Global Optical Coherence Tomography (OCT) Market: General Outline

Optical Coherence Tomography (OCT) techniques are effective optical diagnostics that cast a two-dimensional view of the retina to aid ophthalmological tests and treatments.  The market for OCT is essentially propelled by the differential need for these techniques across various domains of life sciences and healthcare. The OCT market has been accentuated by the advent of new technologies, furthered by the escalating relevance of medical applications in the contemporary scenario. The scope of OCT isn’t confined to ophthalmology and has plunged across other medical realms such as oncology, nephrology, and dermatology. This has amplified the growth prospects of the market for OCT which is expected to show palpable growth in the coming years.  The ascension of pathology has also been an ardent contributor to market growth because OCT techniques could be employed in the pensive study of micro-level diseases. Furthermore, the non-invasive nature of OCT has placed it on the pedestal of relevance, making it the prime choice of the medical fraternity for optical imaging. The ambit of OCT has expanded to the study of diseases such as non-melanoma skin cancer, prostate cancer, cardiovascular disruptions, esophageal problems, and diabetes. This is an important standpoint for the market because the rising instance of these diseases would generate rampant demand for OCT products. The developing nations including India and China have seen structural changes in their healthcare sector that is making developmental strides. This proliferates the demand for OCT devices contributing to the strength of the market.

Several research and development initiatives in the healthcare sector have commenced across various regional pockets. This is an optimistic sign for the global Optical Coherence Tomography (OCT) Market which is expected to register robust growth in the coming years.

Optical Coherence Tomography (OCT) is a non-invasive optical diagnostic technique. Optical Coherence Tomography (OCT) is based on the principle of inferometry, which employs near infrared light to create a cross-sectional view of the retina. OCT captures three-dimensional images of the biological tissue with micrometer-resolution that is accurate to within 10 to 15 microns. OCT devices are designed to precision so that the sample light and reference light are only coherent when the path distances are closely matched. OCT devices have a sample arm and a reference arm. The sample arm of the system provides light to the patient sample (e.g. retina), and collects the light dispersed from the sample. This light collected from the sample is then mixed with the light that is reflected from the reference arm of the device. On the contrary to ultrasound, Optical Coherence Tomography (OCT) imaging does not require any physical contact with the patient which makes it a safe and effective diagnostic imaging tool. Owing to its advance three dimensional imaging ability, OCT has gained wide popularity as a powerful diagnostic tool in the fields of oncology, dermatology and endoscopic diagnosis.
 
Based on technology the Optical Coherence Tomography (OCT) market can be segmented as follows:
  • Time Domain Optical Coherence Tomography (TDOCT)
  • Frequency Domain Optical Coherence Tomography (FD-OCT)
  • Spatially Encoded Frequency Domain Optical Coherence Tomography
    • Spectral Domain Optical Coherence Tomography (SDOCT)
    • Fourier Domain Optical Coherence Tomography (FDOCT)
 
Some of the types of Optical Coherence Tomography (OCT) devices used in various areas of diagnostic imaging are as follows:
  • Catheter based OCT devices
  • Doppler OCT devices
  • Handheld OCT devices
  • Tabletop OCT devices
There are three major types of volumetric images used in OCT imaging, which are as follows:
  • Annular volume scan 
  • Radial volume scan
  • Raster or rectangular volume scan
Optical Coherence Tomography (OCT) is particularly useful in diagnosing many eye conditions, which includes:
  • Age-related macular degeneration
  • Central serous retinopathy
  • Diabetic retinopathy
  • Macular edema
  • Macular hole
  • Macular pucker
  • Vitreomacular traction
  • Preretinal membranes
In the geographical perspective, North America followed by Europe are the leading markets for Optical Coherence Tomography (OCT) owing to the rising aging population and high adoption rate. The geriatric population has grown significantly around the world. According to the WHO, population above 65 years has grown the fastest. This population is expected to increase from 13% in 2010 to 53% by 2020.  According to the U.S. Census Bureau, the number of people above 65 years to every 100 people of the working age is projected to increase greatly from 22 in 2010 to almost 35 in 2020. This huge geriatric population would also face various ophthalmologic complications such as diabetic retinopathy and age-related macular degeneration, amongst other. However, owing to the economic development and high awareness rate, other regions such as Asia-Pacific and Latin America are also expected to be the potential markets in the near future.
 
The primary factors contributing in the growth of the Optical Coherence Tomography (OCT) market is growing aging population and extensive application scope of the technology. Moreover, technological benefits of OCT such as ability to visualize in-depth structures of the eye, mucosal membranes, surface tissues and vascular systems; is significantly driving the growth of the Optical Coherence Tomography (OCT) market. Furthermore, extensive use of OCT devices in drug discovery and development for imaging biological tissues at the molecular level are also contributing in the growth of the Optical Coherence Tomography (OCT) market. However, restraining factors such as lack of reimbursement facilities and insufficient clinical data might impede the growth of the Optical Coherence Tomography (OCT) market.
 
Some of the major companies involved with the Optical Coherence Tomography (OCT) market are Agfa Healthcare, Carl Zeiss Meditec AG, Heidelberg Engineering GmbH, Imalux Corporation, Michelson Diagnostics, Novacam Technologies Inc., OPTOPOL Technology S.A., Topcon Medical Systems Inc. and Thorlabs Inc.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

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10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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