Global Optical Coherence Tomography Market 2023-2030

Global Optical Coherence Tomography Market 2023-2030

Global Optical Coherence Tomography Market Size, Share & Trends Analysis Report by Technology (Time Domain, Frequency Domain, Spatial Encoded Frequency Domain, and Fourier Domain), by Type (Catheter-based, Doppler, Handheld, and Tabletop), and by Application (Ophthalmology, Cardiovascular, Oncology, and Others) Forecast Period (2023-2030)

The global optical coherence tomography (OCT) market is anticipated to grow at a CAGR of 12.2% during the forecast period (2023-2030). OCT is an imaging technique that uses light to create cross-sectional images of a material or object. It is analogous to ultrasound, which uses sound waves to create images. OCT is a non-invasive imaging technique, which means that it does not require any contact with the object being imaged. This makes it a valuable tool for imaging sensitive tissues, such as the retina of the eye.

In October 2023, Altris Inc. announced FDA has granted 510(k) clearance of its IMS platform, the company’s image, and data management platform. the Altris platform can store, organize, and support in-depth analysis of OCT scans. The platform provides secure, on-the-cloud, web-based access to facilitate more convenient and accurate OCT scan analysis in ophthalmology and optometry. For 5 years, Altris AI has been developing software solutions for OCT interpretation to support eye care professionals in clinical decision-making using advanced machine learning and computer vision algorithms.

Segmental Outlook

The global optical coherence tomography market is segmented on the technology, type, and application. based on technology, the market is sub-segmented into time domain, frequency domain, spatial encoded frequency domain and Fourier domain. based on the type, the market is sub-segmented into catheter-based, doppler, handheld and tabletop. And based on the application, the market is sub-segmented into ophthalmology, cardiovascular, oncology and others. Among the type, the handheld sub-segment is anticipated to hold a considerable share of the market, owing to its 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.

Ophthalmology Sub-Segment is Anticipated to Hold a Considerable Share of the Global Optical coherence tomography Market

Among the application, the Ophthalmology sub-segment is expected to hold a considerable share of the global Optical coherence tomography market. This segmental growth is attributed to several factor such as, the increasing incidences of choroidal and retinal disorders, which, in turn, lead to increased product adoption by ophthalmologists for imaging and diagnosing purposes. For instance, in September 2019, Expanding the company's lineup of eye-care product offerings, Canon Inc., announce the new intuitive, user-friendly Xephilio OCT-A1 Optical Coherence Tomography device from Canon Inc. This device features automated acquisition functionality, which makes it easy to use, allowing healthcare professionals to obtain high-quality reproducible scans and images. The Xephilio OCT-A1 Optical Coherence Tomography device has received FDA 510(k) clearance for sale in the United States of America1. The Xephilio OCT-A1 Optical Coherence Tomography device, together with the required RX Capture software, computer and LCD monitor.

Regional Outlook

Global optical coherence tomography market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America). Among these, the Asia-Pacific region is anticipated to hold a prominent share of the market across the globe, owing to rising safety concerns, rising prevalence of chronic disorders, rising adoption of advanced technologies, geriatric population pool and increasing demand for minimally invasive procedures over traditional methods in the region.

The European Region is Expected to Grow at a Significant CAGR in the Global Optical coherence tomography Market

Among all regions, the European regions is anticipated to grow at a considerable CAGR over the forecast period. Regional growth is attributed to increasing R&D investments and medical approvals for public use, adoption of newer products in the US medical industry and expansion of hospitals and healthcare industry. Hence, the market players are focusing on strategic initiatives such as partnership, merger, and product launch in the market.For instance, in August 2021, Abbott announced it has received US Food and Drug Administration (FDA) clearance for its latest optical coherence tomography (OCT) imaging platform powered by the company's new Ultreon Software. This innovative imaging software combines OCT with artificial intelligence (AI) to provide physicians an enhanced, comprehensive view of coronary blood flow and blockages to assist physician decision-making and provide the best pathway for treatment. US clearance follows the recently attained CE Mark, providing broader access to the latest OCT imaging platform for interventional cardiologists seeking to utilize the latest in AI-powered technology. Ultreon Software integrates with Abbott's new Dragonfly OpStar imaging catheter and PressureWire X guidewire to provide physicians access to a broad set of tools to assess coronary blood flow and blockages and improve treatment planning for patients.

Market Players Outlook

The major companies serving the Optical coherence tomography market include Abbott Laboratories, Carl Zeiss Meditec AG, Danaher Corp, Heidelberg Engineering GmbH, Imalux Corp., Metall Zug AG, Michelson Diagnostics Ltd., NIDEK CO., LTD, Novacam Technologies, Inc., OPTOPOL Technology Sp. z o.o, and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in September 2023, Sight-saving charity Orbis has announced a new partnership with high-tech imaging solutions company Heidelberg Engineering. The company will help improve vision services by funding crucial teaching opportunities and research. Its contribution will focus on training eye care professionals around the world via Cybersight. It will also fund the charity’s research into retinoblastoma, a rare cancer of the retina most commonly affecting children under the age of five. Heidelberg Engineering’s contribution to Cybersight will support the delivery of live webinars on topics including optical coherence tomography (OCT), a non-invasive imaging test that uses light to capture cross-sectional scans of the back of the eye. An OCT exam can help detect serious eye conditions such as glaucoma, age-related macular degeneration, and diabetic retinopathy.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global optical coherence tomography market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.