Global Optical Coherence Tomography Market to Reach US$ 5.2 Billion by 2032, Catalyzed by Rising Incidences of Eye Disorders

June 08, 2023 | Healthcare

According to the latest report by IMARC Group, titled “Optical Coherence Tomography Market Report by Type (Handheld OCT Devices, Tabletop OCT Devices, and Others), Technology (Time Domain OCT (TDOCT), Frequency Domain OCT (FD-OCT)), Application (Dermatology, Ophthalmology, Cardiovascular, Oncology, and Others), and Region 2024-2032," the global optical coherence tomography market size reached US$ 1.8 Billion in 2023. Optical coherence tomography (OCT) refers to an advanced imaging technique used in medical diagnostics to provide high-resolution cross-sectional images of biological tissues. It is comprised of several components, such as a sample probe, photodetector, Michelson interferometer, low-coherence light source, signal processing system, and display unit. OCT is widely used in ophthalmology, cardiology, dermatology, dentistry, gastroenterology, neurology, material sciences, and art conservation. It is a highly efficient and non-invasive imaging technique that provides in-depth information about biological structures and enables clinicians to diagnose pathological conditions accurately. In addition, OCT utilizes non-ionizing radiation, which aids in minimizing potential health risks due to repeated imaging procedures.

Global Optical Coherence Tomography Market Trends:

The rising incidences of eye disorders across the globe is one of the primary factors propelling the market growth. OCT is widely used in ophthalmology to provide high-resolution imaging of the cornea, iris, anterior chamber, and retinal layers, which aids in the diagnosis and management of various disorders such as choroiditis, keratoconus, age-related macular degeneration (AMD), diabetic retinopathy, macular edema, macular holes, and retinal detachment. Furthermore, the increasing utilization of OCT to enable early detection of chronic illnesses, monitor disease progression, assess the efficacy of treatments, and provide objective measurements of the outcomes of novel therapies is acting as another growth-inducing factor. Additionally, the introduction of swept-source OCT, which utilizes a tunable laser to allow faster image acquisition, improve depth penetration, and enable high-speed volumetric imaging, is positively influencing the market growth. Besides this, the utilization of artificial intelligence (AI) and machine learning (ML) algorithms to improve diagnostic accuracy, automate image analysis, reduce manual errors, and increase overall efficiency is contributing to the market growth. Apart from this, the recent development of handheld OCT devices that allow point-of-care imaging and enhance user convenience is favoring the market growth. Moreover, the growing demand for non-invasive imaging techniques that are highly convenient and enhance patient comfort, improve clinical outcomes, and minimize the risk of complications is supporting the market growth. Other factors, including the rising geriatric population, increasing investment in the development of advanced products, and rapid expansion of the healthcare industry, are anticipated to drive the market growth. On account of the aforementioned factors, the market value is expected to reach US$ 5.2 Billion by 2032, exhibiting a CAGR of 12.2% during 2024-2032.

Market Summary:

  • On the basis of the type, the market has been classified into handheld OCT devices, tabletop OCT devices, and others.
  • Based on the technology, the market has been bifurcated into time domain OCT (TDOCT) and frequency domain OCT (FD-OCT).
  • On the basis of the application, the market has been divided into dermatology, ophthalmology, cardiovascular, oncology, and others.
  • On a regional basis, the market has been categorized into North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa.
  • The competitive landscape of the industry has also been examined, with some of the key players being Abbott Laboratories, Agfa-Gevaert N.V., Agiltron Inc., Carl Zeiss AG, Haag-Streit Group, Heidelberg Engineering Inc., Leica Microsystems GmbH (Danaher Corporation), Novacam Technologies Inc., OPTOPOL Technology Sp. z o.o., Terumo Corporation, Thorlabs Inc. and Topcon Corporation.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Type, Technology, Application, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Abbott Laboratories, Agfa-Gevaert N.V., Agiltron Inc., Carl Zeiss AG, Haag-Streit Group, Heidelberg Engineering Inc., Leica Microsystems GmbH (Danaher Corporation), Novacam Technologies Inc., OPTOPOL Technology Sp. z o.o., Terumo Corporation, Thorlabs Inc. and Topcon Corporation.
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Global Optical Coherence Tomography Market to Reach US$ 5.2 Billion by 2032, Catalyzed by Rising Incidences of Eye Disorders
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