The global optical imaging market stood at US$ 2.33 Billion in the year 2022 and is expected to reach US$ 6.5 Billion by the year 2032 at a CAGR of 10.8% between 2022 and 2032.
With rising preference for non-invasive technology along with increasing incidences of ocular disorders and chronic diseases, the optical imaging market is expected to go great guns in the forecast period. Besides, the end-users are harping on early detection of the diseases.
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Optical imaging systems are positively used in diagnosing a disease, preclinical integration, and scanning of multiple molecular and cellular in-vivo processes like protein degradation, protein integration, and protease activity. The pharmaceutical and biotechnology companies have given a thumbs up to optical imaging.
As per the CDC, the US is subject to ~7% of children less than 18 years of age who have deformed vision. It also states that close to 12 Million people aged 40 and above in the US suffer from impairment of vision; which are inclusive of 3 Million having vision impairment post-correction, 8 Million continuing with vision impairment owing to uncorrected refractive error, and 1 Million who suffer from blindness.
Optical coherence tomography dominates the optical imaging market. It, in fact, holds more than 60% of the overall market share due to optical imaging being increasingly adopted for intravascular imaging in the field of diagnostics.
Photoacoustic tomography is expected to witness growth at a rapid pace. This is evident from the fact that it is likely to witness a staggering CAGR of ~14% going forward. The type of tomography mentioned above comes across as one of the hybrid non-invasive modalities for functional as well as molecular imaging.
Future Market Insights has etched these findings with future perspectives in its latest market study entitled ‘Optical Imaging Market’. The team of analysts and consultants is there to apply its 360-degree view to primary, secondary, and tertiary research with macro- as well as micro-level placement of statistics.
“With the fact that optical imaging does employ non-ionizing radiation that notably minimizes exposure of patients to radiation, the global optical imaging market is bound to grow graciously in the forecast period”, says an analyst from Future Market Insights.
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Key Takeaways from Optical Imaging Market
- North America holds the largest market share due to immediate incorporation of dermatology, dentistry, and oncology. Also, the geriatric population is increasing by leaps and bounds. As per the National Institute of Aging, the population aged 65 and above is expected to reach 1500 Million by the year 2050.
- Europe stands second on this count. This could be credited to exponentiation of aging population.
- The Asia-Pacific is expected to grow at a remarkable rate in the optical imaging market going forward. This could be reasoned with lower cost needed to conduct research.
Key Players:
Heidelberg Engineering GmBH, Carl Zeiss Meditec AG, Bioptigen Inc., Somanetics Corporation, Raytheon ELCAN Optical Technologies, ChemImage Corporation, Cytoviva Inc., Michelson Diagnostics, Headwall Photonics Inc., PerkinElmer Inc., ASE Optics Inc., St. Jude Medical Inc., Topcon Medical Systems Inc., Volcano Corporation, Optical Imaging Ltd
Competitive Landscape
- Chemlmage Corporation, of late, did demonstrate visualization and detection of the tissues during endoscopy. The organization is continuously on the lookout of innovations in the direction of molecular chemical imaging.
- Bruker has come up with light-sheet microscope for obtaining imaging of the optically cleared samples. This technology claims to let high-resolution and quicker imaging, that too, with abysmal damage.
- Leica Microsystems, in November 2020, did launch Enfocus (intra-operative OCT solutions).
- Topcon Corporation, in July 2021, completed acquisition of VISIA Imaging S.r.l.
- Santec Corporation, in May 2019, announced collaborating with Alcon Inc.; which implied integration of former’s ARGOS diagnostic testing with the latter’s Cataract Refractive Suite technologies. Alcon also started distributing ARGOS biometer at the global level.
- Abbott, in April 2018, did initiate clinical studies pertaining to comparative evaluation of the long-term effects on the patients undergoing stent implantation procedures guided through OCT v/s angiography. OCT imaging from Abbott is used in trials for patients subject to complex, high-risk coronary artery disease.
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What does the Report optimize?
- The research study is based on technology (Terahertz tomography, OCT (Optical Coherence Tomography), Raman spectroscopy, photo-acoustic imaging, DOT (Diffuse Optical Tomography), super-resolution microscopy, and hyper-spectral imaging), and by application (dermatology, drug development, oncology, dentistry, neurology, and ophthalmology).
- With rising initiatives by the governments for controlling visual impairment coupled with rise in geriatric population, the global optical imaging market is bound to witness consistency in the forecast period.
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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