As per DelveInsight’s assessment, the Global Optical Coherence Tomography (OCT) Devices Market was valued at USD 1.22 billion in 2021, and growing at a CAGR of 8.57% during the forecast period (2022 to 27), it is expected to reach USD 2.00 billion by 2027.
The Optical Coherence Tomography Devices Market is expected to grow owing to the factors such as the rising prevalence of ocular diseases such as cataracts, a growing number of cardiovascular diseases such as myocardial infarction, increasing geriatric population across the globe, and increasing product development activities, among several others. Globally, the key companies actively working in the Optical Coherence Tomography (OCT) Devices Market include Abbott, Terumo Corporation, ZEISS Group, Leica Microsystems, CANON MEDICAL SYSTEMS EUROPE B.V, Lumedica, Horiba Ltd, Optos (Nikon Co. Ltd), Huvitz Corp, Costruzione Strumenti Oftalmici, HAAG-STREIT GROUP, OPTOPOL Technology, Acqiris, Novacam Technologies, Thorlabs, Topcon Corporation, SANTEC CORPORATION, Optovue, NIDEK, TOMEY CORPORATION, and others.
DelveInsight’s “Optical Coherence Tomography (OCT) Devices Market” research report provides the current and forecasted Optical Coherence Tomography Devices Market trends for the next five years, upcoming innovations in the segment, and individual market shares, challenges, drivers & barriers, and key competitors in the market.
Optical Coherence Tomography Devices Overview
Optical Coherence Tomography (OCT) is a noninvasive optical imaging modality. It uses light waves to take cross-section pictures of the retina and provides real-time, 1D depth, 2D cross-sectional, and 3D volumetric images with micron-level resolution and millimeters of imaging depth. OCT is useful in diagnosing many eye conditions, including age-related macular degeneration, glaucoma, central serous retinopathy, diabetic retinopathy, macular hole, macular pucker, macular edema, and vitreous traction, among several others. Additionally, OCT is often used to evaluate disorders of the optic nerve as well.
DelveInsight’s “Optical Coherence Tomography Devices Market” research report provides an in-depth analysis of the market, based on segmentation such as product type (time-dependent OCT and Fourier-dependent OCT [swept-source OCT and spectral-domain OCT, and others]), medical speciality (ophthalmology, cardiology, and others), application (clinical use and research use), end-user (hospitals, speciality clinics, research institutes, and others), and geography (North America, Europe, Asia-pacific, and rest of the world).
In the product type segment of the OCT Devices Market, the swept-source Optical Coherence Tomography devices (SS-OCT) are estimated to hold a significant share in the OCT devices Market Share during the forecast period (2021-2026). The major factor contributing to the growth of the SS-OCT device is that it can operate at long wavelengths, achieve faster image speeds and capture a larger image area than SD-OCT.
As per DelveInsight, the Optical Coherence Tomography Devices Market is expected to grow in the coming years owing to the growing prevalence of vision impairment due to different diseases etiologies. It is observed that Uncorrected refractive errors, cataracts, glaucoma, age-related macular degeneration, and diabetic retinopathy are some of the primary causes associated with vision loss. The prevalence of these diseases is growing at an alarming rate.
As per the WHO, in 2020, cataracts were the major cause of vision loss in patients above the age of 50 with 15.2 million cases. The rising patient population suffering from cataracts is expected to drive the demand for OCT devices. OCT devices are heavily employed during cataract surgeries for preoperative planning, intraoperative image-based treatments, and postoperative care. According to the International Agency for the Prevention of Blindness (IAPB), in 2020, there were about 1.1 billion people across the globe who were suffering from blindness. Further, it is reported that around 2 to 3 billion people require access to healthcare facilities pertaining to eye care in order to optimize their vision and ability to function in society.
Another major factor attributing to the growth of the Optical Coherence Tomography Devices market is the rising prevalence of cardiovascular diseases. OCT technology is now being used in cardiovascular disease diagnosis as well. Optical coherence OCT being an intra-coronary diagnostic technique offers detailed imaging of blood vessels in the current cardiac catheterization laboratory. As per the World Health Organization (2021), cardiovascular diseases (CVDs) account for an estimated 17.9 million lives each year. Some of the CVDs include myocardial infarction, congestive heart failure, acute coronary syndrome, and other conditions.
Some of the factors such as technology-related limitations as well as the high cost of devices compared to other counterparts may hamper the OCT Devices’ Market growth.
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As per DelveInsights’ assessment, North America is expected to hold the major share in the OCT Devices market.
The increasing prevalence of risk factors associated with cardiovascular as well as ocular diseases such as obesity, hypertension, and diabetes, and is directly associated with the OCT devices market growth. As per the CDS, in 2018, nearly 116 million people were affected by hypertension in the US and it is one of the major risk factors for the development of both ocular diseases. The number of hypertension-related cases is expected to increase in the coming years. The growing prevalence of cardiovascular disease is expected to drive the demand for the OCT devices that are employed in disease diagnoses as well as treatment.
