Exhibiting growth at 6.7% CAGR, Optical Coherence Tomography Market is forecast to surpass US$ 1349.09 Mn by 2031: Future Market Insights

ESOMAR-certified consulting firm Future Market Insights’ report, projects a healthy growth, for Optical Coherence Tomography (OCT) market. As per the report, the market is forecast to reach a valuation of US$ 1349.09 Mn over the forecast period of 2021 and 2031.

Growing application of OCT in ophthalmology across China, the U.K., Germany and Japan will bolster the demand of optical coherence tomography across the globe.

As per the FMI’s analysis, the optical coherence tomography market across Japan and China is anticipated to expand at over 9.8% and 4.6%, respectively in 2021. Growing prevalence of eye related disorders such as diabetic retinopathy, glaucoma and others will improve the adoption of OCT imaging systems.

Development of advanced OCT imaging systems coupled with increasing government & private organizations initiatives for eye care programs across the globe are propelling the adoption of OCT imaging systems.

Growing awareness and increasing innovation for the advanced OCT devices for the treatment of skin cancer and eye diseases have urged the manufacturers to incorporate real-time data for better outcomes, expanding their existing product ranges.

Based on the aforementioned factors, the OCT market is slated to expand at a robust pace of over 6.7% CAGR during the assessment period of 2021 and 2031.

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Key Takeaways from FMI’s Optical Coherence Tomography Market Study

Hospitals are anticipated emerge as primary end users of optical coherence tomography market, accounting for leading market share
Preference for spectral domain-OCT will be higher as compared to swept source-OCT over the forecast period
Increasing application of OCT in ophthalmology is expected to drive sales through 2031
Germany and the U.K. will lead the Europe’s optical coherence tomography market on the back of rising cases of eye disorders across the region
Japan is anticipated to emerge as a lucrative market backed by the rising development of advanced OCT imaging systems within healthcare sector
China is anticipated to lead the East Asia market during the forecast period, accounting for over 6% market sales
The U.S. is estimated to be the largest market for optical coherence tomography market attributed to be growing prevalence of eye related disorders
“Key players are increasing research and development activities for the development of advanced OCT imaging system for the early detection & treatment of eye-related disorders. This, in turn, is likely to improve growth opportunities for the market players over the coming years,” says the FMI analyst.

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Optical Coherence Tomography Market Competitive Landscape

Future Market Insights, in its updated report, have profiled prominent players operating in optical coherence tomography market which include Leica Microsystems, Optovue Inc., Carl Zeiss Meditec AG, Santec Corporation, Heidelberg Engineering GmbH, Optopol Technology SP Z.O.O., Topcon Corporation, Michelson Diagnostic Ltd., Tomophase Inc., Moptim Imaging Technique, NIDEK Co. Ltd., and Sonostar Technologies Co. Ltd among others.

Optical coherence tomography systems manufacturers are actively focusing on expanding their product portfolios to improve their revenue generation.

Incorporation of advanced technology combined with the upgradation of its existing range of products is also one of the core strategies of market players to maintain their position in the industry.

The global optical coherence tomography market is dominated by top tier-1 market players that include Leica Microsystem (Sub. Danaher), Optovue Inc., and Zeiss Group (Carl Zeiss Meditec AG).

Targeted mergers and collaborations with top distribution channel partners is anticipated to be the key strategy to maintain their top position in the industry. Around 20% to 25% of global market revenue is contributed by the tier-1 players over the forecast period.

New product launches with the expansion of their existing product range is one of the common market strategy for the key players. For instance:

In March 2021, Premier Medical Imaging AI Inc., a medical technology company focusing to transform cancer surgery with ultra-high resolution, announced the 510 (k) clearance for its Perimeter’s Optical Coherence Tomography imaging system (v2.1) from the U.S. Food & Drug Administration (FDA), designed to examine tissue microstructures during surgical procedures.

In January 2021, Notal Vision announced the launch of its first ‘US Home-Based’ optical coherence tomography platform which was patient self-operated.

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Key Questions Answered in the Report

What is the current optical coherence tomography market value?
The optical coherence tomography market is expected to surpass a valuation of US$ 912.08 Mn in 2021

At what rate did the optical coherence tomography market grow between 2016 and 2020?
The optical coherence tomography market registered steady growth at a CAGR of 5.3% between 2016 and 2020.

What are the key trends driving optical coherence tomography sales?
Increasing application of OCT in ophthalmology and dermatology backed by the growing eye related disorders and skin cancer will improve the sales.

Who are the leading players of optical coherence tomography?
Leica Microsystem, Optovue Inc., and Zeiss Group (Carl Zeiss Meditec AG) are the tier-1 players leading the optical coherence tomography market.

What will be the demand outlook for North America Optical coherence tomography market?
Over 32.5% sales of optical coherence tomography market are expected to come from North America in 2031.

At what rate will optical coherence tomography demand rise in Europe?
The sales for Optical coherence tomography are set to rise at an impressive rate of 6.9% across Europe over the forecast period.

Which are the top countries driving the optical coherence tomography market demand?
Top countries in terms of optical coherence tomography sales are the U.S., Germany, Japan, Switzerland and the U.K.

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About FMI

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

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