Optical coherence tomography (OCT) is a non-invasive imaging technology to obtain detailed picture of biological tissue and this high resolution procedure involves near infrared light unlike ultrasound. The wide range application of OCT has evolved with time from ophthalmology to cardiology, dermatology and in research field of life science in order to study the internal structure. The accurate and precise visualization by OCT device increase its demand and so its market.

Increasing prevalence of chronic diseases and vision impairment needs the detailed diagnosis involving OCT device, which drives the growth of optical coherence tomography market. The favorable medical reimbursement policy is also responsible to propel the growth of the optical coherence tomography market. The increasing healthcare expenditure in R&D along with rising competition among different manufacturers to develop innovative products are the driving forces of optical coherence tomography market and expected to boost up the growth in upcoming years. Betterment in the existing technologies or improved version of OCT device is anticipated to drive the market in future by abolishing present limitations.

The purpose of this research study titled ‘Optical coherence tomography Market - Growth, Future Prospects, and Competitive Analysis, 2021 – 2029’ is to provide investors, developers, company executives and industry participants with in-depth analysis to allow them to take strategic initiatives and decisions related to the prospects in the global optical coherence tomography market. This report presents and analyzes the major trends prevalent in the global optical coherence tomography market and the market size and forecast.

This report categorizes the global optical coherence tomography market in terms of technology type, application and geographical distribution.

The market size and forecast of each considered geographical market is presented for the period 2015-2025 along with CAGRs for the forecast period 2021-2029 in this study and are further cross-sectional presented in terms of type of technology, type of application and constituent region/country level markets.

This report also includes qualitative assessment factors such as market dynamics (drivers, restraints and opportunities) to have a good understanding of the current and anticipated trends in the global optical coherence tomography market. Competition assessment tools such as, major agreements, partnerships and collaborations, market attractiveness assessment and competitive landscape analysis by key players are also demonstrated in the study. Furthermore, this report includes profiling of key market players currently enjoying prominent position in the optical coherence tomography market. The major players profiled in this report are Carl Zeiss Meditec AG, Optovue, Michelson Diagnostics Ltd., Heidelberg Engineering GmbH, Topcon Medical Systems Inc., Novacam Technologies Inc., Agfa Healthcare, Thorlabs Inc. and others.

The diagnosis segment held the largest share of optical coherence tomography market. The ophthalmology segment has been witnessed to contribute major growth in the optical coherence tomography market. The involvement of OCT device among ophthalmologists is becoming more popular as it enables surgeon to take better surgical decisions and provides improved patient outcomes. Cardiovascular diseases are most common cause of death across the globe. The application of OCT devices is increasing in cardiology with expanding cases of atherosclerosis or myocardial infarction in order to diagnose plaques at the earliest stage. 

OCT has been shown to be very useful tool in dermatology; especially in the diagnosis of skin cancer, skin infections or any inflammatory skin diseases. The real-time structural images of skin obtained from optical coherence tomography improves the diagnostic procedures. The simple and efficient application of optical coherence tomography along with high-resolution detailed images of skin makes the treatment easier and drives the optical coherence tomography market to grow significantly. 

The optical coherence tomography market is predicted to witness substantial growth on account of emerging biomedical application in research field of life science.

The first ever invented and commercially available optical coherence tomography is time-domain OCT. Time-domain OCT is sensitive but not able to acquire the data quickly. However, spectral-domain OCT or Fourier-domain OCT brought about significant changes in OCT market with emerging latest technology. The accuracy of data, better quality of image and high speed technology of SD-OCT help to boost up the optical coherence technology market. The advancement in recent technology of SD-OCT overcomes the limitations of TD-OCT and increases the competitions among manufacturers which in turn drives the OCT market to grow substantially. Swept source OCT is a type of SDOCT where laser being deployed, and preferred in biomedical application on account of its high speed and improved resolution. Micro OCT is one the optical coherence tomography commercially available with highest image resolution which is predicted to drive the OCT market in upcoming years.

By geography, the global optical coherence tomography (OCT) market is cumulative to North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Geographically, North America is anticipated to dominate the global market of the optical coherence tomography followed by Europe. Prevalence of diseases is proportionate to growing geriatric population which turns the optical coherence tomography market to grow. The increasing expenditure in R&D for innovative and improved optical coherence tomography device is predicted to positively influence the optical coherence tomography market. Growing initiatives taken by healthcare system and various government organization for the betterment of the public health fuels the growth of OCT market. Increasing health awareness among public and favorable reimbursement are driving the optical coherence tomography market to grow in this region. Asia-Pacific region is expected to witness lucrative growth in the forecast period due to increasing development in research, market penetration of manufacturers and healthcare awareness promotion.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Optical Coherence Tomography market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Optical Coherence Tomography market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Optical Coherence Tomography market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Optical Coherence Tomography market?
• Which is the largest regional market for Optical Coherence Tomography market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Optical Coherence Tomography market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Optical Coherence Tomography market worldwide?