Despite Economic Crisis, OCT Market Grows in 2009, Reaching $315 Million
Mountain View, CA — Optical coherence tomography (OCT) is continuing its rapid expansion as a fast, high-resolution imaging tool for clinical diagnostics. Systems sales grew in 2009, despite the economic crisis, with compound annual growth rate of 20% expected through 2014. The market for OCT systems is entering a new phase as it moves beyond ophthalmology and is applied to new medical specialties. These are among the findings in a new report, OCT 2010: Technology, Applications, and Markets, from market research firm Strategies Unlimited, the research unit for PennWell.
OCT systems use advanced optical techniques to construct micron-scale cross-sectional and 3D images in real time. The technique is non-invasive and can be used in vivo, such as to examine the inside of the human eye.
"Ophthalmology will remain the dominant OCT application for many years," commented Gregory Smolka, author of the report, "but several other applications are on the verge of expanding the market, each with potential markets equal to or larger than that of ophthalmology." Much of this activity has been driven by a shift in the technology from time-domain systems to faster Fourier-domain systems, which are also not as limited by patent protection. Cardiovascular applications appear next to reach widespread adoption, driving rapid growth in that segment.
Carl Zeiss Meditec no longer holds the majority of market share, even as its own revenue has grown. At least 21 other companies are developing and/or marketing OCT systems in 8 medical specialties, as well as in R&D and industrial applications. Many more companies supply the sources, detectors, and related components that enable OCT systems and applications.
OCT 2010: Technology, Applications, and Markets is the 2010 update to the 1st research report to quantify this rapidly growing market. It discusses the trends in technology and applications, provides market forecasts, and includes comprehensive profiles of leading system and component vendors. The report draws heavily on extensive interviews with experts in the field.
Founded in 1979, Strategies Unlimited specializes in market research and strategic consulting directed at photonics systems and components. Other recent reports by Strategies Unlimited cover optical molecular imaging, image sensors, laser applications, and LED lighting systems. The company, based in Mountain View, California, is a research unit of PennWell Corporation, a global media and information company. PennWell's many brands include Bio Optics World, Vision Systems Design, Industrial Laser Solutions, Laser Focus World, Photovoltaics World, Solid State Technology, and Lightwave.