Optical Coherence Tomography Market Is Expected to Witness Significant Growth of US$ 3.0 Billion During the Forecast Period 2022-2032
As per Future Market Insights, the global optical coherence tomography market was valued at over US$ 1.1 Bn in 2021, and is expected to exhibit a CAGR of 9.8% over the forecast period (2022-2032).
Optical coherence tomography systems include widespread applications within the medical, technical and non-medical sectors. With increasing applications, key manufacturers are focusing on innovations to persevere the novel application specifications of their products, thus maintaining a robust portfolio.
Incorporation of automated technology for early disease indication is providing a boost to the development of smart engineered devices. This is set to enhance the overall market value of optical coherence tomography systems.
FMI opines, high cost of equipment establishment and maintenance, as well as the requirement of skilled professionals for operating such systems will act as a restraint to the overall growth of the market.
However, rising research activities on improving various device features to encompass a range of device applications along with the grant of pre-market approvals for such devices and systems is set to promote the sales of OCT systems globally.
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Key Takeaways from Market Study
- Based on product type, fourier domain optical coherence tomography (FD-OCT) systems are expected to hold over 66.6% market value share by the end of 2032.
- Clinical applications held a market share value of 63.4% in 2021 owing to growing rate of eye disease and need for advanced clinical set up for patients.
- In terms of scanning speed, the 32000 A-scans/sec segment held maximum market share value of 15.6% in 2021.
- Healthcare settings held a market share value of 62.7%in 2021 and the trend is likely to continue in the future owing to the growing patient pool within the healthcare settings
- North America is slated to be the largest leading region with a value share of 44.2% at the end of the forecast period.“Wide applications of OCT systems within the medical sphere has encouraged the adoption of optical coherence tomography systems over the globe” says an analyst of Future Market Insights.
Key companies are rapidly advancing towards the design and development of OCT systems which will promote larger precision and lower time-related analysis of disease during, thus determining accuracy with swift metrics on patient health.
- In November 2020, NIDEK Co. Ltd. launched a Mirante SLO model with advanced functionality and imaging capabilities.
- In June 2021, Excelitas Technologies announced the acquisition of PCO AG to expand its portfolio of sensing, illumination, and optical products.
What Does the Report Cover?
Future Market Insights offers a unique perspective and actionable insights on the optical coherence tomography market in its latest study, presenting historical demand assessment of 2017 – 2021 and projections for 2022 – 2032.
The research study is based on the product (time-domain (TD-OCT) systems and Fourier domain optical coherence tomography (FD-OCT) Systems (spectral domain-OCT and swept source-OCT)), application (clinical(ophthalmology, cardiovascular, dermatology and dental) and industrial (non-destructive testing, industrial quality control and others)), scanning speed (400 A-scans/sec, 4000 A-scans/sec, 20000 A-scans/sec, 32000 A-scans/sec, 40000 A-scans/sec, 70000 A-scans/sec, 80000 A-scans/sec, 100000 A-scans/sec and 250,000 A-scans/sec), end user (healthcare settings (hospitals, ambulatory surgical centres and specialty clinics), food industry, semiconductor industries, chemical & polymer industries and automotive industry) and across seven key regions of the world.
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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