The report by ESOMAR-certified consulting firm Future Market Insights predicts healthy growth for the optical coherence tomography (OCT) market. According to the report, the market is expected to reach a valuation of $1,349.09 million over the forecast period of 2021 and 2031.
The growing application of OCT in ophthalmology in China, UK, Germany and Japan will boost the demand for optical coherence tomography worldwide.
According to IMF analysis, the optical coherence tomography market in Japan and China is expected to grow by more than 9.8% and 4.6%, respectively, in 2021. The increasing prevalence of eye disorders such as retinopathy diabetic, glaucoma and others will improve the adoption of OCT imaging systems.
The development of advanced OCT imaging systems, coupled with the increase in government and private initiatives for eye care programs across the world, is propelling the adoption of OCT imaging systems.
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Rising awareness and growing innovation for advanced OCT devices for the treatment of skin cancer and eye diseases has driven manufacturers to integrate real-time data for better results, expanding their existing product lines.
Based on the above-mentioned factors, the OCTs market is expected to grow at a steady rate of more than 6.7% CAGR during the assessment period of 2021 and 2031.
Key Insights from FMI’s Optical Coherence Tomography Market Research
- Hospitals are expected to become major end-users of optical coherence tomography market, accounting for major market share
- The preference for spectral domain-OCT will be higher over swept source-OCT during the forecast period
- Growing Application of OCT in Ophthalmology Expected to Drive Sales Through 2031
- Germany and UK to Lead Europe Optical Coherence Tomography Market Due to Rising Cases of Eye Disorders in the Region
- Japan is expected to become a lucrative market supported by the growing development of advanced OCT imaging systems in the healthcare industry
- China is expected to dominate the East Asian market over the forecast period, accounting for over 4.6% of market sales
- The United States is estimated to be the largest market for the optical coherence tomography market, attributed to the growing prevalence of eye-related disorders
“Major players are increasing research and development activities for the development of an advanced OCT imaging system for the early detection and treatment of eye disorders. This, in turn, should improve growth opportunities for market players over the next few years,” the IMF analyst says.
Optical Coherence Tomography Market Competitive Landscape
Future Market Insights in its updated report has profiled prominent players operating in the Optical Coherence Tomography market including Leica Microsystems, Optovue Inc., Carl Zeiss Meditec AG, Santec Corporation, Heidelberg Engineering GmbH, Optopol Technology SP ZOO, Topcon Corporation, Michelson Diagnostic Ltd., Tomophase Inc., Moptim Imaging Technique, NIDEK Co. Ltd. and Sonostar Technologies Co. Ltd, among others.
Manufacturers of optical coherence tomography systems are actively focusing on expanding their product portfolios to improve their revenue generation.
Incorporating advanced technology combined with upgrading its existing product line is also one of the major strategies of market players to maintain their position in the industry.
The global optical coherence tomography market is dominated by major Tier 1 market players including Leica Microsystem (Sub. Danaher), Optovue Inc. and Zeiss Group (Carl Zeiss Meditec AG).
Targeted mergers and collaborations with top channel partners should be the key strategy to maintain their industry leading position. About 20% to 25% of the global market revenue comes from Tier 1 players during the forecast period.
Launching new products along with expanding their existing product range is one of the common market strategies for the major players. For example:
In March 2021, Premier Medical Imaging AI Inc., a medical technology company focused on transforming cancer surgery with ultra-high resolution, announced 510(k) clearance for its imaging system. US Food & Drug Administration (FDA) Perimeter optical coherence tomography (v2.1), designed to examine tissue microstructures during surgical procedures.
In January 2021, Notal Vision announced the launch of its first “US Home-Based” optical coherence tomography platform which was patient self-operated.
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More insights into the global optical coherence tomography market
Future Market Insights, in its latest report, offers incisive coverage of the global optical coherence tomography market, providing historic data for the period 2016-2020 and forecast statistics for the period 2021-2031. In order to understand the global market potential, growth, and scope, the market is categorized on the basis of product type (spectral domain-OCT, swept source-OCT and others), application type (ophthalmology, dermatology, cardiovascular , dental, and others) and end user (hospitals, eye clinics, dermatology clinics, dental clinics, ambulatory surgery centers and others) in seven major regions (North America, Latin America, Eastern Europe, Asia – Pacific excluding Japan, Western Europe, Japan and Middle East & Africa)