Optical Coherence Tomography Angiography Equipment Market 2031
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.
Optical Coherence Tomography Angiography Equipment Market Analysis
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.
Optical Coherence Tomography Angiography Equipment Market Overview
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.
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Optical Coherence Tomography Angiography Equipment Market: Strategic Insights
Market Size Value in US$ 388.50 million in 2021 Market Size Value by US$ 616.31 million by 2028 Growth rate CAGR of 6.8% from 2021 to 2028. Forecast Period 2021- 2028 Base Year 2021
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Optical Coherence Tomography Angiography Equipment Market: Strategic Insights
| Market Size Value in | US$ 388.50 million in 2021 |
| Market Size Value by | US$ 616.31 million by 2028 |
| Growth rate | CAGR of 6.8% from 2021 to 2028. |
| Forecast Period | 2021- 2028 |
| Base Year | 2021 |
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Optical Coherence Tomography Angiography Equipment Market Drivers and Opportunities
Rising Prevalence of Eye-Related Disorders Favors the Market Growth
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.
Technological Innovation in OCT Angiography Devices Creates Significant Opportunities in the 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.
Optical Coherence Tomography Angiography Equipment Market Report Segmentation Analysis
Key segments that contributed to the derivation of the optical coherence tomography angiography equipment market analysis are type and end user.
- Based on type, the optical coherence tomography angiography equipment market is segmented into handheld and tabletop types. The tabletop-type segment held the most significant market share in 2023.
- By end user, the market is segmented into hospitals, clinics, and others. The hospitals segment held a significant share of the market in 2023.
Optical Coherence Tomography Angiography Equipment Market Share Analysis by Geography
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.
Optical Coherence Tomography Angiography Equipment Market Report Scope
Optical Coherence Tomography Angiography Equipment Market News and Recent Developments
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:
- NIDEK CO., LTD., a global leader in the design, manufacture, and distribution of ophthalmic, optometric, and lens edging equipment, is pleased to announce the launch of the RS-1 Glauvas Optical Coherence Tomography. (Source: NIDEK CO., LTD., Press Release, June 2024)
Optical Coherence Tomography Angiography Equipment Market Report Coverage and Deliverables
The “Optical Coherence Tomography Angiography Equipment Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Optical coherence tomography angiography equipment market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Optical coherence tomography angiography equipment market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Optical coherence tomography angiography equipment market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments.
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the optical coherence tomography angiography equipment market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type and End User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
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
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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