Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
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.
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. CLICK TO DOWNLOAD SAMPLE REPORT
The optical imaging market is further classified on the basis of region as follows:
Our in-depth analysis of the optical imaging market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Growing geriatric population and intensifying technological advancements in the medical sector to boost market growth.
The market is anticipated to attain a robust CAGR over the forecast period, i.e., 2021 – 2029.
Stringent government protocols and high cost of medical imaging equipment are estimated to hamper the market growth.
Asia Pacific region is estimated to offer more business growth opportunities on the back of low research cost and increasing patient pool.
The major players in the market are Abbott Services, TOPCON CORPORATION, Carl Zeiss Meditec AG, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by technology, product type, therapeutic area, end-user, and by region.
The optical coherence tomography (OCT) segment is anticipated to hold largest market size in value and is estimated grow at a notable CAGR over the forecast period and display significant growth opportunities.
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