Global Optical Coherence Tomography Market Size (2024 - 2029)

The Optical Coherence Tomography Market is anticipated to experience growth due to increasing demand for ophthalmic devices, driven by the rising prevalence of eye-related disorders and an aging population in both industrialized and emerging nations. The market's expansion is supported by the growing incidence of serious eye conditions, such as diabetic retinopathy, which is linked to the increasing prevalence of diabetes. Although the market faced short-term challenges during the COVID-19 pandemic due to reduced ophthalmological services, the demand has since rebounded. However, reimbursement policies may pose a challenge to the market's growth trajectory.

Market Size of Global Optical Coherence Tomography Industry

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Optical Coherence Tomography Market Summary
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

Optical Coherence Tomography Market Major Players

*Disclaimer: Major Players sorted in no particular order

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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 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
Europe
Germany
United Kingdom
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
Middle-East and Africa
GCC
South Africa
Rest of Middle-East and Africa
South America
Brazil
Argentina
Rest of South America
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Global Optical Coherence Tomography Market Size Summary

The Optical Coherence Tomography (OCT) market is poised for significant growth, driven by the increasing prevalence of eye-related disorders and the aging population in both developed and emerging economies. The demand for ophthalmic devices is on the rise as vision loss becomes a major public health concern globally. The market has shown resilience despite the short-term negative impacts of the COVID-19 pandemic, which disrupted supply chains and reduced ophthalmological services. However, the pandemic also spurred initiatives to enhance domestic manufacturing and improve product quality, contributing to market stability. The growing incidence of conditions such as diabetic retinopathy, linked to the rising prevalence of diabetes, is further propelling the demand for OCT devices. Awareness campaigns and the adoption of advanced diagnostic technologies are expected to bolster market growth, particularly in regions like North America, where a significant portion of the population suffers from vision impairment.

The OCT market is characterized by its competitive landscape, with several key players such as Carl Zeiss AG, Leica Microsystems, and Topcon Corporation leading the charge. These companies are actively investing in research and development to introduce innovative products and technologies, thereby enhancing their market positions. The introduction of user-friendly devices and integrated diagnostic advancements is expected to drive adoption rates and expand market reach. Despite the promising growth prospects, challenges such as reimbursement policies may pose hurdles. Nonetheless, the overall outlook for the OCT market remains positive, with anticipated growth fueled by technological advancements, increasing awareness, and the rising demand for eye care solutions.

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Global Optical Coherence Tomography Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

      1. 1.2.1 Increasing Demand in Biomedical Application

      2. 1.2.2 Recent Technological Developments in Diagnostics

    3. 1.3 Market Restraints

      1. 1.3.1 Reimbursement Policies

    4. 1.4 Porter's Five Force Analysis

      1. 1.4.1 Threat of New Entrants

      2. 1.4.2 Bargaining Power of Buyers/Consumers

      3. 1.4.3 Bargaining Power of Suppliers

      4. 1.4.4 Threat of Substitute Products

      5. 1.4.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION (Market Size by Value - USD million)

    1. 2.1 By Type

      1. 2.1.1 Handheld OCT devices

      2. 2.1.2 Tabletop OCT devices

    2. 2.2 By Application

      1. 2.2.1 Dermatology

      2. 2.2.2 Ophthalmology

      3. 2.2.3 Cardiovascular

      4. 2.2.4 Others

    3. 2.3 Geography

      1. 2.3.1 North America

        1. 2.3.1.1 United States

        2. 2.3.1.2 Canada

        3. 2.3.1.3 Mexico

      2. 2.3.2 Europe

        1. 2.3.2.1 Germany

        2. 2.3.2.2 United Kingdom

        3. 2.3.2.3 France

        4. 2.3.2.4 Italy

        5. 2.3.2.5 Spain

        6. 2.3.2.6 Rest of Europe

      3. 2.3.3 Asia-Pacific

        1. 2.3.3.1 China

        2. 2.3.3.2 Japan

        3. 2.3.3.3 India

        4. 2.3.3.4 Australia

        5. 2.3.3.5 South Korea

        6. 2.3.3.6 Rest of Asia-Pacific

      4. 2.3.4 Middle-East and Africa

        1. 2.3.4.1 GCC

        2. 2.3.4.2 South Africa

        3. 2.3.4.3 Rest of Middle-East and Africa

      5. 2.3.5 South America

        1. 2.3.5.1 Brazil

        2. 2.3.5.2 Argentina

        3. 2.3.5.3 Rest of South America

Global Optical Coherence Tomography Market Size FAQs

The Global Optical Coherence Tomography Market is projected to register a CAGR of 10.20% during the forecast period (2024-2029)

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.

Optical Coherence Tomography Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)