Hospitals to Lead the Optical Coherence Tomography Market, Accounting for more Than 41% of Demand through 2021: Future Market Insights Survey

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DUBAI, U.A.E, Aug. 10, 2021 /PRNewswire/ -- As per an analysis by FMI, the global optical coherence tomography market is estimated to total US$ 912 million by the end of 2021. Owing to the rising incidence of eye disorders and ongoing technological advancements in optical coherence tomography (OCT), the market is projected to surpass a valuation of US$ 1349 million by 2031, expanding at a CAGR of 6.7% over the forecast period 2021-2031.

A surge in cases of cataracts, dry eye disease, diabetic retinopathy, and others has been witnessed in recent years, augmenting the adoption of OCT. According to a study conducted by the Centre for Disease Control and Prevention (CDC), around 4.2 million people were diagnosed with diabetic retinopathy in 2020, out of which nearly 655,000 had vision-threatening diabetic retinopathy.

OCT plays an important role in obtaining high-resolution cross-sectional images of the retina for diagnostics. The growing burden of these diseases have made it imperative for the healthcare sector to invest in advanced technologies and eye care programs for effective diagnosis and prompt treatment. This is expected to substantially spur the demand for OCT over the coming years. 

Hospitals are estimated to emerge as leading end users of optical coherence tomography. In response to the easy accessibility of medical tools and growing patient pool, the segment is anticipated to account for more than 41% of the market share by the end of 2021.

"Companies in the market are focusing on adopting advance technologies robotics, artificial intelligence (AI), big data, and real-time analysis for developing innovative products to cater to the increasing demand for optical coherence tomography," says the FMI analyst.

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Key Takeaways from Optical Coherence Tomography Market Analysis

• The U.S. is expected to dominate the global optical coherence tomography market, owing to the high prevalence of eye diseases such as diabetic retinopathy in the country.
• The market in the U.K. is anticipated to project a rapid surge on the back of developed medical infrastructure and surging patient pool.
• As per FMI, Japan is estimated to emerge as one of the most lucrative markets, accounting for more than 9.8% of the global market share.
• Spectral domain-OCT is likely to witness substantial gains, projecting growth at a CAGR of 7% over the forecast period.
• Based on application, ophthalmology is expected to dominate the segment, accounting for a revenue share of nearly US$ 1183 by the end of 2031.

Key Drivers

• Increasing application across ophthalmology, dermatology, and cardiovascular disease among others will boost the sales of optical coherence tomography.
• Integration of advanced software to offer high resolution and high-speed spectral domain-OCT will push growth in the coming years.
• Increasing funding by governments towards eye care programs also are expected to bode well for the market.

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Competitive Landscape

Leading players operating in the optical coherence tomography market are focusing on developing new products using latest technologies to expand their product portfolio and engaging in strategic collaborations with other players to strengthen their market footprint. For instance,

• In December 2020, Abbott, an American multinational medical devices and health care company launched its first optical coherence tomography virtual reality training program for cardiologists. The program will assist in training physicians and promote Abbott's OCT imaging.
• In November 2020, MediciNova Inc., an American biopharmaceutical company, started its Phase 2b trial of MN-166 in progressive multiple sclerosis and announced positive optical coherence tomography results from the SPRINT-MS.

Some of the key players in the optical coherence tomography market profiled by FMI are:

• Leica Microsystems
• Optovue Inc.
• Carl Zeiss Meditec AG
• Santec Corporation
• Heidelberg Engineering GmbH
• Optopol Technology SP. ZOO
• Topcon Corporation
• Michelson Diagnostics Ltd.
• Tomophase Inc.
• Moptim Imaging Technique
• NIDEK Co. Ltd.
• Sonostar Technologies Co. Limited

More Valuable Insights on Optical Coherence Tomography Market

FMI, in its new report, offers an unbiased analysis of the global optical coherence tomography market, analyzing forecast statistics through 2021 and beyond. The survey reveals growth projections on in the optical coherence tomography market with detailed segmentation:

By Product Type:

• Spectral Domain-OCT
• Swept Source-OCT
• Others

By End User:

• Hospitals
• Ophthalmology Clinics
• Dermatology Clinics
• Dental Clinics
• Ambulatory Surgical Centers
• Others

By Application:

• Ophthalmology
• Dermatology
• Cardiovascular
• Dental
• Others

By Region:

• North America
• Latin America
• Eastern Europe
• Western Europe
• Asia Pacific excluding Japan
• Japan
• Middle East and Africa (MEA)

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Key Questions Covered in the Optical Coherence Tomography Market Report

• The report offers insight into optical coherence tomography demand outlook for 2021-2031
• The market survey also highlights projected sales growth for the optical coherence tomography market between 2021 and 2031
• Optical coherence tomography market analysis identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
• Optical coherence tomography market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, collaborations or partnerships, and others

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