Optical Coherence Tomography (OCT) Market to Reach $2.9 Billion, Globally, by 2031 at 8.6% CAGR: Allied Market Research

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Mar 16, 2023, 05:15 ET

PORTLAND, Ore., March 16, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Optical Coherence Tomography (OCT) Market by Type (Catheter-based OCT, Handheld OCT Devices, Tabletop OCT Devices), by Application (Ophthalmology, Cardiovascular, Others), by End User (Hospitals, Clinics, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global optical coherence tomography industry generated $1.2 billion in 2021, and is anticipated to generate $2.9 billion by 2031, witnessing a CAGR of 8.6% from 2022 to 2031.

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Prime determinants of growth

Rise in the launch of various optical coherence tomography (OCT), rise in investments for manufacturing advanced optical coherence tomography (OCT) by various key players, and rise in the adoption of optical coherence tomography (OCT) by hospitals and clinics drive the growth of the global optical coherence tomography market. However, the high cost of optical coherence tomography (OCT) devices restricts the market growth. Moreover, various key players are adopting key strategies such as acquisition and expansion for advancements in optical coherence tomography (OCT)s, which in turn, is presenting new opportunities in the coming years.

Covid-19 Scenario

The outbreak of the Covid-19 pandemic had a negative impact on the global optical coherence tomography market, owing to a smaller number of patients visits for diagnosis and monitoring of eye disorders.
The pandemic disrupted workflows in the healthcare sector worldwide. It had forced a number of industries to shut their doors temporarily, including several sub-domains of health care. The pandemic reduced accessibility and patient attendance at outpatient medical visits, including preventive services such as screening of patients for various diseases such as eye disorders, cancers, and skin disorders.
In addition, many ophthalmologists were not observing patients physically, owing to lockdown restrictions, thus optical coherence tomography (OCT) industry was hampered massively. Thus, COVID-19 negatively impacted optical coherence tomography market.
However, in 2021, the market recovered its growth, owing to rise in the number of patients visits for cardiovascular disease screening and eye disorders.

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The handheld OCT device segment to maintain its leadership status throughout the forecast period

Based on type, the handheld OCT device segment held the highest market share in 2021, accounting for more than two-fifths of the global optical coherence tomography market, and is estimated to maintain its leadership status throughout the forecast period. This segment is projected to manifest the highest CAGR of 9.1% from 2022 to 2031, owing to rise in adoption of these devices as they allow high-resolution retinal imaging in infants & young children and help primary-care physicians in the early detection of retinal diseases including glaucoma, diabetic retinopathy, and macular degeneration.

The ophthalmology segment to maintain its leadership status throughout the forecast period

Based on application, the ophthalmology segment held the highest market share in 2021, accounting for more than half of the global optical coherence tomography market, and is estimated to maintain its leadership status throughout the forecast period. This is owing to increasing incidences of choroidal and retinal disorders, which results in rise in adoption of optical coherence tomography (OCT) device. However, the others segment is projected to manifest the highest CAGR of 10.9% from 2022 to 2031.

The hospitals segment to maintain its lead position during the forecast period

Based on end user, the hospitals segment accounted for the largest share in 2021, contributing to around two-fifths of the global optical coherence tomography market, and is projected to maintain its lead position during the forecast period. This segment is expected to portray the largest CAGR of 9.3% from 2022 to 2031, owing to rise in number of patient admissions suffering from eye disorders in hospitals and availability of advanced optical coherence tomography (OCT).

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North America to maintain its dominance by 2031

Based on region, North America held the highest market share in terms of revenue in 2021, accounting for around two-fifths of the global optical coherence tomography market, and is likely to dominate the market during the forecast period. This is owing to increase in adoption of advanced imaging system such as optical coherence tomography (OCT), rise in prevalence of eye disorders such as diabetic retinopathy and increase in number of key players offering advanced OCT devices in the region. However, the Asia-Pacific region is expected to witness the fastest CAGR of 10.4% from 2022 to 2031, owing to increasing number of ocular and chronic diseases, increase in adoption of advanced diagnostic devices such as optical coherence tomography (OCT) and rise in investments for development of advanced and portable OCT devices during the forecast period in this region.

Leading Market Players: -

Carl Zeiss Meditec AG,
NIDEK CO., LTD,
Metall Zug AG,
Danaher Corporation,
Michelson Diagnostics Ltd.,
OPTOPOL Technology Sp. z o.o.,
Novacam Technologies, Inc.,
Thorlabs, Inc,
Abbott Laboratories,
Topcon Corporation

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