The global Optical Coherence Tomography market size is expected to be worth around US$ 11.8 billion by 2030, according to a new report by Vision Research Reports.
The global Optical Coherence Tomography market size was valued at US$ 819.0 million in 2020 and is anticipated to grow at a CAGR of 21.2% during forecast period 2021 to 2030.
Increasing incidences of ocular diseases coupled with rising technological advancement in diagnostics is expected to boost the market for OCT based imaging devices. Furthermore, rising applications in cardiology, dermatology, oncology and other diseases is anticipated to support market growth over the forecast period.
Improvement in the design of the devices along with utility of advanced software is expected to enhance the healthcare provider’s ability to accurately diagnose and manage chronic conditions. For instance, Optovue launched AngioVue Retina in June 2016, which is expected to provide ophthalmologist with a smooth integration of the optical coherence tomography angiography technology into the workflow.
Government support towards increased diagnostic rate is another vital impact rendering driver. For instance, the U.S. FDA have launched multiple programs to facilitate routine screening of geriatric patients, which forms a large portion of the target group. Availability of favorable reimbursement, is further expected to increase the diagnostic rate for conditions such as age-related macular degeneration, retinopathy, vitreomacular traction along with various other conditions.
On the basis of technology, the industry has been segmented into time domain, frequency domain, and spatially encoded frequency domain. Spatially encoded frequency is the most advanced of the three and is further sub-segmented into Fourier domain and others. The spatially encoded domain technology is predicted to witness the fastest growth, owing to their higher scanning capabilities and advanced data collection. Furthermore, these eliminate the errors arising due to patient movement along with better slicing of the images.
time domain based imaging held the largest share. The technology is routinely used in diagnosis of retinal disorders. However, with improved results using spatially encoded frequency based devices, time domain technology may lose on revenue share over the forecast period.
The type segment includes; catheter, handheld, tabletop, and Doppler OCT devices. Handheld devices are expected to hold the majority of the shares owing to their higher product penetration in regions such as the U.S., UK, Germany, and Brazil.
On the basis of application, the industry is segmented into ophthalmology, cardiovascular, oncology, dermatology, and others. Other applications analyzed in the study include; urology, rheumatology, gastroenterology, dental, and gynecology.
The ophthalmology segment dominated the segment over a decade and is expected to sustain its growth over the forecast period. Introduction of higher performing devices with enhanced performance, accuracy, and ease of use coupled with the augmenting incidences of retinal and choroidal disorders is the vital impact rendering factor.
However, dermatology segment is expected to witness the fastest growth over the next seven years. The devices are used for dermatological application since 1997 and have been undergoing several advancements to meet the demand for non-invasive imaging and monitoring various skin disorders.
Over the forecast period, North America is anticipated to sustain its dominance over the technology owing to increasing investment in R&D and faster adoption of the new products. Furthermore, expansion of hospitals and laboratory facilities leading to new product purchases is anticipated to support this growth. As of 2015, it is held over 30.0% of the market share.
Europe is expected to closely follow the North American region owing to the faster processing of approvals and documentation in order to allow automated devices to enter the province. For instance, the CEA fast tracked the process of Topcon’s latest products across the European Union thereby driving revenue within the region
Optovue, OPTOPOL Technology S.A., Carl Zeiss Meditec AG, Agfa Healthcare, Imalux Corporation, Michelson Diagnostics, and Novacam Technologies Inc. Other players include; Topcon Medical Systems Inc., Leica Microsystems, Agiltron Inc., and Thorlabs Inc.
Global OCT Market by Technology
Time Domain OCT (TDOCT)
Frequency Domain OCT (FD-OCT)
Spatial Encoded Frequency Domain OCT
Fourier Domain OCT (FDOCT)
Global OCT Market by Type
Catheter based OCT devices
Doppler OCT devices
Handheld OCT devices
Tabletop OCT devices
Global OCT Market by Application
OCT Market by Region
The Optical Coherence Tomography market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Optical Coherence Tomography market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Optical Coherence Tomography market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Optical Coherence Tomography market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Optical Coherence Tomography market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Optical Coherence Tomography capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Optical Coherence Tomography by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Optical Coherence Tomography market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Optical Coherence Tomography market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Optical Coherence Tomography market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Optical Coherence Tomography industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Optical Coherence Tomography market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Optical Coherence Tomography market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Optical Coherence Tomography market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Optical Coherence Tomography market. These factors have benefited the growth of the global market for Optical Coherence Tomography. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Optical Coherence Tomography. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Optical Coherence Tomography are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
To strategically profile the key players and comprehensively analyze their growth strategies.
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