The optical coherence tomography angiography equipment market size is projected to reach US$ 0.75 billion by 2031 from US$ 0.44 billion in 2023. The market is expected to register a CAGR of 6.80% during 2023–2031. Artificial intelligence in OCT angiography will likely remain a key trend in the market.
The use of technology to treat medical conditions has increased. Healthcare professionals are increasingly adopting innovations like OCT angiography with system and software advancements. As a result, rising consumer demand for gadget innovations will support market expansion. Additionally, a growing number of market participants and the prevalence of eye disorders have prompted these players to adopt cutting-edge technologies for sophisticated OCT imaging devices, which is anticipated to spur market expansion. Additionally, the growing technological advancement in the Asia Pacific medical device industry during the projected period will probably impact market expansion. Furthermore, there will probably be more growth prospects shortly due to the increasing prevalence of retinal diseases.
One of the leading causes of blindness in adults over 60 is glaucoma. Over 6 million adults 50 years of age and older are blind due to age-related macular degeneration, retinal detachment, and diabetic retinopathy, among other causes of blindness. Furthermore, age-related eye diseases account for most blindness and low vision cases in the United States. Modern healthcare facilities and improved healthcare services have increased life expectancy in developed nations like the US, UK, Canada, and Japan and developing countries like China, India, and South Korea. These factors are responsible for the rise in the geriatric population in these regions. The World Health Organization (WHO) released data in February 2018 that predicted the senior population would upsurge from 12% in 2015 to 22% in 2050.
Furthermore, less than 80% of this growth can be attributed to developing and underdeveloped nations. Age-related macular degeneration (AMD) results from increased incidence of various eye-related disorders with advancing age. Hence, the need for optical coherence tomography angiography equipment is being driven by the possibility that the aging population will experience a variety of retinal diseases that need to be diagnosed.
Diabetic retinopathy, glaucoma, age-related macular degeneration, ocular histoplasmosis, retinal vein occlusion, and retinal breaks and detachment are among the illnesses and conditions of the eyes. High blood sugar levels damage and alter the blood vessels in the retina, resulting in diabetic retinopathy (DR). Blood flow may be impeded by these blood vessels swelling, leaking, or closing. Rarely, aberrant new blood vessels develop on the retina's surface. These alterations may impair an individual's vision. The NCBI article states that by 2045, there will be approximately 160.50 million adults worldwide with DR, up from approximately 103.12 million in 2020.
Furthermore, DR is the most prevalent diabetic ocular disease and the primary cause of adult blindness in the US. According to data from the National Eye Institute, the number of Americans with DR is predicted to increase from 7.7 million to 14.6 million, or twice, between 2010 and 2050. By 2040, there will be more than 150 million diabetics worldwide, and this will likely lead to an increase in the number of people experiencing diabetic retinopathy and vision impairment. Because of this, the use of OCT devices in hospitals and imaging centers has increased, fueling the growth of the optical coherence tomography angiography equipment market.
Product developments and technological breakthroughs in OCT offer a profitable window of opportunity for market expansion. OCT angiography has the potential to treat common illnesses such as choroidal neovascularization in AMD, microaneurysms and ischemia in diabetic retinopathy, occlusion and abnormalities of central and branch retinal veins, and abnormalities of the optic nerve vasculature through efficient research studies and development procedures. Scientists in the UMass Ophthalmology Department are trying to find new information to help us understand common disorders better and treat patients more effectively. Market participants emphasized providing high-tech products that will aid in the market's expansion. Due to recent technological advancements, OCTA imaging has gotten even better. With noninvasive imaging of the retinal microvasculature, ZEISS AngioPlex OCT Angiography ushered in a new era of eye care and raised the bar for diagnosing, treating, and managing retinal diseases like glaucoma. AngioPlex uses a single, noninvasive scan to visualize vascular and structural data. AngioPlex minimizes artifacts from blinks and other eye movements without compromising patient throughput by using Single Scan Simplicity and FastTrac scan to capture images at the highest resolution. In a similar vein, vessel density, non-flow regions in the choroid and outer retina, and AngioAnalytics from Optovue, Inc. are measured. This data aids in tracking the effectiveness of treatment and managing the course of the disease by evaluating alterations in the retinal and optic disc vasculature. Creating the HH-OCT-A handheld OCT angiography system may facilitate point-of-care and longitudinal OCT angiography imaging and provide fresh perspectives on developing the retinal vascular system and pediatric retinal disorders. These systems comprise a handheld probe designed to image the oral mucosa, two non-contact OCT systems used to image adult subjects, and a contact system used to image infants during EUAs or following surgery. Therefore, during the forecast period, the global market for optical coherence tomography angiography equipment is expected to grow faster due to these technological advancements.
Key segments that contributed to the derivation of the optical coherence tomography angiography equipment market analysis are type and end user.
The geographic scope of the optical coherence tomography angiography equipment market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
The North America optical coherence tomography angiography equipment market is segmented into the US, Canada, and Mexico. Increasing adoption of technological advancements and rising research and development activities are projected to accelerate the market's growth. Moreover, large market players and the increasing incidence of retinal diseases propel the market's expansion in this region. The aging population, rising prevalence of eye diseases, and developments by market players support the growing penetration of optical coherence tomography angiography equipment. The increasing geriatric population is one of the factors that contribute to the growth of the market. According to a report, more than 46 million older adults aged 65 and above live in the US, which is expected to reach 90 million by 2050. Between 2020 and 2030, when the last of the baby boom cohorts reach age 65, the number of older adults is projected to increase by almost 18 million. By 2040, about one in five Americans will be age 65 or older, up from about one in eight in 2000. According to a CDC report, in 2015, about 3 million people aged 40 or older in the US had vision impairment, and 1 million were blind. Over 8 million people had vision impairment caused by an uncorrected refractive error. These numbers are expected to double by 2050 because of the aging US population and the projected increase in chronic diseases, such as diabetes. The leading causes of blindness and vision impairment are primarily age-related eye diseases, such as diabetic retinopathy, age-related macular degeneration (AMD), and glaucoma. Therefore, the growing burden of eye-related disease among the aged population favors the usage of advanced eye care and awareness programs across the region to support the growth of the optical coherence tomography angiography equipment market.
The regional trends and factors influencing the Optical Coherence Tomography Angiography Equipment Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Optical Coherence Tomography Angiography Equipment Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 0.44 Billion |
| Market Size by 2031 | US$ 0.75 Billion |
| Global CAGR (2023 - 2031) | 6.80% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Optical Coherence Tomography Angiography Equipment Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Optical Coherence Tomography Angiography Equipment Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The optical coherence tomography angiography equipment market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the optical coherence tomography angiography equipment market are listed below:
The “Optical Coherence Tomography Angiography Equipment Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
The market is expected to register a CAGR of 6.80% during 2023–2031.
NIDEK CO., LTD., OPTOVUE, INCORPORATED, Canon Inc., OPTOPOL TECHNOLOGY SP.Z O.O, Carl ZEISS AG, Alcon Inc., Topcon Corporation, Michelson Diagnostics Ltd., SANTEC Corporation
Artificial intelligence in OCT angiography will likely remain a key trend in the market.
The increasing prevalence of eye-related disorders and the senior population drive the market.
North America dominated the optical coherence tomography angiography equipment market in 2023