Optical Coherence Tomography Market By Product Type, By Manufacturers, By End-User And Market Trend Analysis Forecast 2033

The Optical Coherence Tomography Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Optical Coherence Tomography Global Market Report 2024, 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 historic period can be attributed to global pandemic impact, patient preferences, competitive landscape, rapid research & development, regulatory support, 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%. The growth in the forecast period can be attributed to increasing healthcare expenditure, patient-centric approach, rising prevalence of eye disorders.. Major trends in the forecast period include oct integration in surgeries, regulatory landscape, telemedicine and remote consultations, market competition and innovation..

The rising prevalence of eye disorders is expected to support the growth of the optical coherence tomography market. Globally, eye conditions, including cataract, glaucoma, diabetic retinopathy, and age-related macular degeneration (AMD) are leading causes of vision loss and blindness. The demand for advanced disease diagnostic tools like optical coherence tomography systems is growing due to the rise in eye ailments. For instance, according to the World Health Organization (WHO), a Switzerland-based specialized agency of the United Nations, near-or vision problems affect over 2.2 billion individuals worldwide due to eye conditions such as refractive error, cataract, glaucoma, diabetic retinopathy, and other conditions. Globally, age-related macular degeneration (AMD) ranks as the third cause of blindness after cataracts and glaucoma. In the European Union (EU), AMD is thought to impact 34 million individuals on average, including 22 million in just the five most populated nations. It is anticipated that there will be a 25% rise in the AMD patient population by 2050 owing to population growth and ageing. Primary open-angle glaucoma (POAG) is predicted to affect 7.32 million Americans by 2050, up from 3.15 million in 2015. Thus, the increasing prevalence of eye disorders is expected to drive the growth of the optical coherence tomography market.

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The optical coherence tomography market covered in this report is segmented –

1) By Type: Catheter-Based OCT Devices, Doppler OCT Devices, Handheld OCT Devices, Tabletop OCT Devices

2) By Technology: Time Domain OCT (TDOCT), Frequency Domain OCT (FD-OCT), Spatial Encoded Frequency Domain OCT

3) By Application: Ophthalmology, Cardiovascular, Oncology, Dermatology, Other Applications

Technological innovations are a key trend in the optical coherence tomography market. Major players are releasing technologically upgraded products. They are also introducing sophisticated technologies to boost their revenue share, stay competitive in the optical coherence tomography market and to grow their market share. For instance, in October 2023, Abbott Laboratories, a US-based medical device company launched its latest vascular imaging platform, featuring the Ultreon 1.0 Software, in India. This software seamlessly integrates optical coherence tomography (OCT) with artificial intelligence (AI), providing physicians with a comprehensive assessment of blood flow and blockages within coronary arteries. The advanced imaging software is equipped to automatically differentiate between calcified and non-calcified blockages, assess the severity of calcium-based blockages, and measure vessel diameter. It also assists physicians in guiding precise stent deployment, ensuring optimal expansion, and apposition, with real-time display of results for enhanced precision during coronary stenting procedures. Abbott’s OCT technology utilizes near-infrared light for high-definition, precise imaging within blood vessels, enabling physicians to capture detailed information even in complex patient anatomy.

The optical coherence tomography market report table of contents includes: