Optical Coherence Tomography Market Size, Share & Trends Analysis Report By Type (Doppler, Handheld), By Technology (TD-OCT, FD-OCT), By Application (Ophthalmology, Oncology), And Segment Forecasts, 2022 - 2030

Report Overview

The global optical coherence tomography market size was valued at USD 1.47 billion in 2021 and is projected to expand at a compound annual growth rate (CAGR) of 15.41% from 2022 to 2030. Constant innovation and development of newer technologies, higher demand from new biomedical application areas such as drug delivery, rising demand for early diagnosis of disease, and rising prevalence of eye disorders, are expected to drive the industry growth. However, a lack of favorable reimbursement policies and clinical information can hamper the industry growth in the coming years. Optical Coherence Tomography (OCT) is an evolving technology used for high-resolution cross-sectional imaging.

It uses light for the cross-sectional imaging of the tissue structure on the micron scale, in situ, and in real-time. It is a non-invasive imaging technique, which is used to perform optical biopsies. It is used in areas where traditional imaging techniques cannot be used. OCT is based on fiber optics and can be integrated with the instruments, such as endoscopes, catheters, surgical probes, and laparoscopes, which enables imaging of the body. Furthermore, OCT is a portable and compact device. All these factors are expected to drive the industry during the forecast years. OCT is useful in the diagnosis of some major health disorders, such as cardiovascular diseases, non-melanoma skin cancer, prostate cancer, and age-related macular disease, to name a few.

This requires the need for non-invasive and in vivo imaging technology to monitor and diagnose the disease and its overlying condition. Continuous development of newer technologies and high demand for OCT imaging from developing countries are expected to drive the industry. The COVID-19 pandemic has led to a considerable rise in demand for medical supplies and respiratory support devices, such as life-support machines, atomizers, oxygen generators, and monitors. OCT angiography is used for the imaging of retinal vascular changes in fully-recovered COVID-19 patients. Key manufacturers of OCT systems are struggling to maintain their production capacity, along with finding newer methods to strengthen their presence, such as mergers & acquisitions and collaborations with suitable industry players.

These initiatives by companies can be positive for the industry growth in the coming years. The increasing prevalence of eye diseases is projected to fuel the growth during the forecast period. According to the World Health Organization (WHO), almost 2.3 billion people were suffering from vision loss in 2019 due to unaddressed medical conditions, such as cataracts, refractive errors, corneal opacities, and glaucoma, trachoma, and diabetic retinopathy. The WHO also estimates that over 2.2 billion individuals worldwide suffer from a near- or distance-vision disability brought on by eye conditions, such as cataracts, diabetic retinopathy, refractive error, glaucoma, and other conditions. Demand for cutting-edge disease diagnostic tools like OCT systems is growing as a result of the rise in these eye ailments.

The industry is characterized by increased R&D efforts, the development of many unique products, and innovative hybridization technologies. One of the top optical coherence tomography companies, Novacam Technologies Inc., creates and manufactures highly accurate advanced 3D metrology systems for use in biomedicine and other fields. The company’s devices use non-contact fiber-based scanning probes and low-coherence interferometry as their foundation. By collaborating with OEMs and system integrators that aim to use the vendor's cutting-edge LCI-based components in standard assemblies for vertical sectors, Novacam is actively looking for new methods to strengthen its market position.

Technology Insights

The Frequency Domain Optical Coherence Tomography (FD-OCT) segment accounted for the largest revenue share of more than 37.10% in 2021. Frequency domain OCT systems are mainly based on the measurement of the interference spectrum, hence also called Spectral-Domain OCT (SD-OCT). The Spectral Domain OCT uses interferometric signals as an aid for imaging, which helps by increasing the imaging speed up to 50 times, thus providing a greater number of images per unit area and boosting the industry penetration during the projection years. The Time Domain OCT (TD-OCT) segment is expected to expand at the highest CAGR during the forecast period. Time domain OCT is the traditional technique applied for the examination of the retinal screen of the eye.

TD-OCT is used to examine the retinal thickness by measuring the distance between the internal limiting membrane and the highest hyper-reflective band. It is used in the diagnosis of several retinal conditions, such as the macular hole, macular pucker, vitreomacular traction, and macular edema. SD-OCT, also known as spatial encoded frequency domain OCT, is anticipated to expand significantly during the forecast period. By examining the spectrum of the interference fringe pattern, SDOCT, a type of interferometric technology, can provide depth-resolved tissue structural data that is encoded in the size and deferral of the backscattered light. In addition, the SDOCT technology enables ultra-high-speed OCT imaging in contrast to Temporal Domain (TD) OCT. SDOCT is crucial in applications related to biological imaging because of its quick operation and outstanding sensitivity.

