Global Handheld Optical Coherence Tomography (OCT) Device Market Size, Trends & Analysis - Forecasts to 2026 By Technology (Spectral-Domain OCT [SD-OCT] and Swept-Source OCT), By Application (Eye Care, Skin Disease, Cancer Disease Diagnosis, and Other Applications), By End-User (Speciality Clinics, Hospitals, and Ophthalmology Research Institutes), Competitive Landscape, Company Market Share Analysis, and Competitor Analysis
Handheld OCT Device Market Insights
Optical coherence tomography is an imaging method that utilizes low-coherence/ intelligibility light to catch minute details of the organ subjected for imaging and also produce two-and three-dimensional pictures from inside optical scattering media. It is utilized for both clinical imaging and modern non-destructive testing.
In light of the COVID-19 episode, clinical and medical care enterprises are boosting their endeavors to resuscitate tasks and administrations. The Optical coherence tomography industry has been equipping to address the difficulties presented by the SARS-CoV-2 pandemic, which incorporates income misfortune, financial defeat, and debilitated interest among clients and healthcare end-users. The top manufacturers in this market are constantly trying to keep up with their production capacity, and at the same time also indulge in developing portable and handheld OCT devices. These companies are also enhancing their presence in the market by constantly launching new products for the developed economies and also involve in inorganic growth strategies such as collaborations with research firms and top open-source designing companies. Many specialists and medical care experts guarantee that the OCT device has not been explored for product development totally and has impressive futuristic development potential. As of now, efforts by the manufacturers are being made to upgrade the monitoring and scanning speed, resolution power, painless screening, accuracy in acquiring appropriate organ images, and the ability of multimodal imaging. Recently, the integration of angiography with OCT for the advancement of OCT angiography devices has acquired traction in the clinical market, bringing about the rise of new cardiovascular applications. OCT is a front-line innovation that helps address a few general illnesses like diabetic retinopathy, non-melanoma skin malignant growth, cardiovascular sickness, age-related Macular Disease, prostate malignancy, and Barett's esophagus among others. It is additionally projected to enter clinical applications past ophthalmology, for example, in the life sciences industry. The rising requirement for label-free, minimally or non-invasive, in vivo imaging techniques for diagnosing and checking different pathologies, will encourage the market to grow rapidly. This interest is particularly solid in developing countries like China and India.
However, over the past few years, the market of OCT devices has witnessed the launch of catheter-based OCT devices, advanced table-top OCT devices, and handheld OCT devices. Out of these, the handheld OCT devices have been in the limelight amongst healthcare users for their advantages over the fixed or table-top OCT devices. This device allows high-resolution retinal imaging especially for younger patients who are not stable for retinal examination. This device is also revolutionary equipment for detecting early symptoms of chronic retinal disorders in children, macular degeneration, diabetic retinopathy, and glaucoma. Hence, the augment of portable OCT devices will be the future of the market for bed-side monitoring management.
The high prevalence of juvenile glaucoma, pediatric diabetes, and chronic retinal diseases, along with the rising number of market players launching handheld OCT devices (the prime players of the market are Alcon, Zeiss, Leica Microsystems, NIDEK Co. Ltd, OptoVue, Thorlabs Inc, PhotoniCare, and Michelson Diagnostics) which are low-cost, portable and compact for the other application area such as advanced ophthalmology, dermatology, and dentistry will boost the market growth from 2021-2026.
Handheld OCT Device Market: By Technology
Depending on the technology, the market can be categorized into spectral-domain OCT (SD-OCT), and swept-source OCT. The SD-OCT technology will be the largest market with the highest market share as per the study whereas the latter one i.e. the swept-source OCT technology segment will grow with the highest growth rate value or CAGR value. Because the spectral-domain OCT technology rapidly increases the axial resolution to 2-3-folds and also has high scan speed i.e. around 60-110-folds, the market for this technology is definitely on the rise.
Handheld OCT Device Market: By Application
OCT’s top applications are eye care, skin disease, cancer disease diagnosis, and other applications. The eye care segment will be the dominant segment owing to the increasing usage of handheld OCT for retinal disease diagnosis. Moreover, the high prevalence of juvenile glaucoma, pediatric diabetes, and chronic retinal diseases in both developed and developing nations will help this segment maintain its top position in the market as per the application outlook.
Handheld OCT Device Market: By End-User
Based on the potential healthcare end-users, the study is explained in 3 segments namely, specialty clinics, hospitals, and Ophthalmology research institutes. Owing to increasing awareness regarding the latest robust technology in the field of optical coherence, the specialty clinic will be the largest end-user segment in the market from 2021 to 2026.
Handheld OCT Device Market: By Region
As per the geographical analysis, the market can be classified into North America (the United States, Canada, and Mexico), Asia Pacific (India, China, Japan, Malaysia, Singapore, and Rest of Asia Pacific), Europe (Germany, United Kingdom, Italy, France, Spain, Netherlands, and Rest of Europe), Middle East & Africa (Saudi Arabia, United Arab Emirates, and Rest of the Middle East & Africa) and Central South America (Brazil, Argentina, and Rest of Central and South America). The market of North America (which includes the US, Canada, and Mexico) will be the largest amongst all other regions for handheld OCT devices. The major reason for this dominance is the high prevalence of juvenilia diabetes and prevalence of chronic retinal disorders, especially amongst geriatric and pediatric patients. Also due to the presence and organic marketing activities to increase the presence of the product in the North American market, this region is ought to be the largest one from 2021 to 2026. On the other hand, developing economies like China, Japan, Malaysia, India, Singapore (Asia Pacific region) will grow with the highest CAGR value as compared to the US and Canada. This is attributed to the rising demand for minimally invasive diagnostic procedures and medical tourism in the region.
Handheld OCT Device Market Share and Competitor Analysis
Alcon, Zeiss, Leica Microsystems, NIDEK Co. Ltd, OptoVue, Thorlabs Inc, PhotoniCare, and Michelson Diagnostics among others are the players in the handheld OCT device market.
Please note: This is not an exhaustive list of companies profiled in the report.
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The Global Handheld Optical Coherence Tomography (OCT) Device Market has been studied from the year 2019 till 2026. However, the CAGR provided in the report is from the year 2021 to 2026. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply-side analysis for the Handheld Optical Coherence Tomography (OCT) Device Market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the company and customer analytics.
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