Optical Coherence Tomography Market Size, Share & Trends Analysis Report By Technology (Time Domain OCT, Frequency Domain OCT), By Application (Ophthalmology, Oncology), By Type, By Region, And Segment Forecasts, 2023 - 2030

Report Overview

The global optical coherence tomography market size was estimated at USD 1.7 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 15.57% from 2023 to 2030. The continuous innovation and development of newer technologies, higher demand from new biomedical application areas such as drug delivery, growing demand for early diagnosis of diseases, and rising prevalence of eye disorders, are expected to drive the industry growth.

According to Canadian Health Measures Survey (2018-2019), 2.6% of children aged between 6 to 19 and 1.4% of adults aged between 40 to 79 have a visual impairment that cannot be corrected. Several organizations such as the Canadian Council of Blind (CCB) are working towards it, with the mission of improving the quality of life of visually impaired people.

Optical Coherence Tomography (OCT) uses light for the cross-sectional imaging of the tissue structure on the micron scale, in situ, and in real time. It is a non-invasive imaging technique, which is used to perform optical biopsies. It is used in areas where traditional imaging techniques cannot be used. OCT is based on fiber optics and can be integrated with instruments, such as endoscopes, catheters, surgical probes, and laparoscopes, which enable imaging of the body. Furthermore, OCT is a portable and compact device. All these factors are expected to drive the industry growth during the forecast years.

OCT is useful in the diagnosis of some major health disorders, such as cardiovascular diseases, non-melanoma skin cancer, prostate cancer, and age-related macular disease.This requires the need for non-invasive and in vivo imaging technology to monitor and diagnose the disease and its overlying condition. Continuous development of newer technologies and high demand for OCT imaging from developing countries are expected to drive industry growth. The COVID-19 pandemic led to a considerable rise in demand for medical supplies and respiratory support devices, such as life-support machines, atomizers, oxygen generators, and monitors. OCT angiography is used for the imaging of retinal vascular changes in fully recovered COVID-19 patients. Key manufacturers of OCT systems were struggling to maintain their production capacity, along with undertaking strategies such as product launches, mergers & acquisitions, and collaborations with suitable industry players.

The increasing prevalence of eye diseases is projected to fuel the market growth during the forecast period. According to the World Health Organization (WHO), almost 2.3 billion people were suffering from vision loss in 2019 due to unaddressed medical conditions, such as cataracts, refractive errors, corneal opacities, glaucoma, trachoma, and diabetic retinopathy. The WHO also estimates that over 2.2 billion individuals worldwide suffer from a near- or distance-vision disability brought on by eye conditions, such as cataracts, diabetic retinopathy, refractive error, glaucoma, and other conditions. Out of which, approximately 1 billion cases could have been prevented or are yet to be addressed. The demand for cutting-edge disease diagnostic tools like OCT systems is growing as a result of the rise in these eye ailments.

The industry is characterized by increased R&D efforts, the development of many unique products, and innovative hybridization technologies. One of the top OCT companies, Novacam Technologies Inc., creates and manufactures highly accurate advanced 3D metrology systems for use in biomedicine and other fields. The company’s devices use non-contact fiber-based scanning probes and low-coherence interferometry as their foundation. By collaborating with OEMs and system integrators that aim to use the vendor's cutting-edge LCI-based components in standard assemblies for vertical sectors, Novacam is actively looking for new methods to strengthen its market position.

Technology Insights

In terms of technology, the frequency domain optical coherence tomography (FD-OCT) segment held the largest revenue share of 37.25% in 2022. FD-OCT systems are mainly based on the measurement of the interference spectrum, hence also called Spectral-Domain OCT (SD-OCT). The SD-OCT uses interferometric signals as an aid for imaging, which helps by increasing the imaging speed up to 50 times, thus providing a greater number of images per unit area and boosting the industry penetration during the projection years.

The time domain OCT (TD-OCT) segment is expected to grow at the fastest CAGR of 16.10% during the forecast period. TD-OCT is the traditional technique applied for the examination of the retinal screen of the eye. TD-OCT is used to examine the retinal thickness by measuring the distance between the internal limiting membrane and the highest hyper-reflective band. It is used in the diagnosis of several retinal conditions, such as the macular hole, macular pucker, vitreomacular traction, and macular edema.

SD-OCT, also known as spatial encoded frequency domain OCT, is anticipated to expand rapidly during the forecast period. By examining the spectrum of the interference fringe pattern, SD-OCT, a type of interferometric technology, can provide depth-resolved tissue structural data that is encoded in the size and deferral of the backscattered light. In addition, the SD-OCT technology enables ultra-high-speed OCT imaging in contrast to Temporal Domain (TD) OCT. SD-OCT is crucial in applications related to biological imaging because of its quick operation and outstanding sensitivity.

Type Insights

Based on type, the market has been further categorized into catheter-based, Doppler OCT, handheld, and tabletop OCT devices. The handheld segment dominated the market in 2022 with the largest revenue share of 46.48% and is expected to retain its dominance over the forecast period. Handheld OCT devices are a 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.

The Doppler OCT segment is anticipated to grow at the fastest CAGR of 17.03% during the forecast period on account of the wide usage in the areas of ophthalmology, dermatology, gastrointestinal endoscopy & cardiology; the ability to image dynamic flow parameters, such as pulsatility; and reduced time of processing. Tabletop OCT devices are the traditional type of non-invasive devices used to scan the retina to check for any kind of eye disorders or the occurrence of certain symptoms. Tabletop OCTs require proper infrastructure and are non-portable.

