Optical Imaging Market in terms of revenue was estimated to be worth $1.5 billion in 2022 and is poised to reach $2.9 billion by 2027, growing at a CAGR of 13.5% from 2022 to 2027 according to a new report by MarketsandMarkets™. The market is expanding as a result of factors such as an aging population, an increase in R&D in the life sciences, growing patient expectations for quick and simple diagnosis and treatment, rising information availability and knowledge, and expanding access to health care in Rapidly Developing Economies (RDE) are some other key factors influencing the market’s growth.
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Based on product, the imaging systems segment is expected to account for the largest share of the optical imaging market
Need for good quality equipment and technologies are increasing in recent times, leading to continuous development by market players. Growing competitiveness among players in the market calls for new improved systems and devices to be introduced in this market. Need for non-invasive, non-contact optical imaging modality with no harmful radiation is an additional factor influencing the market growth. Second to the imaging systems segment, is camera market. Small size, better sensitivity, and high-resolution imaging capability are expected to drive the greater adoption of cameras for different medical diagnostics applications.
On the basis of application, pathological segment is expected to account for the largest share of the optical imaging market
One of the main drivers of market expansion in the pathological category is the high demand for optical imaging systems in the diagnosis of eye disorders, tumor detection, cardiovascular diseases, skin lesions, and other such illnesses. The popularity of optical imaging systems for pathological application is being fueled by non-invasiveness, precise image capture capabilities, and greater adoption in clinical practice, which is affecting market growth. Due to its low operational costs and relative ease of use, pathological imaging is widely used by clinicians worldwide. Specificity and efficacy of diagnosis is enhanced in this segment due to the use of optical imaging instruments.
Based of end user, hospitals segment holds the highest market share in the optical imaging market
Due to rising government and private healthcare funding, rising hospital adoption of optical imaging, greater accessibility to qualified healthcare workers and technologically cutting-edge facilities, and rising adoption of optical imaging overall, hospitals dominated the optical imaging market during the forecast period. Optical imaging techniques are applied in clinics and operating rooms to locate and resect malignant tumors. For example, fluorescence imaging is gaining importance in initial clinical testing in breast imaging and endoscopy areas. Moreover, some optical imaging techniques are used to detect ovarian cancer, malignant skin lesions, lymphoma, intestinal adenoma, intraoperative scanning, stem cell trafficking, and monitoring of patient response to various treatments
Based on Region, North America to dominate the optical imaging market during the forecast period
North America will continue to rule the optical imaging market over the forecast period. The greatest market share in the world is attributable to this region, which has seen a surge in glaucoma cases, government support, and the importance of research and development by well-known companies based there. In addition, stringent FDA regulations regarding the product, medical procedures, and research ensure the quality and safety of optical imaging instruments and technologies in the region. This is encouraging healthcare centers in North America to utilize optical imaging for various interventions and quickly adapt to newer technologies, which is driving the growth of the optical imaging market in North America
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Optical Imaging Market Dynamics:
Drivers:
- Growing geriatric population and subsequent increase in prevalence of eye disorders
- Technological innovations
- Growing application areas of optical imaging techniques
- Growing need to minimize use of radiation technologies
Restraints:
- Reimbursement challenges
- Lack of skilled operators
Opportunities:
- Expansion and market penetration opportunities in emerging economies
- Growing applications in pharmaceutical & biotechnology research
Challenges:
- Sustainability of small and medium-sized players
- High cost of optical imaging procedures and extensive data requirements
Key Market Players:
Prominent players in the optical imaging market include Carl Zeiss Meditec (Germany), Abbott (US), Topcon Corporation (Japan), Canon (Japan), PerkinElmer (US), Koninklijke Philips (Netherlands), Heidelberg Engineering (US), Leica Microsystems (Germany), Headwall Photonics (US), Visionix (US), Optical Imaging (Israel), Optos (Scotland), Wasatch Photonics (US), ArcScan (US), DermaLumics (Spain), Cylite (Australia), MOPTIM (Guangdong), Michelson Diagnostics (England), Thorlabs (US), Hamamatsu Photonics (Japan), iTheraMedical (Germany), Kibero (Germany), Seno Medical (US), Aspectus Imaging (Germany), and Agfa-Gevaert (Belgium).
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Optical Imaging Market Advantages:
- Cost Effective: Optical imaging technology is relatively cost-effective compared to other imaging modalities, making it a great choice for many medical facilities.
- Non-Invasive: Optical imaging is non-invasive and does not require any radiation exposure, which makes it suitable for imaging delicate organs and tissues.
- High Resolution: Optical imaging technology has high resolution and provides detailed images of tissues and organs.
- Versatility: Optical imaging can be used for a variety of applications, including diagnostics and therapeutic treatments.
- Safety: Optical imaging systems are very safe and do not require any hazardous materials or processes.
Optical Imaging Market- Report Highlights:
Refinement in the segments of the global optical imaging market:
- The current edition of the report consists of an updated market overview, average selling price trends, value chain analysis, Porter’s Five Forces analysis, ecosystem map, pricing analysis, patent analysis, and new industry insights.
- The report also consists of the impact of recession on the global optical imaging market.
- The competitive landscape chapter has been updated with the market evaluation framework and updated product portfolio matrix. The competitive landscape also includes the revenue share analysis of the top market players and an updated competitive situation and trends section.
- Competitive leadership mapping for SMEs/start-ups has also been updated for the optical imaging market.
Coverage of players in the optical imaging market:
Company profiles give a glimpse of the key players in the market with respect to business overviews, financials, product offerings, and recent developments. The report includes profiles for Carl Zeiss Meditec (Germany), Abbott (US), Topcon Corporation (Japan), Canon (Japan), PerkinElmer (US), Koninklijke Philips (Netherlands), Heidelberg Engineering (US), Leica Microsystems (Germany), Headwall Photonics (US), Visionix (US), Optical Imaging (Israel), Optos (Scotland), Wasatch Photonics (US), ArcScan (US), DermaLumics (Spain), Cylite (Australia), MOPTIM (Guangdong), Michelson Diagnostics (England), Thorlabs (US), Hamamatsu Photonics (Japan), iTheraMedical (Germany), Kibero (Germany), Seno Medical (US), Aspectus Imaging (Germany), and Agfa-Gevaert (Belgium).
Updated financial information/product portfolio of players:
- The new edition of the report provides updated financial information in the optical imaging market till 2021 for each listed company in a single diagram. This will easily help analyze the present status of profiled companies in terms of their financial strength, profitability, key revenue-generating region/country, business segment focus in terms of the highest revenue-generating segment, and investments in R&D.
Updated market developments of profiled players:
- Recent developments are important to understand market trends and the growth strategies adopted by players. The current edition of this report provides updated developments of profiled players from January 2019 to January 2023, indicating a continuation from the previous version. Product launches, expansions, acquisitions, agreements, partnerships, and collaborations have been the principal growth strategies adopted by market players within this period.
Recession Impact:
The impact of recession has been considered in the research methodology and market forecast for the years 2020 and 2021. It has also been analyzed in the regional segmentation. The market dynamics have also been updated taking into consideration the current scenario.
Research for this report involved the use of a large number of secondary and primary sources. Secondary sources include directories; databases such as Bloomberg Business, and Factiva; white papers; annual reports; company house documents; investor presentations; and SEC filings of companies. During the primary research process, in-depth interviews were conducted with various primary respondents, which include key opinion leaders, subject matter experts, directors, and C-level executives of distributors and suppliers, to obtain and verify critical qualitative and quantitative information. This primary data was collected mainly through questionnaires, emails, and telephonic interviews.
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