The global Optical Coherence Tomography (OCT) Market size is expected to value at USD 1.8 billion by 2024. The market is subject to witness a substantial growth due to the prevalence of ocular diseases and recent technological advancement in diagnostic techniques. In addition, increasing demand for optical coherence tomography (OCT) devices to carry out diagnosis of cardiology, dermatology, oncology and other type of disorders favor the market growth in upcoming years. Globally, the optical coherence tomography market is predicted to grow at CAGR of 11.2% in forecast period, providing numerous opportunities for market players to invest in research and development of the market.
Additionally, optical coherence tomography (OCT) devices are essential to perform advanced imaging and diagnostic for ophthalmology, thereby propelling market demand, in the recent years. Alterations in optical coherence tomography (OCT) devices to enhance their performance and design modification has led to vast set of applications in the areas of dermatology, cardiology and others. Such wide range of applications of the optical coherence tomography (OCT) devices are expected to fuel market growth over the forecast period.
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Adoption of optical coherence tomography (OCT) imaging and diagnostic devices by cardiologist in order to locate and treat coronary artery disease is expected to play critical role in the robust growth of optical coherence tomography (OCT) industry in the near future. The recent technological advancement in the healthcare sector coupled with development of novel products& techniques to perform tissue imaging and endoscopy are anticipated to foster market growth in the upcoming years.
Introduction of hybrid technologies by industry participant and increase in the research & development activities in North America and European region coupled are anticipated to stimulate market growth in the years to come. Advent of optical coherence tomography angiography (OCTA) devices is expected to improve overall resolution and isolation properties of diagnostic images. Increasing adoption of optical coherence tomography angiography (OCTA) devices offer 3D imaging, thus helping healthcare professionals to isolate the region of interest during critical surgical procedures. These factors are expected to boost market expansion in the forecast period.
The optical coherence tomography industry is broadly categorized into three major segments based on typed of a technology such as time domain, frequency domain, and spatially encoded frequency domain. The spatially encoded frequency domain is considered as one of the fastest growing segment in the OCT market with substantial revenue generation in the last couple of years.
Growing popularity of the spatially encoded frequency domain is mainly due to high precision and cost efficiency. The spatially encoded frequency domain is considered as most advanced type of technology used for production of optical coherence tomography (OCT) devices. The Fourier domain, which is a sub-segment of spatially encoded frequency domain types, has also witnessed massive growth in the last few years, owing to its higher scanning capabilities and advanced data collection.
The optical coherence tomography (OCT) industry is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North American and European region have shown major growth in recent years owing to the rise in the implementation of latest technologies in pharmaceutical & medicine sector, increasing in the research & development activities in the region, expansion of hospitals and laboratory facilities, and existence of well-established healthcare infrastructure.
Asia-Pacific region is predicted to hold major market share in the optical coherence tomography (OCT) market with massive growth in forecast period. Countries such as India, China and Japan are leading the Asia-Pacific market with rising healthcare expenditure, strong economic growth in the region and significant investment by leading industry players considering potential growth opportunities in the region.
The key players in the OCT Industry are Optovue, Inc., OPTOPOL Technology S.A., Carl Zeiss Meditec AG, Agfa Healthcare Pvt., Ltd., Imalux Co., Michelson Diagnostics Ltd., Novacam Technologies Inc., Topcon Medical Systems Inc., Leica Microsystems GmbH, Agiltron Inc., and Thorlabs Inc.
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Global OCT Market by Technology, 2013 – 2024 (USD Million)
• Time Domain OCT (TDOCT)
• Frequency Domain OCT (FD-OCT)
• Spatial Encoded Frequency Domain OCT
• Fourier Domain OCT (FDOCT)
Global OCT Market by Type, 2013 – 2024 (USD Million)
• Catheter based OCT devices
• Doppler OCT devices
• Handheld OCT devices
• Tabletop OCT devices
Global OCT Market by Application, 2013 – 2024 (USD Million)
OCT Market by Region, 2013 – 2024 (USD Million)
• North America
• Asia Pacific
• Latin America
• South Africa
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