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Global Optical Coherence Tomography Market to Reach USD 2178 Million by 2026, Aided by the Development of Advanced Optical Coherence Tomography Devices

According to a new report by EMR titled, ‘Global Optical Coherence Tomography Market Report and Forecast 2021-2026’, the global market for optical coherence tomography attained a value of about USD 1223 million in 2020. The industry is further expected to grow at a CAGR of 10.1% during 2021-2026 to reach a value of nearly USD 2178 million by 2026.

The global market for optical coherence tomography is being aided by the rising prevalence of various chronic diseases. The growing research activities to develop optical coherence tomography with the advanced resolution are also aiding the market growth. The surging applications of optical coherence tomography in various biomedical procedures, such as skin cancer, cardiology, and ophthalmology, among others, are further propelling the industry growth. Moreover, the integration of state-of-the-art technology for the manufacturing for specific applications with high performance and flexibility is augmenting the growth of the optical coherence tomography industry. The growing research and development (R&D) activities by the leading companies to enhance the functionality of optical coherence tomography devices is significantly contributing to the market growth. In addition, the development of cost-effective optical coherence tomography devices is increasing their demand in small hospitals and speciality clinics, which is, consequently, providing further impetus to the market growth.

ZEISS Medical Technology (OTC US: CZMWY), one of the leading players in the market, expanded its CIRRUS range with the launch of CIRRUS 6000, 100kHz ultra-fast OCT system in September 2019. The system is designed to elevate the efficiency of advanced care practices. It is the latest addition of optical coherence tomography products that are designed to meet the needs of all types and levels of practices and/or clinicians by offering high speed and high throughput to aid in the management of their patient volume faster to improve image and imaging quality. It enables clinicians to scan patients faster to improve efficiency and imaging detail for ophthalmalgia applications. The development of such advanced optical coherence tomography is expected to drive the market growth in the forecast period.

Market Analysis by Technology, Type, Application, and Region:

  • The market, on the basis of technology, can be divided into time domain OCT, frequency domain OCT, and spatial encoded frequency domain OCT.
  • Based on type, the industry can be divided into catheter based OCT devices, doppler OCT devices, handheld OCT devices, and tabletop OCT devices.
  • The major applications of optical coherence tomography include ophthalmology, cardiovascular, oncology, and dermatology, among others.
  • The regional markets for optical coherence tomography include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The rising use of optical coherence tomography as a substitute for skin biopsy in the treatment of various skin-related issues, such as skin cancer, psoriasis, and systemic sclerosis, among others, is aiding the market growth.
  • The market is being driven by the growing demand for optical coherence tomography to diagnose neurogenerative disorders, such as Alzheimer’s disease and Parkinson’s disease.
  • The market is being propelled forward due to the growing development of innovative optical coherence tomography, which can measure slight changes in the retinal capillaries to improve ophthalmic care.
  • The integration of various technologies such as artificial intelligence (AI) and machine learning in optical coherence tomography to provide precise identification of tissues during a surgical process and enhance the decision-making process during surgeries is providing further impetus to the market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for optical coherence tomography for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the technologies, types, applications, and regions of optical coherence tomography.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global optical coherence tomography market are Novacam Technologies, Inc., ZEISS Medical Technology, Heidelberg Engineering GmbH, Imalux Corporation, and Michelson Diagnostics Ltd, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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