What Has Been the Progress and Growth of the Optical Coherence Tomography Market in Recent Years?
The optical coherence tomography market has seen considerable growth due to a variety of factors.
• In recent years, there has been a significant expansion in the size of the optical coherence tomography market. The market is set to rise from $1.89 billion in 2024 to $2.12 billion in 2025, posting a compound annual growth rate (CAGR) of 12.1%. Growth during the historical period is owed to factors such as the impact of the global pandemic, patient choices, competitive environment, swift research & development, regulatory backing, and device miniaturization.
What Is The Expected Growth In The Optical Coherence Tomography Market?
The Optical Coherence Tomography market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for optical coherence tomography is predicted to expand considerably in the forthcoming years, reaching a valuation of $3.59 billion by 2029, reflecting a compound annual growth rate (CAGR) of 14.1%.
This growth during the forecasted period can be associated with factors such as heightened healthcare spending, a greater focus on patient wellbeing, and a rising incidence of eye conditions. Key trends shaping this market during this forecasted period encapsulate OCT integration in surgical procedures, regulatory changes, the rise of telemedicine and distant consultations, as well as market competition and innovation.
What Main Forces Are Fueling Expansion In The Optical Coherence Tomography Market?
The surge in the occurrence of eye diseases is predicted to bolster the expansion of the optical coherence tomography industry. Eye disorders such as cataract, glaucoma, diabetic retinopathy, and age-related macular degeneration (AMD) are top causes of vision impairment and blindness across the world. There is an escalating demand for sophisticated disease detection tools like optical coherence tomography systems due to increasing eye disorders. For example, the World Health Organization (WHO), a United Nations specialized agency based in Switzerland, reports that over 2.2 billion people globally suffer from near or complete vision problems because of ailments including refractive error, cataract, glaucoma, diabetic retinopathy, among others. Age-related macular degeneration (AMD), globally, comes in as the third leading cause of blindness after cataracts and glaucoma. The European Union (EU) is estimated to have an average of 34 million individuals affected by AMD, including 22 million in their five most populous countries alone. Experts predict a 25% jump in AMD patient numbers by 2050 due to population growth and ageing. Primary open-angle glaucoma (POAG) is expected to impact 7.32 million Americans by 2050. Therefore, the growing rate of eye disorders is projected to lead to the growth of the optical coherence tomography industry.
What Are The Primary Segments In The Global Optical Coherence Tomography Market?
The optical coherence tomography market covered in this report is segmented –
1) By Type: Catheter-Based OCT Devices, Doppler OCT Devices, Handheld OCT Devices, Tabletop OCT Devices
2) By Technology: Time Domain OCT (TDOCT), Frequency Domain OCT (FD-OCT), Spatial Encoded Frequency Domain OCT
3) By Application: Ophthalmology, Cardiovascular, Oncology, Dermatology, Other Applications
Subsegments:
1) By Catheter-Based OCT Devices: Intracoronary OCT, Intravenous OCT
2) By Doppler OCT Devices: Time-Domain Doppler OCT, Frequency-Domain Doppler OCT
3) By Handheld OCT Devices: Portable Retinal OCT, Portable Cardiovascular OCT
4) By Tabletop OCT Devices: Optical Coherence Tomography Angiography (OCTA), High-Resolution OCT For Research Applications
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Which Key Trends Are Driving Changes In The Optical Coherence Tomography Market?
The emergence of technological advancements is a significant trend in the optical coherence tomography market. Leading companies are releasing products that have undergone significant technological improvements. They are also implementing high-end technologies to increase their revenue, maintain competitiveness in the optical coherence tomography market and expand their market coverage. For example, in October 2023, Abbott Laboratories, a medical device company in the US, unveiled its most recent vascular imaging platform in India, incorporating its Ultreon 1.0 Software. This platform combines optical coherence tomography (OCT) and artificial intelligence (AI) to offer doctors a thorough evaluation of blood circulation and obstructions in coronary arteries. The sophisticated imaging software can distinguish between calcified and non-calcified obstructions, evaluate the seriousness of calcium blockages, and gauge the vessel diameter. It further aids physicians in making accurate stent placements, assuring ideal expansion and adjustment, and provides real-time result display for improved precision during coronary stenting procedures. The OCT technology by Abbott uses near-infrared light to deliver high-definition, precise imaging inside blood vessels, empowering physicians with intricate details even in complicated patient anatomies.
Who Are the Key Players In The Optical Coherence Tomography Market?
Major companies operating in the optical coherence tomography market include:
• Agfa-Gevaert N.V.
• Carl Zeiss Meditec AG
• Heidelberg Engineering GmbH
• Imalux Corporation
• Michelson Diagnostics Limited
• Novacam Technologies Inc.
• OPTOPOL Technology Sp. z o.o.
• Topcon Healthcare Solutions Inc.
• Conavi Medical Inc.
• ZD Medical Inc.
• Excelitas Technologies Corp
• Thorlabs Inc.
• Sonostar Technologies Co. Limited
• NIDEK Co. Ltd.
• Leica Microsystems IR GmbH
• Optovue Inc.
• Canon Inc.
• Optos Inc.
• Santec Corporation
• Tomophase Corporation
• Insight Photonic Solutions Inc.
• Wasatch Photonics Inc.
• Avinger Inc.
• AngioDynamics Inc.
• BaySpec Inc.
• Tornado Spectral Systems Inc.
• Lambda Solutions Inc.
• LightLab Imaging Inc.
• Infraredx Inc.
• Optoprobe Inc.
• Terumo Corporation
• Optiscan Pty Ltd.
• NinePoint Medical Inc.
• Axsun Technologies Inc.
• AOT AG
What Is The Most Dominant Region In The Optical Coherence Tomography Market?
North America was the largest region in the optical coherence tomography market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the optical coherence tomography market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
