Market Overview:
The global optimal imaging market Growth is anticipated to attain a valuation of USD 1.92 Bn at a CAGR of 10% over the forecast period of 2018-2023, projects Market Research Future (MRFR) in an extensive study.
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.
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.
On the basis of application, the optical imaging market is segmented into pathological imaging, intraoperative imaging, and pre-clinical & clinical research. On the basis of end-user, the global optical imaging market includes the segments of hospitals & clinics, research laboratories, diagnostic imaging centers, and pharmaceutical & biotechnology companies.
Regional Analysis
The global optical imaging system 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 APAC region is projected to expand at the fastest rate, with new growth avenues opening up during the forecast period. As per the report published by the Department of Neurology, in 2014, 30 million people in India suffered from neurological disorders. This, coupled with a faster adaptation of healthcare technology, and government initiatives to improve the quality of healthcare are also likely to spur substantial growth in the regional market.
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.
Competitive Landscape
The key players in the global optical imaging market 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., Bioptigen, Inc.
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