Market Scope estimates that the optical coherence tomographer (OCT) market will generate $650 million in total end-user revenues in 2016. We look for the market to grow to nearly $848 million by 2021 at a compounded annual rate of 5.4 percent.
OCTs are employed by eye care professionals as a tool to help understand and diagnose retinal conditions. The retinal diagnostic market is a $1.4 billion market, and OCTs are the largest category. Technology ranges from basic OCT units used mainly as screeners to top-of-the-line microscopes that incorporate advanced OCT technology for use intraoperatively.
Growth in the OTC market will come from newer, more featured devices replacing those currently in use. Recent innovation in new segments, such as units combining OCT technology with fundus imaging or scanning laser ophthalmoscope (SLO) technology, is spurring increased demand for these devices. Advanced OCTs are the largest and fastest growing of these segments as manufacturers incorporate ever-changing technology such as higher speeds and finer image resolution in compact table-top units. Combination units such as OCT/fundus imaging and OCT/SLOs are also popular as ophthalmologists see value in comparing multiple image modes within a single unit. New advances such as OCT angiography are also driving growth. Also fueling growth in the OTC market is expansion of eye care services in developing markets.
The US market represents more than a third of global revenues, largely due to lucrative markets for retinal evaluation and intraoperative surgical equipment. Still, several newer OCT models are not available in the US. We anticipate faster growth in emerging markets, including China and India, over the next five years, which will somewhat reduce the US share of overall revenues. Growth in these emerging markets will be due largely to expansion of advanced eye care services resulting from demand from a growing middle class, plus general expansion in medical systems to address a largely underserved population.
Market Scope estimates that there are more than a dozen OCT system manufacturers. Carl Zeiss Meditec is the market leader in this segment, capturing an estimated 37 percent of global OCT revenues. Other market leaders include Heidelberg, Topcon, and Optovue. Traditional ophthalmic market leaders Alcon, Abbott, and Bausch + Lomb do not have equipment in this segment and play a minor role in the diagnostic equipment market.
Market Scope published its 2016 Optical Coherence Tomography Report: An Analysis for 2015 to 2021 in February 2016. Our report on the optical coherence tomography market is a leading industry source for accurate and relevant information on all aspects of the global OCT market. We cover background information about OCT equipment and have categorized our estimates into five categories: basic OCT models, advanced OCT models, combination OCT/fundus systems, combination OCT/SLO systems, and intraoperative OCT. Estimates include unit sales, installed equipment base, average prices, and information about the manufacturers who participate in the market.