Market Scope estimates that the optical coherence tomography (OCT) market will generate $632 million in total manufacturer revenues in 2018, and the market will grow to $797 million by 2023 at a compound annual growth rate of 4.8 percent.
Market Scope expects much of this growth to come from software upgrades and demand for newer, more featured devices to replace those currently in use, as well as expansion of eye care services in developing markets.
Recent innovations, such as systems combining OCT technology with fundus imaging or scanning laser ophthalmoscope (SLO) technology, are growing in popularity.
Carl Zeiss Meditec is the market leader in this segment, capturing an estimated 35 percent of global OCT revenues. The company has an extensive product line, with units in four of the five categories of OCTs, and a reputation as a leader in ophthalmic diagnostics. Other market leaders include Heidelberg, Topcon, and Optovue.
Eye care professionals employ OCTs as a tool to help understand and diagnose retinal conditions. The ophthalmic diagnostic market as a whole is a $3.2 billion market, of which OCTs make up a fifth of overall revenues.
Market Scope’s recently published “2018 Optical Coherence Tomography Report” divides the market into five segments: basic OCTs, advanced OCTs, combination OCT/fundus imaging, combination OCT/SLO, and intraoperative OCT.
Combo OCT/fundus systems are the largest of these segments, as manufacturers incorporate ever-changing technology, such as higher speeds and image resolution, in compact tabletop units along with the functionality of fundus imaging and angiography.
Advanced OCTs are also a popular segment, as units get smaller and manufacturers increase speed and functionality over time.
The US market represents more than a third of global market revenues, largely due to lucrative markets for retinal evaluation and intraoperative surgical equipment. Market Scope anticipates faster growth over the next five years in emerging markets, including China and India, where we will see a slight increase in their share of overall revenues.
Market Scope’s “2018 Optical Coherence Tomography Report: A Global Market Analysis for 2017 to 2023” was published in June.