Optical Imaging Market Highlights 2020 – 2029
The global optical imaging market is estimated to garner a substantial amount of revenue by growing at a robust CAGR over the forecast period, i.e., 2021 – 2029. The growth of the market can be primarily attributed to the rising incidences of cardiovascular and eye disorders among geriatric population. According to the World Health Organization (WHO), at least 2.2 billion people in the world have a vision impairment problem, out of which most of the cases are of people over the age of 50 years. Along with this, increasing R&D activities in the medical sector and growing usage of optical imaging procedures in a plethora of applications such as preclinical research and drug discovery are also anticipated to fuel market growth in the future. Additionally, the surging demand to reduce radiation exposure during medical procedures is expected to offer rewarding opportunities to the market over the forecast period.
The market is segmented by technology into optical coherence tomography (OCT), hyperspectral imaging (HSI), near-infrared spectroscopy (NIRS), and photoacoustic imaging (PAT), out of which, the OCT segment is anticipated to hold the largest share in the optical imaging market in 2021 and is projected to continue this trend over the forecast period. This can be accounted to the increasing adoption of optical imaging procedures for oncology, ophthalmology, neurology and cardiology clinical areas. Furthermore, on the basis of therapeutic area, the segments for ophthalmology and oncology are evaluated to offer lucrative growth opportunities in the coming years owing to the rising prevalence of cancer and vision problems among the elderly, and the escalating demand for early detection and diagnosis of diseases.
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Global Optical Imaging Market Regional Synopsis
Based on regional analysis, the optical imaging market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. The market in the North America acquired the largest share in 2020 on the back of the strong presence of leading industry players as well as the rising availability of advanced medical equipment and trained professionals in the region. In addition to this, the market in Asia Pacific is assessed to grow at the highest CAGR during the forecast period as a result of low research cost, increasing patient pool and a high occurrence of neurological disorders in the region, especially in India. It is estimated that more than 30 million people suffer from neurological disorders in India every year. Apart from these, growing government initiatives to improve healthcare quality and lower cost of clinical trials are also estimated to provide opportunities for the expansion of market in this region.
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The optical imaging market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
Market Segmentation
Our in-depth analysis of the optical imaging market includes the following segments:
By Technology
- Optical Coherence Tomography (OCT)
- Hyperspectral Imaging (HSI)
- Near-Infrared Spectroscopy (NIRS)
- Photoacoustic Imaging (PAT)
By Product Type
- Imaging Systems
- Software
- Illumination Systems
- Camera
- Lenses
By Therapeutic Area
- Cardiology
- Neurology
- Ophthalmology
- Oncology
- Dermatology
- Dentistry
By End-User
- Hospitals
- Pharmaceuticals & Biotechnology
- Research Laboratories
Growth Drivers
- Increasing Geriatric Population Globally to Drive Market Growth
- Growing Technological Innovations in the Medical Sector to Expand Market
Challenges
- Strict Regulatory Approval Procedures for Imaging Systems to Hamper Market Growth
- High Cost of Optical Imaging Instruments to Hinder Market Growth
Top Featured Companies Dominating the Market
- Abbott Services
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- TOPCON CORPORATION
- Carl Zeiss Meditec AG
- Koninklijke Philips N.V.
- Canon Inc.
- Leica Microsystems GmbH
- Heidelberg Engineering GmbH
- Headwall Photonics, Inc.
- Arcscan, Inc.
- Optical Imaging Ltd.
