market.

In addition, various technological advancements in optical coherence tomography (OCT) devices such as portability of OCT devices, remote monitoring and automated OCT devices are expected to drive the growth of the market. The portability of OCT device allows imaging of patients in different positions and beyond the outpatient clinic, from intensive care to the surgical environment.  Thus, many key players are focused on the development of handheld portable and cost-effective OCT devices, which drives the market expansion. For instance, key players such as ROWIAK GmbH, Leica Microsystems and Michelson Diagnostic Ltd offer portable handheld OCT devices with advanced imaging technology, thus the availability of such devices is expected to drive the growth of the market.

Further, many key players of the market, to meet the rising demand of optical coherence tomography (OCT) devices are adopting key strategies such as mergers, acquisitions, and collaborations, thus it is expected to drive the growth of the optical coherence tomography market size. For instance, in July 2021, Topcon Corporation acquired VISIA Imaging S.r.l, an ophthalmic device manufacturer headquartered in suburban Florence, Italy which complements the company’s strong portfolio of fundus imaging devices that includes fundus cameras and optical coherence tomography (OCT).

On the basis of type, the market is categorized into catheter-based OCT devices, handheld OCT devices and tabletop OCT devices. The handheld OCT device segment accounted for the largest share in 2021 and is also expected to remain dominant during the optical coherence tomography market forecast, owing to rise in adoption of these devices, as it allows high-resolution retinal imaging in infants & young children and help primary-care physicians in the early detection of retinal diseases including glaucoma, diabetic retinopathy, and macular degeneration.

On the basis of application, the market is categorized into ophthalmology, cardiovascular, and others. The ophthalmology segment occupied highest optical coherence tomography market share in 2021 owing to increasing incidences of choroidal and retinal disorders, which results in rise in adoption of optical coherence tomography (OCT) device. The others segment is projected to register highest CAGR during the forecast period owing to rise in adoption of optical coherence tomography (OCT) devices for imaging and studying various diseases such as neurodegenerative diseases, cancer, skin diseases dentistry. 

In addition, availability of OCT devices for studying dermatology and oncology applications is anticipated to drive the growth of segment. On the basis of end user, the market is categorized into hospitals, clinics and others. The hospitals segment accounted for the largest share in 2021, and is expected to remain dominant during the forecast period owing to rise in number of patient admissions suffering from eye disorders in hospitals and availability of advanced optical coherence tomography (OCT).  

Region wise, North America is expected to witness highest optical coherence tomography market share growth, owing to increase in adoption of advanced imaging system such as optical coherence tomography (OCT), rise in prevalence of eye disorders such as diabetic retinopathy and increase in number of key players offering advanced OCT devices, thus expected to drive the growth of optical coherence tomography (OCT) market. 

An upsurge in healthcare expenditure in the emerging economies is anticipated to offer lucrative opportunities for market expansion. However, Asia-Pacific is anticipated to witness notable growth, owing to increasing number of ocular and chronic diseases, increase in adoption of advanced diagnostic devices such as optical coherence tomography (OCT) and rise in investments for development of advanced and portable OCT devices, is expected to drive the growth optical coherence tomography (OCT) industry.

Key findings of the study
• By type, the handheld OCT device segment was highest contributor to the optical coherence tomography (OCT) industry in 2021.
• On the basis of application, the ophthalmology segment dominated the market in terms of revenue in 2021. However, others segment is anticipated to grow at the highest CAGR during the forecast period.
• On the basis of end user, the hospitals segment accounted for largest share in terms of revenue in 2021.
• Region wise, North America generated the largest revenue in 2021. However, Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.