Optical Coherence Tomography (OCT) for Ophthalmology Market

Optical Coherence Tomography (OCT) for Ophthalmology Market Outlook (2022-2032)

In FY 2022, the optical coherence tomography (OCT) for ophthalmology market reached a valuation of US$ 1.7 Billion. Furthermore, across the 2022-2032 period of assessment, growth is expected to accelerate at a whopping 14.3% CAGR, reaching US$ 6.5 Billion. OCT is a non-invasive imaging technology used to produce high-resolution cross-sectional pictures of the retina. Some of the most frequent types of OCT devices are tabletop and portable.

They are made up of an interferometer, short-pulse lasers with low coherence, and a light source with a wide bandwidth. OCT is widely employed in a variety of healthcare fields, including ophthalmology, cancer, cardiovascular medicine, and dermatology. It can also measure retinal thickness and help in the early detection and diagnosis of retinal illnesses and disorders. It also allows for more accurate imaging of neo-intimal stent strut coverage in follow-up exams and aids in the assessment of stent strut apposition against the vascular wall.

The rising prevalence of retinal and choroidal illnesses, as well as visual impairments, is producing a good prognosis for the industry. Ophthalmologists employ optical coherence tomography (OCT) for ophthalmology to test for and diagnose retinal abnormalities such as tear and detachment, diabetic retinopathy, macular hole, and retinitis pigmentosa. Aside from that, numerous product advancements, such as the launch of higher-performing gadgets that aid in boosting accuracy and overall quality of eye care, are driving market expansion.

Report Attributes	Details
Anticipated Base Year Value (2022)	US$ 1.7 Billion
Projected Forecast Value (2032)	US$ 6.5 Billion
Global Growth Rate (2022-2032)	14.3% CAGR
Prominent Optical coherence tomography (OCT) for ophthalmology Service Players	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.

2017-2021 Revenue Analysis of Optical coherence tomography (OCT) for ophthalmology Market vs. Growth Outlook 2022-2032

According to Fact.MR, market research and competitive intelligence provider, the global market for optical coherence tomography (OCT) for ophthalmology (OCT) expanded at a 13% CAGR from 2017 to 2021. Optical coherence tomography (OCT) for ophthalmology, which allows for two- and three-dimensional viewing of the interior structure and morphology of tissues, has become one of the most commonly used methods for medical diagnosis and scientific research throughout the years.

Optical coherence tomography (OCT) for ophthalmology (OCT) is increasingly being utilized in clinical settings to diagnose eye illnesses such as optic neuritis and diabetic retinopathy. As a result of the growth in various eye disorders, the optical coherence tomography (OCT) for ophthalmology market will eventually develop throughout the projected period.

Similarly, rising use of optical coherence tomography (OCT) for ophthalmology devices in medical operations such as angioplasty will drive growth in the worldwide optical coherence tomography (OCT) for ophthalmology market over the forecast period. During intricate surgeries, medical experts employ OCT to collect images of blood arteries and other tissues that help them focus on perfection.

Leading optical coherence tomography (OCT) for ophthalmology device makers are constantly investing in R&D operations to broaden the use of OCT for various neoplastic and inflammatory skin conditions. They are releasing sophisticated OCT systems with the highest possible speed and resolution.

This will continue to drive the growth of the optical coherence tomography (OCT) for ophthalmology market in the future years. Based on the aforementioned trends, the global market Optical coherence tomography (OCT) for ophthalmology is poised to surge at a 14.3% CAGR, reaching US$ 6.5 Billion by 2032.

Key Market Drivers Influencing Optical coherence tomography (OCT) for ophthalmology Industry Expansion

Rising Number of Cancer Patients to Foster Market Growth Prospects

Rising number of cancer patients, an increase in the geriatric demographics, a surge in the amount for optical coherence imaging techniques in dosage forms, rise in the amount for early diagnosis techniques, growing adoption of advanced medical centers, and a spike in the number of patients with eye disorders are all influences that could accelerate the Optical coherence tomography (OCT) for ophthalmology (OCT) industry forward.

Advancements in Healthcare Innovation to drive Market Growth

Burgeoning advanced healthcare innovation in developing markets, government initiatives and capital to strengthen infrastructure establishments, R&D operations to improve the effectiveness of these tomography devices, an increase in optical coherence tomography (OCT) for ophthalmology application domains, including critical imaging procedures, and sales agreements, as well as partnerships and takeovers by major industry players, all help to drive market development.

In 2019, a Northwestern University research group created a brand-new platform called Spectral Contrast Optical coherence tomography (OCT) for ophthalmology Angiography (SC-OCTA), which uses cutting-edge 3D technology to detect minute changes in capillary organization, providing detailed information and insight into the middle region of the human circulatory system.

Key Challenges encountered by Optical coherence tomography (OCT) for ophthalmology Industry

Expensive Cost of Optical coherence tomography (OCT) for ophthalmology Devices to Hamper the Market Growth

Despite good development estimates, the worldwide optical coherence industry is experiencing a number of obstacles that are severely constraining its growth. The expensive cost of optical coherence tomography (OCT) for ophthalmology devices, a lack of reimbursement regulations, and the availability of competing technologies such as ultrasound bio-microscopy are among the hurdles.

Country-wise Analysis

Why is the United States Regarded as the World's Largest Market for Optical coherence tomography (OCT) for ophthalmology?

