New Delhi, Aug. 22, 2024 (GLOBE NEWSWIRE) -- The global optical coherence tomography devices market is projected to attain a valuation of US$ 2,869.9 million by 2032, up from US$ 1,299.8 Million in 2023 at a CAGR of 9.2% during the forecast period 2024–2032.
The optical coherence tomography devices market is poised for a promising future, driven by technological innovation and expanding clinical applications. The global market is anticipated to reach a valuation of approximately 2.5 billion units by 2025, reflecting its growing importance in medical diagnostics. The introduction of spectral-domain OCT has been a game-changer, with over 80,000 devices currently in use worldwide, offering superior imaging speed and resolution compared to older technologies. Recent advancements in swept-source OCT technology have further enhanced imaging depth, with over 10,000 installations reported in the past year alone. The integration of OCT with artificial intelligence is emerging as a key trend, with over 200 AI-enhanced OCT applications available for clinical use.
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Expanding applications beyond traditional ophthalmology are significantly contributing to optical coherence tomography devices market growth. In the dental sector, OCT usage has grown, with over 3,000 devices utilized for detailed imaging of soft and hard tissues. Dermatology is another burgeoning field, with more than 5,000 OCT procedures performed last year for non-invasive skin cancer detection. Cardiovascular applications are also on the rise, with over 1.5 million procedures conducted annually using OCT to assess coronary artery conditions. The veterinary sector is beginning to adopt OCT technology, with over 500 devices currently used for animal eye and tissue diagnostics, showcasing the technology’s versatility across different fields.
The market's expansion is supported by increased global investment in healthcare technology. In 2024, venture capital funding for OCT startups surpassed 300 million units, emphasizing investor confidence in the technology's potential. The number of OCT-related patents filed annually has exceeded 1,000, indicating robust innovation activity. Furthermore, over 100 countries are now actively using OCT technology in clinical practice, demonstrating its widespread acceptance. With over 7,000 new healthcare facilities expected to adopt OCT by 2025, the market is set to experience sustained growth, driven by its critical role in enhancing diagnostic precision and patient outcomes.
Key Findings in Global Optical Coherence Tomography Devices Market
| Market Forecast (2032) | US$ 2,869.9 million |
| CAGR | 9.2% |
| Largest Region (2023) | North America (37.0%) |
| By Devices | Handheld OCT Devices (48.1%) |
| By Technology | Time Domain OCT (41.9%) |
| By Laser Type | Tunable (35.1%) |
| By Wavelength | 801 nm -1000 nm (40.2%) |
| By Tuning Range | Broad Tuning Range (58.3%) |
| By Price Range | Between $10000 and $30000 (48.4%) |
| By Application | Medical (68.8%) |
| By Imaging | Radial Volume Scan (46.8%) |
| By End User | Hospitals (42.0%) |
| Top Trends |
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| Top Drivers |
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| Top Challenges |
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Handheld Optical Coherence Devices Dominating the Market with 48.1% Market Share
Handheld devices have emerged as the dominant force in the optical coherence tomography devices market, generating the highest revenue compared to other types like catheter-based, tabletop, and Doppler OCT devices. This strong growth momentum and market dominance can be attributed to several key factors. Wherein, handheld OCT devices offer unparalleled portability and flexibility, allowing for wider screening capabilities outside traditional healthcare settings. This portability enables primary care physicians to conduct early detection of various retinal diseases, including glaucoma, diabetic retinopathy, and macular degeneration. Additionally, handheld OCT instruments facilitate the screening of a broader population, particularly infants and young children who may be challenging to examine with stationary equipment. The convenience and ease of use of these devices have made them increasingly popular among healthcare professionals, contributing to their market dominance. In fact, a recent survey showed that 78% of ophthalmologists prefer handheld OCT devices for pediatric examinations.
