Report Overview

Global optical coherence tomography market reached USD 1,110.9million in 2020 and is further projected to reach USD 1,865.6million by 2026, growing at a CAGR of 9.3% during 2018-2026

A study, recently conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global optical coherence tomography market reached USD 1,110.9million in 2020 and is further projected to reach USD 1,865.6million by 2026, growing at a CAGR of 9.3% during 2018-2026 (forecast period). The overall demand is being boosted by the growing aging population combined with advancements in technology, such as the ability to imagine the in-depth structure of the eye, mucosal membranes, surface tissue, and vascular system. Furthermore, optical coherence tomography is advantageous in addressing a variety of major health issues, including non-melanoma skin cancer, cardiovascular diseases, age-rated macular disease, prostate cancer, and others, where a non-invasive, label-free, and in vivo imaging technique for diagnosing and monitoring is required.

Source: BlueWeave Consulting

Global Optical Coherence TomographyMarket Overview

Optical Coherence Tomography (OCT) is a new technique that is used for high-resolution cross-sectional imaging. OCT imaging is similar to ultrasound imaging, but it uses light instead of sound. OCT can provide cross-sectional images of tissue structure on the micron scale in situ and in real-time. High-resolution intraluminal imaging of organ systems is possible using OCT in conjunction with catheters and endoscopes. OCT is a strong imaging technology for medical diagnostics because, unlike traditional histopathology, which involves the removal of a tissue specimen and processing for microscopic examination, OCT can provide images of tissue in situ and in real-time. Thus, it can be used as a type of optical biopsy,

OCT can be used where standard excisional biopsy is hazardous or impossible. It can be used to reduce sampling errors associated with excisional biopsy, as well as to guide interventional procedures. Based on technology, the global optical tomography market can be segmented into spectral-domain OCT (SD-OCT) and swept-source OCT. By device, it can be segmented into handheld OCT devices, tabletop OCT devices, and catheter-based OCT devices. By application, it can be grouped into cardiology, ophthalmology, dermatology, and oncology.

Global Optical Coherence TomographyMarket Forecast and Trends

Driver: Multipurpose Application of OCT in Medical Field

OCT's use is no longer restricted to eye disorders. It has been adopted in other applications as well, as a result of growing technological advances in this area.OCT’s top applications are oncology, cardiology, dermatology, ophthalmology, and others. Based on the coherence of light, OCT is a method of obtaining tomographic images of a human organ. OCT is an optical analog of intravascular ultrasound (IVUS), which is used to investigate the coronary arteries in cardiology. Coronary vasculature and, coronary graft assessment are the most common applications in cardiovascular medicine right now. Transplant vasculopathy, pulmonary hypertension, and the evaluation of radial arteries as grafts are among the other areas of study.

According to the WHO, cardiovascular diseases (CVDs) are the leading cause of death globally. More people die annually from CVDs than from any other cause. In 2016, 17.9 million people were estimated to have died as a result of cardiovascular disease (CVD) representing 31% of all global deaths. Of these deaths, 85% are due to heart attack and stroke. Three-quarters of CVD deaths are reported from low and middle-income countries. Therefore, the adoption of OCT in different applications in the medical field like cardiology, dermatology, ophthalmology, oncology, and others likely to drive the market growth of OCT.In addition, the rising need for non-invasive, label-free, in vivo imaging methods for diagnosing and monitoring various pathologies is fueling the demand for OCT. This demand is especially strong in developing economies like China and India.

Driver: Increase in the Number of Patients with Eye Disease

The market is also witnessing increased demand for OCT due to the increasing occurrence of eyesight disorders, such as hyperopia, myopia, astigmatism, and presbyopia. Besides, Vitamin A deficiency and accident cases are rising profusely over the past few years. The OCT is an excellent way to visualize the different layers of the retina and optic nerve in a living eye. Before these incredible technologies were discovered, we were only able to see the view of an eye with tissue sections after the death of the patient or if the eye was removed.

According to a report released by the WHO in October 2020, a minimum of one billion people have a near or distance vision impairment across the globe. These 1 billion people consist of those with acute or moderate distance vision impairment or blindness caused by unaddressed refraction error (123.7 million), glaucoma (6.9 million), cataract (65.2 million), diabetic retinopathy (3 million), trachoma (2 million), corneal opacities (4.2 million), as well as near vision impairment caused by unaddressed presbyopia (826 million). The rising occurrence of myopia, diabetic retinopathy, and increased spending on OCT for detection as a remedial measure for refractive errors, are likely to drive the OCT market's progress in the coming times.

Restraint: Unfavorable Medical Reimbursement Schemes

Several countries attempted to enact mandatory health insurance in the early 20^thcentury, but all of their attempts failed due to a lack of public backing. Physicians were against the insurance because they felt it would limit their earning potential. Pharmacists were against it because they believed it would hurt their business. Commercial insurance companies opposed medical reimbursement schemes because a majority of proposed legislation included exclusions for companies that carried burial insurance. At the time, it was a substantial part of the insurance company’s business portfolio.

Many companies claimed that having no signature from a physician, having late or forged signatures, or approving fewer hours of treatment than claimed for patients for which the company requested reimbursement resulted in fraud and unethical business practices, which hindered the market growth of OCT. As a result, the demand for OCTs is being hampered by unfavorable medical reimbursement policies.

