Optical Coherence Tomography (OCT) for Healthcare and Life Science Market 2024

The optical coherence tomography (OCT) for healthcare and life science market size has grown rapidly in recent years. It will grow from $1.69 billion in 2023 to $1.96 billion in 2024 at a compound annual growth rate (CAGR) of 16%. The expansion during the historical period can be linked to the rising incidence of eye diseases, an increasing elderly population, enhanced government healthcare initiatives, the growth of healthcare infrastructure, a higher adoption rate of non-invasive diagnostic tools, and intensified research and development in medical imaging.

The optical coherence tomography (OCT) for healthcare and life science market size is expected to see rapid growth in the next few years. It will grow to $3.57 billion in 2028 at a compound annual growth rate (CAGR) of 16.1%. During the forecast period, growth can be attributed to the rising need for early diagnosis and treatment, an increase in chronic conditions that require OCT, a larger aging population, heightened investments in medical imaging research, and a growing prevalence of retinal disorders. Key trends during this period include the integration of OCT with other imaging technologies, the creation of portable and handheld OCT devices, advancements in OCT software and data analysis, and improvements in OCT for pediatric diagnostics.

The increasing prevalence of ocular diseases is projected to drive the growth of the optical coherence tomography (OCT) market in healthcare and life sciences. Ocular diseases are conditions that impact the eyes and surrounding structures, potentially leading to vision loss or blindness. These disorders are primarily linked to an aging population and a rise in chronic conditions such as diabetes. OCT technology provides detailed cross-sectional images of the retina and optic nerve, assisting in the diagnosis and monitoring of ocular diseases. For example, a December 2022 report from the Review of Optometry, a U.S.-based publication focused on eye care, estimated that around 80 million people worldwide are affected by glaucoma, with open-angle glaucoma (OAG) making up 95% of cases. In the U.S., over three million individuals are currently diagnosed with the condition, a number projected to exceed 111 million by 2040. Thus, the growing incidence of ocular diseases is expected to boost the optical coherence tomography (OCT) market.

Leading companies in the optical coherence tomography (OCT) sector are increasingly integrating artificial intelligence platforms to automate and enhance the efficiency of OCT scan analysis, thereby improving diagnostic accuracy and patient outcomes. AI technologies in OCT streamline the analysis and interpretation of scans, facilitating better healthcare delivery. For instance, in October 2022, Altris Inc., a U.S.-based medical technology firm, launched Altris AI, an artificial intelligence platform aimed at automating OCT examinations. This platform offers rapid analysis and visualization of 100 retinal pathologies, featuring cloud-based software that automates screening, segmentation, and classification of OCT scans, distinguishing between normal and pathological scans. It processes macula scans in about one minute and is compatible with all OCT equipment and file formats.

In July 2024, EssilorLuxottica SA, a French eyewear company, acquired an 80% stake in Heidelberg Engineering, Inc. for an undisclosed amount. This acquisition aims to strengthen EssilorLuxottica’s capabilities in medical technology, particularly in optical coherence tomography, and enhance patient care and clinical outcomes. Heidelberg Engineering Inc. is a German company that develops optical coherence tomography devices for the healthcare sector.

Major companies operating in the optical coherence tomography (OCT) for healthcare and life science market are Abbott Laboratories, Canon Inc, Carl Zeiss Meditec AG, Leica Microsystems GmbH, Thorlabs Inc, Edmund Optics Inc, Huvitz Co. Ltd, Santec Corporation, Topcon Medical Systems Inc, OPTOPOL Technology SA, NinePoint Medical, AGFA Healthcare, Wasatch Photonics Inc., Perimeter Medical Imaging AI Inc, Nidek Co Ltd, Novacam Technologies Inc, DermaLumics, BaySpec Inc., Imalux Corporation, Lumedica, Phoenix-Micron Inc.

North America was the largest region in the optical coherence tomography (OCT) for healthcare and life science market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the optical coherence tomography (OCT) for healthcare and life science market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the optical coherence tomography (OCT) for healthcare and life science market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Optical coherence tomography (OCT) is a non-invasive imaging method that employs light to produce high-resolution cross-sectional images of tissues. It is predominantly utilized in ophthalmology for examining the retina and identifying various eye conditions, but it also finds uses in other medical areas for in-depth tissue imaging and evaluation. This technique offers detailed, non-invasive imaging of tissues, facilitating accurate diagnosis and monitoring of conditions in both ophthalmology and other medical disciplines.

The primary categories of optical coherence tomography (OCT) used in healthcare and life sciences include catheter-based OCT devices, Doppler OCT devices, handheld OCT devices, and tabletop OCT devices. Catheter-based OCT devices are imaging instruments employed in medical procedures that provide high-resolution images of blood vessels and internal structures during minimally invasive interventions. The technology encompasses time domain OCT (TdOCT), frequency domain OCT (FdOCT), and others, with applications across fields such as ophthalmology, cardiology, dermatology, and gastroenterology. The end users of these devices include hospitals, specialty clinics, research institutions, and more.

The optical coherence tomography (OCT) for healthcare and life science market research report is one of a series of new reports that provides optical coherence tomography (OCT) for healthcare and life science market statistics, including optical coherence tomography (OCT) for healthcare and life science industry global market size, regional shares, competitors with an optical coherence tomography (OCT) for healthcare and life science market share, detailed optical coherence tomography (OCT) for healthcare and life science market segments, market trends and opportunities, and any further data you may need to thrive in the optical coherence tomography (OCT) for healthcare and life science industry. This optical coherence tomography (OCT) for healthcare and life science market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The optical coherence tomography (OCT) for healthcare and life science markets consists of revenues earned by entities by providing services such as high-resolution imaging and diagnostics for medical conditions, including device sales, maintenance, software solutions, and technical support across various medical fields such as ophthalmology, cardiology, and dermatology. The market value includes the value of related goods sold by the service provider or included within the service offering. The optical coherence tomography (OCT) for healthcare and life science markets also includes sales of imaging systems, accessories including lenses and probes, software for data analysis, and consumables. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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