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Optical coherence tomography (OCT) is an optical method used to capture micrometer-resolution, two-dimensional or three-dimensional images from inside biological samples. OCT devices are used for various ophthalmic purposes such as measuring the thickness of the cornea and retina, assisting in diagnosis of various eye disorders such as glaucoma, macular edema, macular hole, diabetic retinopathy, and others. These devices provide high-resolution cross-sectional images of the retina and enable differential diagnosis of retinal pathologies.
The global Optical Coherence Tomography Devices Market is estimated to be valued at US$ 301.01 Mn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
The anticipated growth of the optical coherence tomography devices market is expected to be driven by increasing adoption of OCT devices in ophthalmology procedures and rising geriatric population suffering from age-related eye disorders. As mentioned in the heading, adoption of OCT devices for diagnostic and monitoring purposes in ophthalmology is increasing significantly due to advantages such as high resolution cross-sectional imaging, non-contact and non-invasive imaging modality, and real-time results. This is expected to boost the demand for OCT devices over the forecast period. Furthermore, growing geriatric population is expected to increase the prevalence of eye disorders such as diabetic retinopathy and age-related macular degeneration which in turn will require regular monitoring through OCT procedures, thus propelling the market growth of OCT devices. According to the United Nations Population Fund (UNFPA), by 2030, approximately 1.4 billion people will be aged 65 years and above.
Segment Analysis
One major segment in the optical coherence tomography devices market is ophthalmic OCT devices which is dominating the market. More than 60% of the OCT devices sold are used for ophthalmic purposes to examine the retina and its layers. It has become an essential diagnostic tool for ophthalmologists to detect various retinal diseases at an early stage. It provides high resolution cross sectional images of the retina without any invasive procedures. This has boosted the adoption of OCT devices especially by retina specialists.
PEST Analysis
Political: Governments across regions are increasing healthcare spending to boost access to advanced medical technologies and eye care facilities. Favorable reimbursement policies for eye care treatments and diagnostic tests are also supporting the market growth.
Economic: Rising disposable income levels globally have increased affordability for advanced ophthalmic devices. Growing economies present lucrative opportunities for players. However, high device costs remain a challenge in price sensitive low and middle income countries.
Social: Growing geriatric population and increasing incidence of eye diseases and vision impairment drives demand for early detection and treatment. Awareness about benefits of OCT in diagnosing retinal problems is increasing its acceptance.
Technological: Continuous innovations are resulting in smaller, portable OCT devices with high precision and speed. New applications in fields like cancer, diabetes assessment are expanding. However, high R&D investments required act as a barrier.
Key Takeaways
The global optical coherence tomography devices market is expected to witness high growth.
Regional analysis: The North America optical coherence tomography devices market currently dominates and is expected to continue its dominance over the forecast period. This is attributed to the increasing adoption of advanced ophthalmology devices for diagnosis and rising occurrences of ocular diseases. Key factors such as high healthcare expenditure, developed healthcare infrastructure and availability of reimbursement are also boosting regional market growth. Asia Pacific region is anticipated to witness the fastest growth owing to large patient pool, increasing healthcare spending and growing medical tourism.
Key players operating in the optical coherence tomography devices market are Carl Zeiss Meditec AG, Leica Microsystems, Bausch Health Companies Inc., Teledyne UK Limited, Michelson Diagnostics Ltd, SCHWIND eye-tech-solutions, Wasatch Photonics, Enhanced Medical Services, Optovue, Incorporated and Ibsen Photonics A/S. These players are focusing on new product launches, partnerships and geographic expansions to strengthen their market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
