Optical Coherence Tomography Market : Global Historical Growth (2012-2016) & Future Outlook (2017-2024) Demand Analysis & Opportunity Evaluation

Optical Coherence Tomography Market Overview

Optical coherence tomography is referred to a non-invasive imaging diagnostic test. Optical coherence tomography has emerging applications in ophthalmology, oncology, dermatology and others. It is also defined as an emerging technology for performing high-resolution cross-sectional imaging. It uses coherent light to capture micrometer-resolutions.

Market Size and Forecast

The global optical coherence tomography market is expected to grow at a CAGR of 10.9% over the forecast period i.e. 2017-2024. Moreover, the global optical coherence tomography market is projected to account for noteworthy sales of USD 1.8 Billion by 2024. Further, the market of optical coherence tomography market is driving on the back of numerous factors such as rising healthcare expenditure, rising prevalence of chronic diseases and favorable governmental support.

The global optical coherence tomography market is segment into type, device type, application, technology, end user and region. Additionally, the application segment is further sub-segmented into ophthalmology, dermatology, oncology, cardiovascular, dentistry and cancer detection out of which ophthalmology segment accounted the largest share in 2016 in terms of revenue. Moreover, ophthalmology segment is believed to register a phenomenal CAGR by the end of 2024. Apart from this, spectral domain OCT by type is envisioned to capture largest market over the forecast period.

In terms of geography, North America is projected to lead the market of optical coherence tomography during the forecast period aided by U.S. In addition to this, the growth of North America optical coherence tomography market is attributed to various factors such as presence of major key vendors along with growing research and development activities related to imaging diagnostic products. Further, rising popularity of optical coherence tomography in this region is believed to elevate the growth of optical coherence tomography market.

Europe region captured the second largest market of optical coherence tomography in terms of revenue in 2016. Further, Western Europe countries such as U.K., Germany and others are believed to be the major countries witnessing the augmented demand for optical coherence tomography owing rising number of patients affected with eye disorders.

Further, Asia-Pacific region is projected to be the fastest growing optical coherence tomography market by 2024 due to favorable government initiatives in various nations such as India, Japan and others to improve healthcare infrastructure. For instance, according to IBEF, in India, government has earmarked USD 5.4 billion for healthcare sector. This factor is anticipated to boost the growth of optical coherence tomography market in Asia-Pacific region. 

Market Segmentation

Our in-depth analysis segmented the global optical coherence tomography market in the following segments:

By Type

• Spectral Domain OCT
• Swept Source OCT

By Device type

• Handheld OCT Devices
• Catheter Based OCT Devices
• Tabletop OCT Devices
• Doppler OCT Devices

By Application

• Ophthalmology
• Dermatology
• oncology
• Cardiovascular
• Dentistry
• Cancer detection

By Technology

• Frequency Domain Optical Coherence Tomography (FD-OCT)
• Time domain Optical Coherence Tomography  (TDOCT)
• Spatially Encoded Frequency Domain Optical Coherence Tomography
  • Spectral Domain Optical Coherence Tomography  (SDOCT)
  • Fourier Domain Optical Coherence Tomography  (FDOCT)

By End User

• Hospitals and clinics
• Physician offices
• Others

By Region

Global optical coherence tomography market is further classified on the basis of region as follows:

• North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
• Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
• Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
• Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
• Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis

Growth Drivers and Challenges

Rising incidences of diabetic retinopathy coupled with advancement in healthcare products for the effective treatment of the patients are expected to be the dynamic factor behind the rapid growth of optical coherence tomography across the globe. Moreover, growing adoption of innovative imaging diagnostic products for the treatment is believed to flourish the growth of optical coherence tomography market by the end of 2024.

Furthermore, strengthening GDP figures along with government initiatives to develop the healthcare infrastructure in developing nations such as China, India, Malaysia and other countries is envisioned to bolster the growth of optical coherence tomography market. Additionally, considerable increase in the occurrence of cardiovascular and ophthalmologic disorders is also predicted to foster the growth of optical coherence tomography market. Moreover, rapidly growing geriatric population is also predicted to augment the demand for highly advanced devices for diagnosis purposes which is also fostering the growth of optical coherence tomography market.

However, high cost of optical coherence tomography is expected to hinder the growth of optical coherence tomography market during the forecast period.

Key players

The major key players for optical coherence tomography market are as follows

• Carl Zeiss Meditec AG
  • Company Overview
  • Key Product Offerings
  • Business Strategy
  • SWOT Analysis
  • Financials
• Heidelberg Engineering GmbH 
• Agfa Healthcare.
• Topcon Medical Systems Inc.
• Imalux Corporation
• Thorlabs Inc.
• Novacam Technologies Inc.
• Michelson Diagnostics Ltd
• Optovue, Inc
• OPTOPOL Technology S.A.

Scope and Context

Overview of the Parent Market

Analyst View

Segmentation

The global optical coherence tomography market is segmented as follows:

• By Product Type Market Size & Y-O-Y Growth Analysis
• By Device Type Market Size & Y-O-Y Growth Analysis
• By Application Market Size & Y-O-Y Growth Analysis
• By Technology Market Size & Y-O-Y Growth Analysis
• By End User Market Size & Y-O-Y Growth Analysis
• By Region Market Size & Y-O-Y Growth Analysis

Market Dynamics

Supply & Demand Risk

Competitive Landscape

Porter’s Five Force Model

Geographical Economic Activity

Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio

Recent Trends and Developments

Industry Growth Drivers and Challenges

Key Information for Players to establish themselves in current dynamic environment