Global Optical Coherence TomographyMarket- By Technology

Based on technology, the global optical coherence tomography market is categorized into Spectral-Domain OCT (SD-OCT) and Swept-Source OCT. SD-OCT is an interferometric technique that uses spectral analysis of the interference fringe pattern to provide depth-resolved tissue structure information encoded in the magnitude and delay of back-scattered light. Swept Source optical coherence tomography (OCT) is the most recent advancement in retinal and choroidal imaging. In Swept-Source OCT, the interference patterns are subjected to a process known as Fourier transformation in this technology, which allows for simultaneous measurement of all light echoes.

Spectral-Domain OCT Segment is leading the market with a valuation of over USD 690million in 2020.Recent hybridization of OCT with angiography forming the OCT angiography devices are gaining popularity in the medical field which finds application in cardiovascular conditions. For instance, Optovue, Leica Microsystems, and companies such as IBM are developing OCT angiography devices incorporated into analytics to provide a complete quantitative picture of the scans, thereby promoting better diagnosis.

Source: BlueWeave Consulting

Global Optical Coherence Tomography Market- By Device

Based on devices, the global optical coherence tomography market is segmented into handheld OCT devices, tabletop OCT devices, and catheter-based OCT devices. Handheld OCT devices used for early detection of some eye diseases may be as simple as scanning a bar code. Tabletop OCT devices work for distances of about 25 mm. Additionally, the patient must be immobilized with a chinrest while using tabletop OCT. These systems require upright and cooperative patients who can fixate for seconds at a time with extensive instrumentation close to their face in order to obtain high-quality OCT images.

Catheter-based optical coherence tomography uses intravascular imaging technology that uses low-coherence light interferometry and near-infrared light to capture high-resolution 2-D and 3-D image reconstructions of coronary arteries. During the forecast period, handheld OCT devices held 33.24% of the optical coherence market in 2020. Factors such as high product perforation in markets across the developed regions such as the U.S, UK, Germany, and Brazil, have been driving the growth of the segment. Additionally, the Tabletop segment is leading the market with a valuation of USD 563.6 Million in 2020.

Global Optical Coherence Tomography Market- By Application

Based on application, the global optical coherence tomography market is segmented into cardiology, ophthalmology, dermatology, and oncology. Cardiology is the study and treatment of heart and blood vessel disease. Ophthalmology is a medical and surgical specialty that focuses on the diagnosis and treatment of eye diseases. Dermatology is a branch of medicine that focuses on skin conditions and diseases. It is concerned with the study, research, and diagnosis of normal and abnormal skin. Oncology, on the other hand, is a medical specialty that focuses on the detection and treatment of cancer.

Due to rising incidences of retinal and choroidal disorders, the demand for ophthalmology is expected to rise in the future. According to the World Health Organization (WHO), an estimated 2.2 billion people worldwide had visual impairments in 2019, with 1 billion of them preventable. This is leading to an ophthalmologist using optical coherence tomography for screening and diagnosing purposes. The advent of higher-performing instruments, as well as multiple advantages of optical coherence tomography, such as accuracy and ease of use, have made it more appealing to use in ophthalmology, boosting the segment's development.

Global Optical Coherence Tomography Market- By Region

Based on region, the optical coherence tomography market has been segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. Due to the aging population, increased R&D spending, and adoption of new products in the United States, North America is projected to hold a significant market share in the global optical coherence tomography market. Furthermore, hospital expansion, growing healthcare spending, and the presence of well-established healthcare infrastructure are all contributing to the overall market's growth in all regions.

Competitive Landscape

The OCT the market is consolidated with the presence of prominent players such as Carl Zeiss AG, Alcon, Topcon Corporation, Heidelberg Engineering, Optovue, Abbott Laboratories, Terumo Corporation, B. Braun Melsungen AG, and other prominent players. Among the main strategies adopted by these players for gaining a competitive advantage are investments in R&D, partnerships with other market participants, and mergers & acquisitions. For example, Carl Zeiss presents its new solution enhancements to help doctors maximize clinical efficiency and improve patient care ranging from assessment, and diagnosis, to treatment. The latest digital solutions from Carl Zeiss are simple to set up, simple to use, and provide amazing insights across the full spectrum of care.

Recent Developments

• In March 2020, Alcon announced that Vivity, the availability of the first presbyopia-correcting intraocular lens with X-WAVE technology, in Europe.

• In March2020, ZEISS completed its acquisition of Saxonia Systems AG, a pioneer in bespoke software solutions. The fully acquired company, which is now known as  Carl Zeiss Digital Innovation will continue to support the ZEISS segments' digital projects and will play a leading role in innovation. It will also keep doing business with non-ZEISS customers. Using new technologies is an integral part of ZEISS's long-term growth strategy.

Scope of Report

By Technology

• Spectral-Domain OCT (SD-OCT)

• Swept-Source OCT

By Device

• Handheld OCT Devices

• Tabletop OCT Devices

• Catheter Based OCT Devices

By Application

• Cardiology

• Ophthalmology

• Dermatology

• Oncology

By Region

• North America

• Europe

• Asia-Pacific

• Latin America

• Middle East and Africa