PUBLISHER: The Business Research Company | PRODUCT CODE: 1425697
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425697
Optical Coherence Tomography Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on optical coherence tomography market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for optical coherence tomography? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The optical coherence tomography market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Optical coherence tomography (OCT) stands as a highly effective imaging technology in medical diagnostics, functioning akin to an optical biopsy. Its real-time, in situ tissue imaging capability proves instrumental in delivering precise insights. OCT specializes in delivering high-resolution cross-sectional images, revolutionizing diagnostic processes.
Various iterations of optical coherence tomography devices cater to specific medical needs. These include catheter-based, doppler, handheld, and tabletop OCT devices. Catheter-based OCT, specifically designed for imaging coronary arteries, is pivotal for patients qualifying for transluminal interventional procedures. These specialized catheters are engineered for vessels with diameters ranging from 2.0 to 3.5 mm. Optical coherence tomography incorporates diverse technologies like time domain OCT (TDOCT), frequency domain OCT (FD-OCT), and spatial encoded frequency domain OCT. This array of technologies finds broad applications across fields such as ophthalmology, cardiovascular medicine, oncology, dermatology, and various other specialized domains, transforming diagnostic capabilities in these sectors.
The optical coherence tomography market research report is one of a series of new reports from The Business Research Company that provides optical coherence tomography market statistics, including optical coherence tomography industry global market size, regional shares, competitors with an optical coherence tomography market share, detailed optical coherence tomography market segments, market trends and opportunities, and any further data you may need to thrive in the optical coherence tomography industry. This optical coherence tomography market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The optical coherence tomography market size has grown rapidly in recent years. It will grow from $1.72 billion in 2023 to $1.94 billion in 2024 at a compound annual growth rate (CAGR) of 12.9%. The growth in the historical period can be linked to various factors including the impact of the global pandemic, evolving patient preferences, a competitive landscape, accelerated research and development initiatives, regulatory backing, and the trend towards miniaturization of devices.
The optical coherence tomography market size is expected to see rapid growth in the next few years. It will grow to $3.17 billion in 2028 at a compound annual growth rate (CAGR) of 13.1%. In the upcoming forecast period, growth can be linked to expanding healthcare spending, a focus on patient-centric care, and the increasing prevalence of eye disorders. Key trends anticipated include the integration of OCT (optical coherence tomography) into surgical procedures, evolving regulatory frameworks, the rise of telemedicine and remote consultations, and heightened competition driving innovation within the market.
The prevalence of eye disorders is rising, expected to bolster the optical coherence tomography (OCT) market. Globally, conditions like cataract, glaucoma, diabetic retinopathy, and age-related macular degeneration cause significant vision loss. The demand for advanced diagnostic tools, including OCT systems, is growing in response to the increasing occurrence of these eye ailments. According to the World Health Organization (WHO), over 2.2 billion people worldwide suffer from near or distance vision issues due to various eye conditions. Age-related macular degeneration (AMD) ranks as the third leading cause of blindness globally, following cataracts and glaucoma. In the European Union (EU), an estimated 34 million individuals, primarily in densely populated nations, are affected by AMD, with an anticipated 25% rise in AMD patients by 2050 due to aging and population growth. Predictions suggest primary open-angle glaucoma (POAG) may impact 7.32 million Americans by 2050, signifying a substantial increase from 2015's 3.15 million cases. This escalating prevalence of eye disorders is anticipated to drive the growth of the OCT market.
The increasing incidence of diabetes globally is poised to propel the optical coherence tomography (OCT) market's expansion. With diabetes becoming more prevalent, the risk of diabetic retinopathy, an eye condition associated with this ailment, significantly rises. Consequently, the demand for sophisticated diagnostic tools like optical coherence tomography (OCT) intensifies, serving the need for early detection and monitoring of diabetic retinopathy. According to the International Diabetes Federation (IDF), in 2021, approximately 537 million adults aged 20-79 suffered from diabetes worldwide, projected to reach around 643 million by 2030 and 783 million by 2045. This surge in diabetes cases directly contributes to the growth of the OCT market.
Technological advancements stand as a prominent trend in the optical coherence tomography (OCT) market. Major industry players continually release upgraded products, incorporating sophisticated technologies to maintain competitiveness and expand market share. For instance, in October 2023, Abbott Laboratories launched its latest vascular imaging platform, featuring Ultreon 1.0 Software, in India. This software integrates optical coherence tomography (OCT) with artificial intelligence (AI), providing a comprehensive assessment of blood flow and blockages within coronary arteries. The software's advanced capabilities include automatically distinguishing between different types of blockages, assessing their severity, and measuring vessel diameter. Additionally, it assists physicians during coronary stenting procedures, ensuring precise stent deployment and optimal results. Abbott's OCT technology utilizes near-infrared light for high-definition imaging within blood vessels, even in complex patient anatomy, allowing detailed information capture.
Major companies in the optical coherence tomography (OCT) market focus on developing innovative imaging solutions for percutaneous coronary intervention (PCI) to gain a competitive edge. Percutaneous Coronary Intervention, a procedure to open narrowed or blocked heart blood vessels, remains a crucial area of innovation. For example, in June 2022, MicroPort Scientific Corporation launched the MicroPort Argus OCT System, integrating optical coherence tomography (OCT) for high-resolution imaging surpassing conventional techniques. This system automatically differentiates between blockage types, measures vessel diameter, and aids in precise stent deployment during coronary interventions. Its features, including a proprietary OCT endoluminal imaging system and a purge-free OCT imaging catheter, mark a significant advancement in precision PCI, fostering a new era in this medical procedure.
In June 2021, Luneau Technology Group, a French ophthalmic diagnostic products company, successfully acquired Optovue Inc., a US-based leader in eye care technology, specializing in high-speed optical coherence tomography (OCT) and optical coherence tomography angiography (OCTA) technology. This strategic acquisition not only strengthens Luneau's global presence within the optical industry but also enriches its offerings for eye care professionals. The move signifies a transformative step towards enhancing access to visual health solutions for patients worldwide.
Major companies operating in the optical coherence tomography market report are Agfa-Gevaert N.V., Carl Zeiss Meditec AG, Heidelberg Engineering GmbH, Imalux Corporation, Michelson Diagnostics Limited, Novacam Technologies Inc., OPTOPOL Technology Sp. z o.o., Topcon Healthcare Solutions Inc., Conavi Medical Inc., ZD Medical Inc., Excelitas Technologies Corp, Thorlabs Inc., Sonostar Technologies Co. Limited, NIDEK Co. Ltd., Leica Microsystems IR GmbH, Optovue Inc., Canon Inc., Optos Inc., Santec Corporation, Tomophase Corporation, Insight Photonic Solutions Inc., Wasatch Photonics Inc., Avinger Inc., AngioDynamics Inc., BaySpec Inc., Tornado Spectral Systems Inc., Lambda Solutions Inc., LightLab Imaging Inc., Infraredx Inc., Optoprobe Inc., Terumo Corporation, Optiscan Pty Ltd., NinePoint Medical Inc., Axsun Technologies Inc., AOT AG
North America was the largest region in the optical coherence tomography market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the optical coherence tomography market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the optical coherence tomography market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The optical coherence tomography market consists of revenues earned by entities by Fourier Domain OCT (FDOCT). The market value includes the value of related goods sold by the service provider or included within the service offering. The optical coherence tomography market also includes sales of OCT devices which are used in providing optical coherence tomograph services. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.