Future Market Insights, a leading market research firm, has released an updated edition of its comprehensive report on the global optical imaging market, forecasting significant growth from 2024 to 2034. According to the latest analysis, the market for optical imaging is expected to experience robust expansion, with revenues reaching USD 1,465.4 million in 2024 and projected sales climbing to USD 2,319.6 million by 2034.
The optical imaging sector is poised for a compound annual growth rate (CAGR) of 4.7% during the forecast period, driven by increasing adoption across various applications. The updated report from Future Market Insights highlights key market trends, insights into patent landscapes, and crucial buying patterns among end users. These factors underscore the market’s evolving dynamics and growth potential over the next decade.
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One of the key contributors to the growth of the market is rising cases of cataracts and glaucoma among the elderly. In order to cater to this demand, manufacturers of optical imaging systems undertake research and development activities for effective drug delivery workflows. However, given the strict regulatory norms, manufacturers find it difficult to bring their products into the market.
Manufacturers struggle to push their products in developed countries as compared to their developing counterparts. However, they have to be conscious of the scarcity of skilled workers due to lack of experience. Hence, it becomes important for manufacturers to provide necessary training and conduct workshops for workers in developing countries. In addition to this, unfavorable reimbursement policies for the adoption of optical imaging procedures also limit sales to some extent.
Key Takeaways:
- During the forecast period, preference for optical coherence tomography is likely to remain high. Demand for optical coherence tomography (OCT) is set to rise, with an anticipated share of 54% in 2024.
- Among the other end users, sales of optical imaging systems are expected to grow from the hospital segment. A market share of 38% in 2024 is projected. Since hospitals offer myriads of services, demand throughout the forecast period is likely to remain high.
- Portability is going mainstream! Trends suggest manufacturers to create compact-sized optical imaging systems.
- India is set to record significant growth during the forecast period with an anticipated CAGR of 5.9%. One of the reasons includes the penetration of advanced technology and their availability at affordable prices.
- Another key market to look for in the optical imaging market is Thailand. Thailand is likely to register a 5.7% CAGR during the forecast period. Growth can be attributed to the rising inclination towards minimally and non-invasive diagnostic methods.
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Competitive Landscape:
Key companies in the optical imaging market include Bioptigen Inc., Optical Imaging Ltd, Volcano Corporation, Somanetics Corporation, Headwall Photonics Inc., ASE Optics Inc., and others. Sustainability is the buzzword for the manufacturers of the optical imaging market. Key market players can collaborate with hospitals and clinics to have a steady flow of revenue stream.
On the other hand, collaborations with universities and research institutes can help speed up the innovation process.
Recent Developments in the Market:
- Abbott, in August 2021, announced the clearance from the United States Food and Drug Administration (FDA) for its new optical coherence tomography imaging system. The imaging system has been powered using Abbott’s Ultron Software.
Key Segments:
By Technology:
- Terahertz Tomography
- Optical Coherence Tomography (Oct)
- Raman spectroscopy
- Photo-acoustic Imaging
- Diffuse Optical Tomography (DOT)
- Super-resolution Microscopy
- Hyper-spectral Imaging
By Application:
- Dermatology
- Drug development
- Oncology
- Dentistry
- Neurology
- Ophthalmology
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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