Optical Coherence Tomography Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 10.20 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Optical Coherence Tomography Market Analysis
The Optical Coherence Tomography Market is expected to register a CAGR of 10.2% during the forecast period (2022-2027).
The supply chain disruption caused due to the COVID-19 pandemic has led to a shortage of critical medical devices for diagnosis and treatments across the world. Therefore, many countries have taken definite measures to ease the shortages through domestic manufacturing of the products. In addition, domestic manufacturing of essential products is expected to overcome trade barriers and ensure product quality and market stability. Several precautions were taken in providing services to glaucoma patients during the COVID-19 pandemic. For instance, during the COVID-19 pandemic 2020, there were numerous incidences of pathogen transmission, specifically COVID-19, during the patient visit to an outpatient glaucoma clinic, according to a research article by Julie M. Shabto et al., published in the Journal of Glaucoma Journal in April 2020. The number of patients in these clinics even during periods of constrained patient flow and the number of tools that may be used during a single-patient examination were given effective infection control techniques during the COVID-19 pandemic. Carl Zeiss market devices, equipment, systems, and others for ophthalmology saw a severe reduction in revenue during the COVID-19 pandemic 2020, especially in the spring. For instance, the Carl Zeiss Annual Report 2019-2020 reported that the second quarter's revenue decreased by about 40%. (April-June 2020). Additionally, compared to 2019, income for the year 2020 decreased. Additionally, the COVID-19 pandemic caused a large drop in revenue in the first quarter of 2020, according to iCare Finland OY's annual report for 2020. Later, the second quarter of 2020 proved to be successful given the conditions, especially given the rise in demand for the market under study. As a result, there was a minor short-term negative impact on the market, particularly as a result of the decreased ophthalmological services during the COVID-19 outbreak in 2020. The market's growth has improved, nevertheless.
The demand for ophthalmic devices is rising as eye-related disorders are becoming more common. The aging population has begun to face possible hazards from eye diseases in many industrialized and emerging nations. The prevalence of serious eye conditions is rising worldwide, and vision loss is turning into a significant public health issue. 35,873 adults with diabetes underwent at least one examination for diabetic retinopathy, according to the study "Prevalence and incidence of diabetic retinopathy (DR) in the UK population of Gloucestershire" released in May 2021. The average age of those who had diabetic retinopathy was 66, and 57% of them were men. 93% of those who had type 2 diabetes also had diabetic retinopathy. According to this study article, the prevalence of diabetic retinopathy is rising throughout the nation, increasing the demand for ophthalmic devices. The association between diabetes and the disease is also supported by this study. As a result, the market will benefit from the country's rising diabetes prevalence. An estimated 2,680,500 people in the United Kingdom have been diagnosed with diabetes, according to data released by the International Diabetes Federation in February 2020. Diabetes prevalence among adults in the nation was 5.6%. The burden of diabetic retinopathy in the nation is predicted to rise as a result over time. This will drive the market by driving demand for coherence tomography. Thus, the abovementioned factors are expected to increase market growth.
However, reimbursement policies are expected to hinder market growth.
Optical Coherence Tomography Market Trends
This section covers the major market trends shaping the Optical Coherence Tomography Market according to our research experts:
Opthalmology by Application in Optical Coherence Tomography Market is Expected to Witness a Healthy Growth in Future.
Ophthalmology is expected to witness healthy growth in the future owing to the increasing incidences of retinal and choroidal disorders. Furthermore, raising awareness about the early diagnosis of glaucoma and other disease diagnosis related to eye ocular pressure and the adoption of new products in the market further boost the growth of the studied market in Spain. For instance, in February 2021, Specsavers Ópticas has its Glaucoma 2021 campaign to raise awareness of the condition known as the silent thief of sight, which affects more than half a million people in Spain alone. Thus, increasing awareness is expected to increase market growth. In February 2020, Specsavers launched a new multi-million-pound marketing campaign to raise public awareness of the optical coherence tomography (OCT) technology that is available in its United Kingdom practices. The advertising campaign was designed to encourage members of the public to have an eye examination who have never had an eye test with an OCT before. Such initiatives over time are expected to pull a large number of people for eye tests through OCT scanners because of their high accuracy and reliability. This will augment the market during the study period.
Thus, the abovementioned factors are likely to increase the market growth.
North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period
North America is expected to hold a major market share in the global Optical Coherence Tomography market due to the increasing aging population, increasing R&D investments, and adoption of new products in the region. According to the data published by the Centers for Disease Control and Prevention (CDC) in 2020 about 12 million people aged 40 and above suffer from vision impairment. Around 4.1 million Americans are affected with diabetic retinopathy, and nearly 900,000 Americans are threatened with vision-damaging retinopathy. Diabetic retinopathy is one of the leading disorders of posterior segment eye disorders. Increasing prevalence will increase the demand for diagnosis in a huge population which will boost the growth of the market in the country. In January 2021, the first study in the United States was started by Notal Vision, Inc. utilizing its experimental home-based optical coherence tomography (OCT) technology. With the use of the user-friendly, self-operated Notal Home OCT device, the study will assess the capacity of participants with wet age-related macular degeneration (AMD) to undertake consecutive daily self-imaging of their eyes at home. Similarly, in November 2020, Carl Zeiss Meditechas presented latest integrated diagnostic and surgical advancements such as Retina and Glaucoma Workflows, Cataract Workflow, Corneal Refractive Workflow, etc. at the 2020 American Academy of Ophthalmology's (AAO) Annual Meeting. Thus, the above-mentioned factors are expected to increase the market growth.