The optical coherence tomography devices market analysis reveals that the handheld OCT segment commanded a substantial 48.1% revenue share in 2023, solidifying its position as the market leader. This dominance is expected to continue throughout the forecast period, driven by constant innovation and development of newer technologies. The number of handheld OCT units sold globally increased from 12,500 in 2019 to 18,700 in 2023, representing a 49.6% growth over four years. The growing demand for early diagnosis of diseases and the expansion of biomedical applications, such as drug delivery, further fuel the adoption of handheld OCT devices. Technological advancements have led to the creation of fully enclosed OCT devices with small form factors, incorporating features like onboard computers and touch-screen monitors. These improvements have not only enhanced usability but also reduced costs, with some systems priced as low as $5,000. The average price of handheld OCT devices has decreased by 35% over the past five years, making them more accessible to a wider range of healthcare providers. The combination of affordability, portability, and high-resolution imaging capabilities has made handheld OCT devices the preferred choice for end-users across various medical specialties, including ophthalmology, cardiology, and dermatology. In 2023, the adoption rate of handheld OCT devices in ophthalmology clinics reached 67%, up from 42% in 2018. Furthermore, the use of handheld OCT devices in telemedicine has grown by 156% since 2020, with over 2.3 million remote OCT consultations conducted in 2023 alone. As per Astute Analytica, research and development investments in handheld OCT technology have increased by 78% between 2019 and 2023.
Time Domain OCT's Continued Market Leadership with 41.9% Share : Analyzing Global Adoption and Growth Factors
Time Domain Optical Coherence Tomography (TDOCT) technology continues to lead in revenue generation within the optical coherence tomography devices market, driven by its foundational role in medical imaging, especially in ophthalmology. As of 2023, over 45 million TDOCT scans were performed globally, underscoring its critical role in eye care diagnostics. TDOCT systems have been installed in more than 10,000 ophthalmic clinics worldwide, demonstrating their widespread adoption. The systems are used in over 75% of retinal clinics across the United States, reflecting their indispensable status in managing eye disorders. A key factor in maintaining this dominance is the technology's ability to produce highly detailed images, which has resulted in the detection of over 2 million cases of macular degeneration annually, highlighting its clinical importance.
The growth and preference for TDOCT technology are fueled by several compelling drivers. In 2023, the global market for TDOCT devices was valued at approximately $1.2 billion, with projections indicating sustained growth due to increasing eye disorder prevalence. Notably, TDOCT devices have been integral in diagnosing over 5 million cases of diabetic retinopathy each year, showcasing their diagnostic efficacy. The innovation and improvement in TDOCT systems have led to their implementation in over 3,500 hospitals across Asia, expanding their market reach. Major manufacturers have reported sales of over 20,000 TDOCT units in the past decade, illustrating strong demand. Furthermore, TDOCT's cost-effectiveness relative to some newer technologies has enabled its deployment in over 8,000 primary healthcare centers in developing regions, broadening access to advanced diagnostic tools. This widespread availability and ongoing development solidify TDOCT's position as a dominant force in the Optical coherence tomography devices market.
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Rising Demand for OCT Devices having Wavelength of 801 nm – 1000 nm Dominating Market with 40.2% Market Share
Optical Coherence Tomography (OCT) devices operating within the 801 nm to 1000 nm wavelength range have gained significant traction across various applications due to their unique advantages. These devices are particularly favored in ophthalmology for high-resolution imaging of the retina and anterior segment, which is crucial for diagnosing and monitoring eye diseases. For instance, over 150 million OCT scans are performed annually worldwide, underscoring their critical role in eye care. The shorter wavelengths in this range allow for higher resolution imaging, which is essential for detailed visualization of biological tissues. Additionally, the construction of light sources and photodetectors is often simpler for these shorter wavelengths, making the devices more cost-effective and easier to maintain. The ability to provide non-invasive, real-time imaging further enhances their appeal in medical diagnostics, with over 70,000 units installed globally.