Application Insights

In terms of application, the ophthalmology segment had the largest revenue share of 58.04% in 2022. The ophthalmology segment is projected to witness rapid growth in the future due to the increasing incidences of choroidal and retinal disorders, which, in turn, lead to increased product adoption by ophthalmologists for imaging and diagnosing purposes. Furthermore, the rising importance and awareness about early disease diagnosis and better treatment options with OCT devices are expected to boost growth.

The dermatology segment is estimated to register the fastest CAGR of 21.36% during the forecast period owing to the rising prevalence of skin disorders and the use of OCT to diagnose conditions, such as solid skin tumors. OCT has also been found to be useful in diagnosing early-stage cancer as it provides a real-time image of what lies beneath the skin in vivo.

The oncology segment is also predicted to grow at a CAGR of 19.03% over the forecast period. Cancer ranks as a primary cause of mortality and a significant barrier to growing life expectancy. The WHO estimated that around 19.3 million new cases of cancer and almost 10 million cancer-related deaths occurred in 2020 (which is 1 in every 6 deaths). Europe accounts for 22.8% of all cancer cases and 19.6% of all cancer deaths. The Americans come in second with 20.98% incidence and 14.2% worldwide mortality. Every cancer type requires an appropriate diagnosis and an accurate treatment schedule. The growing product demand can be attributed to the utilization of imaging techniques for screening cancer.

Regional Insights

Based on geographies, the market has been categorized into North America, Asia Pacific, Middle East & Africa, Latin America, and Europe. North America held the largest market share of 34.46% in 2022 and is projected to expand further at a steady CAGR during the forecast period. The growing geriatric population, increasing approvals, R&D investments, inclination towards adopting newer products in the U.S., expansion of hospitals, and the presence of well-established healthcare infrastructure are boosting the growth of the region.

Asia Pacific region is anticipated to grow at the fastest CAGR of 16.85% during the forecast period. The rapid growth of this region can be attributed to various factors, such as the rising prevalence of chronic disorders, rising adoption of advanced technologies, presence of a large geriatric population pool, increasing reimbursement for surgical procedures, and high preference for minimally invasive procedures over traditional methods. Furthermore, the increasing awareness levels regarding eye disorders are also anticipated to propel the market growth in this region during the forecast period. In July 2021, Canon Singapore launched Xephilio OCT-S1, an Innovative-field swept source OCT that can capture images up to 23*20 mm in a single scan.

In May 2022, Chhattisgarh state (India) launched its first OCT-based advanced technology by treating 3 patients with 3-dimensional OCT-guided coronary angioplasty at the Advance Cardiac Institute. In August 2020, the Department of Cardiology launched OCT image-guided angioplasty in south Karnataka, which can help doctors see the interiors of the coronary artery of the heart to better understand the occurrence of blockage in the heart.

Key Companies & Market Share Insights

The market is fragmented with high competition at a global level. Strategic partnerships with local distributors and region-based type variations are some of the initiatives adopted by global players. Major companies are investing in R&D for the development and launch of new products to serve the industry demand. In May 2021, Abbott announced the launch of the artificial intelligence OCT coronary imaging platform powered by Ultreon 1.0 Software in Europe. The software detects calcium-based blockages automatically and measures the diameter of the vessel, thereby enhancing the precision of the physician’s decision marking at the time of coronary stenting procedures.

In November 2020, Abbott announced the first OCT virtual reality product used for the training of cardiologists. In 2019, TOPCON Canada Inc. announced the launch of 3D Maestro2, which is a spectral domain OCT system with optional OCT angiography. Some prominent players in the global optical coherence tomography market include:

• Agfa - Gevaert Group

• Carl Zeiss Meditec AG

• Heidelberg Engineering GmbH

• Imalux Corp.

• Michelson Diagnostics

• Novacam Technologies, Inc.

• OPTOPOL Technology S.A.

• Metall Zug AG

• Topcon Corporation

• Thorlabs, Inc

• Abbott

Optical Coherence Tomography Market Report Scope

Global Optical Coherence Tomography Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global optical coherence tomography market report based on technology, type, application, and region:

• Technology Outlook (Revenue, USD Million, 2018 - 2030)

  • Time Domain OCT (TDOCT)

  • Frequency Domain OCT (FD-OCT)

  • Spatial Encoded Frequency Domain OCT

    • Fourier Domain OCT (FDOCT)

    • Others

• Type Outlook (Revenue, USD Million, 2018 - 2030)

  • Catheter-based OCT Devices

  • Doppler OCT Devices

  • Handheld OCT Devices

  • Tabletop OCT Devices

• Application Outlook (Revenue, USD Million, 2018 - 2030)

  • Ophthalmology

  • Cardiovascular

  • Oncology

  • Dermatology

  • Others

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • UK

    • Germany

    • France

    • Italy

    • Spain

    • Sweden

    • Norway

    • Denmark

  • Asia Pacific

    • Japan

    • China

    • India

    • Australia

    • Thailand

    • South Korea

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • Middle East and Africa

    • Saudi Arabia

    • South Africa

    • UAE

    • Kuwait