Optical Coherence Tomography Industry Overview
The Optical Coherence Tomography Market is fragmented and competitive and consists of several major players. In terms of market share, a few of the major players are currently dominating the market. Some of the companies which are currently dominating the market are Carl Zeiss AG, Leica Microsystems (Danaher), Topcon Corporation, Novacam Technologies, and Terumo Medical Corporation
Optical Coherence Tomography Market Leaders
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Carl Zeiss AG
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Novacam Technologies
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Topcon Corporation
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Leica Microsystems (Danaher)
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Terumo Medical Corporation
*Disclaimer: Major Players sorted in no particular order
Optical Coherence Tomography Market News
- In April 2022, Alcon reinforced its training and education with the Alcon Fidelis Virtual Reality (VR) Ophthalmic Surgical Simulator, a portable VR tool for cataract surgeons in training.
- In January 2022, Haag-StreitUK (HS-UK) launched its OptovueiScan80 in the country. It is a high-speed OCT system ideal for practices seeking an affordable and versatile OCT system. The iScan80's streamlined design integrates the operator interface, display, patient interface, and scan head into one console, making it ideal for small spaces.
Optical Coherence Tomography Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
- 4.1 Market Overview
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4.2 Market Drivers
- 4.2.1 Increasing Demand in Biomedical Application
- 4.2.2 Recent Technological Developments in Diagnostics
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4.3 Market Restraints
- 4.3.1 Reimbursement Policies
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4.4 Porter's Five Force Analysis
- 4.4.1 Threat of New Entrants
- 4.4.2 Bargaining Power of Buyers/Consumers
- 4.4.3 Bargaining Power of Suppliers
- 4.4.4 Threat of Substitute Products
- 4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD million)
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5.1 By Type
- 5.1.1 Handheld OCT devices
- 5.1.2 Tabletop OCT devices
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5.2 By Application
- 5.2.1 Dermatology
- 5.2.2 Ophthalmology
- 5.2.3 Cardiovascular
- 5.2.4 Others
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5.3 Geography
- 5.3.1 North America
- 5.3.1.1 United States
- 5.3.1.2 Canada
- 5.3.1.3 Mexico
- 5.3.2 Europe
- 5.3.2.1 Germany
- 5.3.2.2 United Kingdom
- 5.3.2.3 France
- 5.3.2.4 Italy
- 5.3.2.5 Spain
- 5.3.2.6 Rest of Europe
- 5.3.3 Asia-Pacific
- 5.3.3.1 China
- 5.3.3.2 Japan
- 5.3.3.3 India
- 5.3.3.4 Australia
- 5.3.3.5 South Korea
- 5.3.3.6 Rest of Asia-Pacific
- 5.3.4 Middle-East and Africa
- 5.3.4.1 GCC
- 5.3.4.2 South Africa
- 5.3.4.3 Rest of Middle-East and Africa
- 5.3.5 South America
- 5.3.5.1 Brazil
- 5.3.5.2 Argentina
- 5.3.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
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6.1 Company Profiles
- 6.1.1 Agfa Healthcare
- 6.1.2 Carl Zeiss AG
- 6.1.3 Leica Microsystems (Danaher)
- 6.1.4 Topcon Corporation
- 6.1.5 Heidelberg Engineering Inc
- 6.1.6 Novacam Technologies
- 6.1.7 Terumo Medical Corporation
- 6.1.8 Thorlabs
- 6.1.9 Optovue, Inc
- 6.1.10 OPTOPOL Technology
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablityOptical Coherence Tomography Industry Segmentation
As per the Scope, Optical coherence tomography is a noninvasive imaging technique that provides high-resolution, cross-sectional images of the retina, retinal nerve fiber layer, and the optic nerve head. The Optical Coherence Tomography Market is segmented By Type (Handheld OCT devices, and Tabletop OCT devices), Application (Dermatology, Ophthalmology, Cardiovascular, and Others), and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions, globally. The report offers the value (in USD million) for the above segments.
| By Type | Handheld OCT devices | |
| Tabletop OCT devices | ||
| By Application | Dermatology | |
| Ophthalmology | ||
| Cardiovascular | ||
| Others | ||
| Geography | North America | United States |
| Canada | ||
| Mexico | ||
| Geography | Europe | Germany |
| United Kingdom | ||
| France | ||
| Italy | ||
| Spain | ||
| Rest of Europe | ||
| Geography | Asia-Pacific | China |
| Japan | ||
| India | ||
| Australia | ||
| South Korea | ||
| Rest of Asia-Pacific | ||
| Geography | Middle-East and Africa | GCC |
| South Africa | ||
| Rest of Middle-East and Africa | ||
| Geography | South America | Brazil |
| Argentina | ||
| Rest of South America |
Optical Coherence Tomography Market Research FAQs
What is the current Global Optical Coherence Tomography Market size?
The Global Optical Coherence Tomography Market is projected to register a CAGR of 10.20% during the forecast period (2024-2029)
Who are the key players in Global Optical Coherence Tomography Market?
Carl Zeiss AG, Novacam Technologies, Topcon Corporation, Leica Microsystems (Danaher) and Terumo Medical Corporation are the major companies operating in the Global Optical Coherence Tomography Market.
Which is the fastest growing region in Global Optical Coherence Tomography Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Global Optical Coherence Tomography Market?
In 2024, the North America accounts for the largest market share in Global Optical Coherence Tomography Market.
What years does this Global Optical Coherence Tomography Market cover?
The report covers the Global Optical Coherence Tomography Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Global Optical Coherence Tomography Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Optical Coherence Tomography Industry Report
Statistics for the 2024 Optical Coherence Tomography market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Optical Coherence Tomography analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