The strong growth momentum and dominance of these devices in the optical coherence tomography devices market are driven by the demand for non-invasive diagnostic tools in healthcare, with OCT being a preferred choice due to its ability to provide detailed cross-sectional images without the need for dyes or radiation. The versatility of OCT in various fields, including cardiology and dermatology, has expanded its market reach, with over 30% of new OCT applications emerging in these fields. Furthermore, advancements in technology have led to the development of high-speed, high-resolution OCT systems, enhancing their diagnostic capabilities; many of these systems can produce up to 100,000 A-scans per second. The market is also supported by the increasing prevalence of chronic diseases such as diabetes, which necessitates regular retinal monitoring, contributing to over 50 million diabetes-related OCT scans annually. The integration of OCT with other imaging modalities and the development of portable OCT devices are additional factors contributing to its widespread adoption, with portable device sales reaching over $200 million in recent years.
Top 5 Players Generates Over 36.58% Revenue of the Global Optical Coherence Tomography Devices Market
The global Optical Coherence Tomography (OCT) market is characterized by moderate fragmentation, a phenomenon primarily driven by the diverse range of applications and varying technological advancements within the sector. The presence of numerous players, including established companies like Carl Zeiss AG, TOPCON CORPORATION, Leica Microsystems, Terumo Medical Corporation, and Novacam Technologies, contributes to this fragmentation. Collectively, these top five firms account for less than 37% of the market share, indicating that a significant portion of the market is held by smaller, niche businesses. This distribution is a result of the rapid innovation and specialization in OCT technologies catering to specific medical needs, which allows smaller firms to thrive alongside larger competitors.
Moreover, the Optical coherence tomography devices market is bolstered by continuous advancements in imaging technology and a growing demand for non-invasive diagnostic tools across various medical fields, particularly in ophthalmology and cardiology. As healthcare providers increasingly adopt OCT systems for their precision and efficiency, new entrants are motivated to innovate and differentiate their offerings. This influx of emerging companies, often focusing on unique applications or specialized markets, further intensifies competition, leading to a fragmented landscape. The ability of smaller firms to develop tailored solutions enables them to capture specific segments, which prevents market consolidation.
Apart from this, regulatory factors and varying reimbursement policies across regions also play a critical role in creating a moderately fragmented market. Different countries have distinct regulatory requirements and reimbursement frameworks for OCT devices, which can affect market entry and expansion for companies of all sizes. As a result, firms must navigate these complexities, often leading to localized competition and further fragmentation. In conclusion, the combination of diverse applications, continuous innovation, and regulatory challenges ensures a competitive environment where both large corporations and smaller players can coexist, each contributing to the overall growth of the global Optical coherence tomography devices market.
Global Optical Coherence Tomography Devices Market Key Players
- AccuVein
- Agfa Healthcare
- Carl Zeiss Meditec AG
- Danaher Corporation
- Heidelberg Engineering GmbH
- Novacam Technologies
- Novacam Technologies Inc.
- OPTOPOL Technology S.A
- Optovue
- Terumo Medical Corporation
- Thorlabs Inc.
- TOPCON CORPORATION
- Other Prominent players
Market Segmentation:
By Devices
- Handheld OCT Devices
- Catheter Bases OCT Devices
- Tabletop OCT Devices
- Doppler OCT Devices
By Technology
- Time Domain OCT (TDOCT)
- Frequency Domain OCT (FD-OCT)
- Spatial Encoded Frequency Domain OCT
- Spectral Domain Optical Coherence Tomography (SDOCT)
- Fourier Domain Optical Coherence Tomography (FDOCT)
By Laser Types
- Tunable Lasers
- Swept Laser
- Ultrafast Lasers
- Others
By Wavelength
- 500 nm -800 nm
- 801 nm-1000 nm
- 1001 nm- Above 1300
By Tuning Range
- Broad Tuning Range
- Wide Tuning Range
By Price Range
- Less than $10000
- Between $10000 and $30000
- $30000 and above
By imaging
- Annular volume scan
- Radial volume scan
- Raster or rectangular volume scan
By Application
- Medical
- Ophthalmology
- Cardiology
- Oncology
- Dermatology
- Dentistry
- Non- Medical
- Evaluation of Material Surfaces, Fiber Coils & Coatings
- 3D imaging of microstructures
- Examination of cultural heritage objects
- Other Industrial Uses
By End Users
- Research Institutes
- Clinics & Laboratories
- Hospitals
- Others
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa (MEA)
- South America
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