Optical Imaging Market Research in-Depth Analysis, Key Players, Challenges, Segmentation and Forecasts
Global Optical Imaging Market Overview
Optical imaging refers to a non-invasive technique where light is used to interrogate molecular and cellular function in a living body through the exploitation of the unique properties of photons. The global optical imaging market is assessed to be valued at USD 1.92 billion, expanding at 10% CAGR by 2023, as stated by Market Research Future (MRFR). The optical imaging market is projected to overtake the radiology imaging market owing to a long list of advantages. The global optical imaging market is primarily driven by the rising adoption and demand for non-invasive procedures, and awareness towards harmful effects from radiation-based imaging. Further, surging research and development activities in life sciences and the proliferating application of optical imaging technology in drug discovery and preclinical research are also magnifying market growth.
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Moreover, other factors such as rising geriatric population, rising prevalence of cardiovascular, neurological, and ophthalmic disorders are also contributing to the healthy growth in the global optical imaging market. Even though the market has numerous factors contributing to steady growth, some factors are also restraining it. Factors such as stringent regulatory approval procedures, high cost of instruments, lack of skilled machine operators and insufficient reimbursement policies for optical imaging procedures are posing as significant hindrances in market growth.
Market Segmentation
The global optical imaging market has been studied for a detailed and credible analysis. The market segmentation has been carried out on the basis of products, techniques, application, therapeutic area, end-user, and region. By products, the global optical imaging market is segmented into imaging systems, lenses, software, illumination systems, and cameras. The imaging systems segment is further sub-segmented into optical imaging systems and spectral imaging systems.
Based on techniques, the global optical imaging market includes the segments of Optical Coherence Tomography (OCT), diffused optical tomography, hyperspectral imaging, photoacoustic imaging, near-infrared spectroscopy, and super-resolution microscopy. By therapeutic area, the optical imaging market is segmented into oncology, ophthalmology, neurology, dentistry, dermatology, and cardiology.
Detailed Regional Analysis
The global optical imaging market is analyzed by MRFR for the geographical segments of North America, South America, Europe, Asia Pacific, and the Middle East & Africa. North America and South America together are estimated to hold the largest market share due to a prevalence of cardiovascular, neurological, and ophthalmic disorders about mounting geriatric population. Further, rising government initiatives to fund research in the medical devices sector, mounting demand for accurate diagnosis, awareness towards adverse effects of radiation imaging are also contributing the growth in the region.
Europe is expected to follow the Americas, capturing the second largest share in the global optical imaging market. Such growth is owed to the drivers like the availability of advanced treatment facilities, mushrooming healthcare expenditure, and the flourishing medical industry. Further, awareness towards the advantages of optical imaging over radiation imaging is also propelling the market growth in the region.
The Middle East and Africa are projected to show the slowest growth owing to the lack of awareness and restricted access & availability of treatment facilities in the region. The UAE and Saudi Arabia are estimated to expand the most due to the development of the healthcare industry in the regions. Moreover, steady growth owing to government initiatives enhance the healthcare quality in this region is also anticipated to push the optical imaging market.
Key Players
The global optical imaging market has many influential players. Some of these players, as mentioned in the MRFR report include Topcon Corporation, Perkinelmer, Inc., Agfa-Gevaert N.V., Canon Inc., Carl Zeiss Meditec AG, Koninklijke Philips N.V., St. Jude Medical, Inc., Heidelberg Engineering, Inc., and Bioptigen, Inc.
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