Rising Prevalence of Eye Disorders as well as the Increasing Use of Advanced Imaging Systems to impel Growth Prospects

According to Fact.MR, the United States will account for a substantial share of the North America optical coherence tomography (OCT) for ophthalmology market in 2021, and this trend is expected to continue throughout the forecast period. Increasing adoption of advanced technologies such as Fourier domain OCT systems in clinical and industrial applications, rising prevalence of eye disorders, favourable government support, and the presence of leading optical coherence tomography (OCT) for ophthalmology machine manufacturers are driving growth in the US optical coherence tomography (OCT) for ophthalmology market.

The rising incidence of eye illnesses such as glaucoma and diabetic retinopathy is expected to drive growth in the optical coherence tomography (OCT) for ophthalmology market in the United States over the forecast period. The number of Americans suffering from diabetic retinopathy and glaucoma will reach 11.3 million and 4.3 million, respectively, by 2032, according to the National Eye Institute (NEI).

This will result in a significant increase in demand for advanced diagnostic and treatment techniques such as optical coherence tomography (OCT) for ophthalmology in the nation. Similarly, the growing use of optical coherence tomography (OCT) for ophthalmology systems in industrial applications such as non-destructive testing and industrial quality control would boost the country's optical coherence tomography (OCT) for ophthalmology market size.

What is the Market Growth Forecast for Optical coherence tomography (OCT) for ophthalmology in the United Kingdom?

Increasing Healthcare Spending and Demand for Advanced Optical Imaging Systems are driving up Sales in the United Kingdom

With an increasing frequency of eye illnesses, a developing medical tourism sector, and rising R&D spending, the optical coherence tomography (OCT) for ophthalmology market in the United Kingdom is expected to rise at a CAGR of 13% during the projected period.

Due to an increase in instances of eye disorders, cancer, and many cardiovascular ailments, healthcare spending in the United Kingdom has risen dramatically in recent years. Total healthcare spending increased by 4.0% in 2019 to more than 225 billion, according to the Office for National Statistics. This is fostering the expansion of the optical coherence tomography (OCT) for ophthalmology market in the nation.

Furthermore, the growing number of ophthalmology clinics in the United Kingdom, combined with the rapid expansion of the optical imaging industry, is likely to generate profitable growth possibilities for optical coherence tomography (OCT) for ophthalmology system makers in the future.

What Attracts Optical coherence tomography (OCT) for ophthalmology Users to China?

Increasing Demand for Automated Healthcare Systems Drives Sales of the Optical coherence tomography (OCT) for ophthalmology Systems

According to Fact.MR, China held a considerate share of the East Asia optical coherence tomography (OCT) for ophthalmology market in 2021. Furthermore, with the increasing adoption of automated technologies for improved disease diagnosis and monitoring, the availability of advanced OCT machines at lower costs, the expansion of the OCT imaging systems market, and the growing popularity of optical coherence tomography (OCT) for ophthalmology in industrial applications, overall optical coherence tomography (OCT) for ophthalmology system sales in the country are expected to grow at a 9.8% CAGR during the forecast period.

Country-wise Forecast CAGRs for the Optical coherence tomography (OCT) for ophthalmology Market

Country	CAGR
U.K	13%
India	7.8%
South Korea	8%
China	9.8%
U.S	14%

Category-wise Insights

Which OCT Technology Makes the Most Contribution to the Global Optical coherence tomography (OCT) for ophthalmology Market?

FDCOT systems will account for more than half of the overall Optical coherence tomography (OCT) for ophthalmology market share

The worldwide optical coherence tomography (OCT) for ophthalmology market is divided into two types: Time Domain OCT (TDOCT), Frequency Domain OCT (FD-OCT), Spatial Encoded Frequency Domain OCT (Fourier Domain OCT (FDOCT) and others.

Among them, the fourier domain optical coherence tomography (OCT) for ophthalmology systems segment is expected to rise at a staggering 12% CAGR during the forecast period. This is due to the increased popularity of fourier domain OCT systems (also known as spectral or high-speed resolution OCT) across multiple end use verticals due to their improved speed and resolution.

Optical coherence tomography (OCT) for ophthalmology Market- Competitive Landscape

To increase their revenue share and gain a competitive advantage in the global optical coherence tomography (OCT) for ophthalmology market, key players in the market have implemented various growth strategies such as R&D investments, new product launches, strategic collaborations, partnerships, acquisitions, and the adoption of advanced technologies.

Recent Developments :

• In October 2022, the European Association of Neurosurgical Societies and ZEISS Medical Technology have announced a strategic cooperation (EANS). The business hopes that via this collaboration, it will be able to assist the training and further education of neurosurgical professionals, stimulate the exchange of experiences between users and medical equipment producers, and improve scientific advancement in the field of neurosurgery.

Key Segments Covered in the Optical coherence tomography (OCT) for ophthalmology Industry Survey

• By Technology :

  • Time Domain OCT (TDOCT)
  • Frequency Domain OCT (FD-OCT)
  • Spatial Encoded Frequency Domain OCT
    • Fourier Domain OCT (FDOCT)
    • Others

• By Type :

  • Catheter based OCT Devices
  • Doppler OCT Devices
  • Handheld OCT Devices
  • Tabletop OCT Devices

• By Application :

  • Ophthalmology
  • Cardiovascular
  • Oncology
  • Dermatology
  • Others

• By Region :

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa