Optical Coherence Tomography (OCT) Market by Technology, Type, and Application - Global Industry Analysis and Forecast to 2025

Report Code : HC0697

Optical coherence tomography is high resolution noninvasive imaging technology which is used to obtain cross sectional images of retina and optic nerve fibers. It uses light waves to produce high resolution 2D images of retina and related parts. Optical coherence tomography has evolved as one of the most important technology used in ophthalmic practices. Unique features offered by this technology enable broad range of research and clinical applications. This technology helps ophthalmologist to obtain images of distinctive layers of retina which helps in diagnosis of various eye disorders including age related macular degeneration and glaucoma. This technology employs light from range of light sources to obtain in-depth profile of retina.

There are two main methods of OCT-time domain (TD) and spectral domain (SD). Time domain optical coherence tomography uses broadband optical source and a photo detector. The principle of operation is based on partial coherence where photo detector senses variation in the interference to produce cross sectional images. Recent advancements in OCT technology have enabled imaging of nontransparent tissues by use of longer wavelength to reduce scattering of light across eye surface. One of the major applications of the technology is to use in conventional excisional biopsy by providing high depth images of pathology that cannot be obtained by use of other imaging techniques. Another important application of OCT is use in surgical interventions by enabling to see beneath the surface of tissues for surgical procedures of sensitive structures such as eye vessels and nerves. Although OCT technology is primarily used in ophthalmology, however owing to its unique property, OCT has found application in other fields such as dermatology and cardiology.

Increasing geriatric population is primary factor expected to propel growth of the global market. Elderly population is at high risk of developing chronic diseases and age related eye diseases including macular degeneration and cataract. Elderly population is rapidly growing owing to availability of advanced healthcare measures. According to World Health Organization in 2010, around 524 million people were aged 65 and above and this number is expected to triple and reach 1.5 billion by 2050. Between 2010 and 2050, the aging population in developing countries is expected to increase with more than 250 percent as compared to 71 percent increase in developed countries. Such high aging population base will increase demand for diagnostic technologies including optical coherence tomography. Furthermore, technological benefits offered by OCT such as ability to analyze in depth structure of eyes and related parts and extensive application of OCT in tissue imaging will further drive the growth of the market. However unfavorable reimbursement scenario and absence of sufficient clinical data is expected to hamper growth of the market.

Some of the players operating in global market include Agfa Healthcare, Carl Zeiss Meditec AG, Heidelberg Engineering GmbH, Imalux Corporation, Michelson Diagnostics, Novacam Technologies Inc., OPTOPOL Technology S.A., Topcon Medical Systems Inc., Thorlabs Inc and Optovue. These companies are focusing on expanding their product portfolio by launching new technologically advanced products to acquire larger market share on a global level. For instance in June 2016, Optovue had launched AngioVue Retina, an imaging system that provides ophthalmologist with dye-less and noninvasive way to visualize blood flow in the retina. AngioVue has retained essential features of OCT for quick visualization of retinal vessels which helps retina specialist to design treatment options for patients. Moreover major players are focusing on extensive marketing of their products to acquire large customer base leading to increased market share.

Technological advancements have rapidly revolutionized ophthalmic practices in last few years. Furthermore innovations in hardware and software technologies are expected to fuel growth of the market. Future trends like high speed imaging OCT techniques and use of longer wavelength options will provide growth opportunities for market players especially in emerging markets owing to rapidly increasing population with high prevalence of diseases and rise in demand for early detection techniques.

Optical Coherence Tomography (OCT) Market Segmentation:

By Technology

  • Time Domain OCT (TDOCT)
  • Frequency Domain OCT (FD-OCT)
  • Spatial Encoded Frequency Domain OCT
  • Fourier Domain OCT (FDOCT)
  • Others

By Type

  • Catheter based OCT devices
  • Doppler OCT devices
  • Handheld OCT devices
  • Tabletop OCT devices

By Application

  • Ophthalmology
  • Cardiovascular
  • Oncology
  • Dermatology
  • Others

By Region

  • North America
  • U.S
  • Canada
  • Mexico
  • Europe
  • Germany
  • France
  • UK
  • Italy
  • Spain
  • Rest of Europe
  • Asia-Pacific
  • Japan
  • China
  • Australia
  • India
  • South Korea
  • Rest of Asia-Pacific
  • Rest of the World
  • Brazil
  • South Africa
  • Saudi Arabia
  • Turkey
  • United Arab Emirates
  • Others

Research Methodology

We use both primary as well as secondary research for our market surveys, estimates and for developing forecast. Our research process commence by analyzing the problem which enable us to design the scope for our research study. Our research process is uniquely designed with enough flexibility to adjust according to changing nature of products and markets, while retaining core element to ensure reliability and accuracy in research findings. We understand both macro and micro-economic factors to evaluate and forecast different market segments.

Data Mining

Data is extensively collected through various secondary sources such as annual reports, investor presentations, SEC filings, and other corporate publications. We also refer trade magazines, technical journals, paid databases such as Factiva and Bloomberg, industry trade journals, scientific journals, and social media data to understand market dynamics and industry trends. Further, we also conduct primary research to understand market drivers, restraints, opportunities, challenges, and competitive scenario to build our analysis.

Data Collection Matrix

Data Collection Matrix

Supply Side

Demand Side

Primary Data Sources

  • Manufacturers
  • Distributors & Wholesalers
  • GPOs
  • Physicians/Specialist
  • Healthcare Providers
  • Consumers

Secondary Data Sources

  • Annual Reports/SEC Filings/ Investor Presentations/ Press Releases
  • Government/Associations Publications
  • Case Studies
  • Reference Customers

 

Market Modeling and Forecasting

We use epidemiology and capital equipment-based models to forecast market size of different segments at country and regional level.

  • Epidemiology-based Forecasting Model: This method uses epidemiology data gathered through various publications and from physicians to estimate population of patients, flow of treatment of individual disease and therapies. The data collected through this method includes statics on incidence of disease, population suffering from disease, and treatment population. This method is used to understand:
  • Number of patients for particular device or medical procedure and
  • Repeated use of particular device depending on health and condition of patient
  • Capital-based Forecasting Model: This method of forecasting is based on number of replacements, installed-based and new sales of capital equipment used in various healthcare and diagnostic centers. These three parameters are calculated and forecast is developed. Installation base is calculated as average number of units per facility; while sales for particular year is calculated from number of new and replace units. Secondary data is collected through various supply chain intermediaries and opinion leaders to arrive at installation and sales rate. These techniques help our analysts in validating market and developed market estimates and forecast.

We do forecast on basis of several parameters such as market drivers, market opportunities, industry trends government regulations, raw materials supply and trade dynamics to ensure relevance of forecast with market scenario. With increasing need to granulized information, we used bottom-up methodology for forecasting where we evaluate each regional segment differently and combined all forecast to develop final market forecast.

Data Validation

We believe primary research is a very important tool in analyzing and forecasting different markets. In order to make sure accuracy of our findings, our team conducts primary interviews at every stage of research to gain deep insights into current business environment and future trends and key developments in market. This includes use of various methods such as telephonic interviews, focus groups, face to face interviews and questionnaires to validate our research from all aspects. We validate our data through primary research from key industry leaders such as CEO, product managers, marketing managers, suppliers, distributors, and consumers are frequently interviewed. These interviews provide valuable insights which help us to have better market understanding besides validating our estimates and forecast.

Data Triangulation

Industry Analysis

Qualitative Data

Quantitative Data (2017-2025)

  • Market Dynamics (Drivers, Restraints, and Challenges)
  • Industry Trend Analysis
  • Market Opportunities
  • Government Policies and Regulations, Patent Analysis, and Reimbursement Policies
  • Porter’s Five Forces and PESTLE Analysis
  • Key Developments and Competitive Landscape
  • Market Assessment and Forecast
  • Market Assessment and Forecast, By Product
  • Market Assessment and Forecast, By Technology
  • Market Assessment and Forecast, By Application
  • Market Assessment and Forecast, By End User
  • Market Assessment and Forecast, By Region/Country

Licesnces Type

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