Type Insights

On the basis of type, the global industry has been further categorized into catheter-based, Doppler OCT, handheld, and tabletop OCT devices. The handheld OCT device type segment dominated the global industry in 2021 and is expected to remain dominant throughout the forecast period. The segment accounted for the largest share of more than 46.30% of the global revenue in the same year. Handheld OCT devices are a combination of Microelectromechanical Systems (MEMS) with 3D imaging to help in the early detection of multiple eye disorders like diabetic retinopathy, macular degeneration, and glaucoma.

The Doppler OCT devices type segment is projected to expand at the fastest growth rate during the forecast period on account of the wide usage in the areas of ophthalmology, dermatology, gastrointestinal endoscopy & cardiology; the ability to image dynamic flow parameters, such as pulsatility; and reduced time of processing. Tabletop OCT devices are a traditional type of non-invasive device used to scan the retina to check for any kind of eye disorders on the occurrence of certain symptoms. Tabletop OCTs require proper infrastructure and are non-portable.

Application Insights

Ophthalmology held the largest share of more than 59.55% of the global revenue in 2021. Ophthalmology is projected to witness rapid growth in the future due to the increasing incidences of choroidal and retinal disorders, which, in turn, leads to increased product adoption by ophthalmologists for imaging and diagnosing purposes. Furthermore, the rising importance and awareness about early disease diagnosis & better treatment options with OCT devices will boost the growth. The dermatology segment is estimated to register the fastest CAGR during the forecast period owing to the rising prevalence of skin disorders and the use of OCT to diagnose the conditions, such as solid skin tumors.

The oncology segment is also predicted to grow at a significant CAGR in the forecast years. Cancer ranks as a primary cause of mortality and a significant barrier to growing life expectancy. The WHO estimated that around 19.3 million new cases of cancer and almost 10 million cancer-related deaths occurred in 2020. Europe accounts for 22.8% of all cancer cases and 19.6% of all cancer deaths. The Americas come in second with 20.98% incidence and 14.2% worldwide mortality. Every cancer type requires an appropriate diagnosis and an accurate treatment schedule. The growing product demand can be attributed to the utilization of imaging techniques for screening cancer.

Regional Insights

On the basis of geographies, the global industry has been further categorized into North America, Asia Pacific, Middle East & Africa, Latin America, and Europe. North America accounted for the maximum share of more than 35.00% in 2021 and is projected to expand further at a steady CAGR during the forecast period. The growing geriatric population, increasing approvals & R&D investments, inclination towards adopting newer products in the U.S., expansion of hospitals, and the presence of well-established healthcare infrastructure are boosting the growth of the region. Asia Pacific accounted for the second-largest share in 2021.

The Asia Pacific region is anticipated to expand further at the fastest growth rate during the forecast period. The rapid growth of this region can be attributed to various factors, such as the rising prevalence of chronic disorders, rising adoption of advanced technologies, presence of a large geriatric population pool, increasing reimbursement for surgical procedures, and high preference for minimally invasive procedures over traditional methods. Furthermore, the increasing awareness levels regarding eye disorders are also anticipated to propel the market growth in this region during the forecast period.

Key Companies & Market Share Insights

The market is fragmented with high competition at a global level. Strategic partnerships with local distributors and region-based type variations are some of the initiatives adopted by global players. Major companies are investing in R&D for the development and launch of new products to serve the industry demand. For instance, in 2020, Abbott announced the first optical coherence tomography virtual reality product used for the training of cardiologists. In 2019, TOPCON Canada Inc. announced the launch of 3D Maestro2, which is a spectral domain optical coherence tomography system with optional optical coherence tomography angiography. Some of the prominent players in the global optical coherence tomography market include:

• Agfa Healthcare

• Carl Zeiss Meditec AG

• Heidelberg Engineering GmbH

• Imalux Corp.

• Michelson Diagnostics

• Novacam Technologies, Inc.

• OPTOPOL Technology S.A.

• Topcon Medical Systems

• Thorlabs, Inc.

Optical Coherence Tomography Market Report Scope

Global Optical Coherence Tomography Market Segmentation 

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For the purpose of this study, Grand View Research has segmented the global optical coherence tomography market report on the basis of technology, type, application, and region:

• Technology Outlook (Revenue, USD Million, 2017 - 2030)

  • Time Domain OCT (TDOCT)

  • Frequency Domain OCT (FD-OCT)

  • Spatial Encoded Frequency Domain OCT

    • Fourier Domain OCT (FDOCT)

    • Others

• Type Outlook (Revenue, USD Million, 2017 - 2030)

  • Catheter-based OCT Devices

  • Doppler OCT Devices

  • Handheld OCT Devices

  • Tabletop OCT Devices

• Application Outlook (Revenue, USD Million, 2017 - 2030)

  • Ophthalmology

  • Cardiovascular

  • Oncology

  • Dermatology

  • Others

• Regional Outlook (Revenue, USD Million, 2017 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • U.K.

    • France

    • Italy

    • Spain

  • Asia Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

  • Latin America

    • Brazil

    • Mexico

    • Argentina

    • Colombia

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • UAE