Optical Coherence Tomography Market to Reach USD 2,473.3 Million by 2028

Vantage Market Research

Nov 23, 2021

The global optical coherence tomography (OCT) market is expected to witness substantial growth during the forecast period 2016-2028. This is accredited to the rising demand for optical coherence tomography owing to the increasing aging population, along with the rise in ocular diseases coupled with the rapid surge in the diabetic population and growing focus on healthcare expenditures. Additionally, rising incidences of ocular and ophthalmic conditions which is a natural phenomenon in aging. This will propel growth for the optical coherence tomography market. The global optical coherence tomography (OCT) market is expected to reach 2,473.3 Million by 2028 from 998.9 Million in 2020, growing at a CAGR of 8.20% from 2021 to 2028.

Key Findings:

  • The spectral-Domain OCT (SD-OCT) segment held a 20.13% share of the global optical coherence tomography market in 2020. The growth is due to the rising use of this technology as it significantly improves the visualization of retinal architecture. Another segment under the technology segment includes Swept-Source OCT.
  • The Handheld optical coherence tomography segment held a share of over 21% in 2020. The market for Handheld OCT  is anticipated to grow due to the recent advancement in handheld OCT devices, which allow high-resolution retinal imaging for infants and kids, these handheld devices help physicians in early detection of numerous retinal disorders, like macular degeneration, glaucoma, and Diabetic retinopathy. This is expected to boost market demand for handheld OCT devices, which will eventually affect Optical Coherence Tomography Market in the years ahead. Other segments under the type of devices are tabletop OCT devices and catheter-based OCT devices among others.
  •  North America is expected to have a share exceeding 24.13% in 2019. The surge is due to the rising demand for optical coherence tomography imaging techniques by diabetic retinopathy patients, along with the presence of a large number of prosperous vendors in the region. Additionally, the rising use of optical coherence tomography for glaucoma, macular degeneration along retina-related disorders or medical conditions such as central serous retinopathy and vitreous traction in the region will positively impact the optical coherence tomography market in the region. Optical coherence tomography for retinal and cardiology are emerging as highly profitable segments in the American region. Additionally, favorable medical insurance which helps the patient cover the cost for optical coherence tomography treatment has fueled the market in the anticipated timeframe.

Major players operating in the global 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, and Novacam Technologies Inc. among others.

Asia Pacific region held a share of over 21.12% of the global optical coherence tomography market in 2020. The growth of optical coherence tomography in the region is due to the rising incidences of stress symptoms, obesity population base, and popularity of unhealthy lifestyles among people. These above-mentioned factors result in higher cases of diabetes along with other chronic ailments in the Asia Pacific region, which will drive the demand for optical coherence tomography technology. All this is anticipated to propel market growth in the long run.