The other key factors contributing to the North American dominance in the Optical Coherence Tomography Devices Market growth include the rising prevalence of the geriatric population, new product approvals & launches in the market, rising government initiatives, a high disposable income, sophisticated healthcare infrastructure, and increased awareness among others.
Besides the United States, product development activities in other North American countries such as Canada also present a positive growth environment for the OCT devices market in the regions.
Interested in knowing how the Global Optical Coherence Tomography Devices Market will be growing by 2027? Click to get a snapshot of Optical Coherence Tomography Devices Market Trends and Developments.
Over the years, the Optical Coherence Tomography Devices Market has evolved significantly owing to the active participation of global pharma companies and technological advancements in the domain.
Here are a few of the key developments in the Optical Coherence Tomography Devices Market over the past few years –
- In October 2021, NIDEK CO LTD. launched the Retina Scan Duo 2, a combined OCT and fundus camera system. The system comes with several user-friendly features that were incorporated from the previous model.
- In August 2021, Abbott received the product approval from the US FDA for their Optical Coherence Tomography (OCT) imaging platform powered by the company’s new Ultreon imaging software.
- In April 2021, Perimeter Medical Imaging received the Breakthrough Device Designation from the US FDA for their AI’s Optical Coherence Tomography (OCT) Imaging System coupled with ImgAssist AI.
As per DelveInsight, the ongoing clinical & commercial development activities and the ongoing research in the domain will contribute immensely to the Optical Coherence Tomography Devices Market in the coming years.
Some of the key companies operating in the Optical Coherence Tomography (OCT) Devices Market include Abbott (NYSE: ABT), Terumo Corporation (OTCMKTS: TRUMY), ZEISS Group (OTCMKTS: CZMWY), Leica Microsystems, CANON MEDICAL SYSTEMS EUROPE B.V, Lumedica, Horiba Ltd (OTCMKTS: HRIBF), Optos (Nikon Co. Ltd), Huvitz Corp (KOSDAQ: 065510), Costruzione Strumenti Oftalmici, HAAG-STREIT GROUP, OPTOPOL Technology, Acqiris, Novacam Technologies, Thorlabs, Topcon Corporation (OTCMKTS: TOPCF), SANTEC CORPORATION (TYO: 6777), Optovue, NIDEK (OTCMKTS: NJDCY), TOMEY CORPORATION, and others.
As per DelveInsight, due to the very high growth rate and positive return, several new players are expected to enter the Optical Coherence Tomography Devices Market in the coming years. The entry of new players and the launch of the emerging players will immensely drive the Optical Coherence Tomography Devices Market growth.
Learn how new players’ entries will transform the Optical Coherence Tomography Devices Market in the coming years at, Optical Coherence Tomography Devices’ Competitive Landscape.
Scope of the Optical Coherence Tomography Devices Market Report:
- Geography Covered: Global
- Study Period: 2019-2027
- Optical Coherence Tomography (OCT) Devices Market by Product Type – Time-Dependent OCT and Fourier-Dependent OCT (Swept-Source OCT and Spectral-Domain OCT), and Others
- By Medical Specialty – Ophthalmology, Cardiology, and Others
- By Application – Clinical Use and Research Use
- By End User – Hospitals, Specialty Clinics, Research Institutes, and Others
- By Geography – North America, Europe, Asia-Pacific, and Rest of the World
- Porter’s Five Forces Analysis, Product Profiles, Case Studies, KOL’s Views, Analyst’s View
Table of Contents
|3||Regulatory and Patent Analysis|
|4||Optical Coherence Tomography Devices Market Key factors analysis|
|5||Optical Coherence Tomography Devices Porter’s Five Forces Analysis|
|6||COVID-19 Impact Analysis on Optical Coherence Tomography Devices Market|
|7||Optical Coherence Tomography Devices Market Layout|
|8||Optical Coherence Tomography Devices Global Company Share Analysis – Key 3-5 Companies|
|9||Optical Coherence Tomography Devices Product Profiles and Key Companies|
Reach out to us to get a more detailed overview of the Optical Coherence Tomography Devices Regulatory & Patent Analysis.
Key Takeaways From the Optical Coherence Tomography Devices Market Report Study
- In-depth analysis of the Optical Coherence Tomography Devices Market size, share, and key trends.
- Comprehensive analysis of current Optical Coherence Tomography Devices Market size (2020) and market forecast for 5 years (2022-2027)
- The effect of the COVID-19 pandemic on the Optical Coherence Tomography Devices Market is significant. To capture and analyze suitable indicators, our experts are closely watching the Optical Coherence Tomography Devices Market.
- Top key product/services/technology developments, mergers, acquisitions, partnerships, joint ventures happened over the last 3 years
- Key companies dominating the Global Optical Coherence Tomography Devices Market.
- Various opportunities are available for the other competitors in the Optical Coherence Tomography Devices Market space.
- What are the top-performing segments in 2020? How these segments will perform in 2027.
- Which are the top-performing regions and countries in the current Optical Coherence Tomography Devices Market scenario?
- Which are the regions and countries where companies should have concentrated on opportunities for Optical Coherence Tomography Devices Market growth in the coming future?
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