Optical Imaging Market Geographical Analysis by Future Demand, Key Players Insight, Regional Growth and Revenue Strategy
Optical Imaging Market Information: By Products (Imaging Systems), by Techniques (Photo Acoustic Imaging), by Therapeutic Area (Neurology and Oncology), by Application (Pathological Imaging), And End-Users (Hospitals & Clinics) – Global Forecast Till 2027
Market Overview
The global optical imaging market size could be valued at USD 1.92 Billion in 2023, estimates Market Research Future (MRFR). The market is expected to achieve a CAGR of 10% during the forecast period (2018-2023).
Market Drivers and Key Barriers
Optical imaging refers to a technology that holds great potential to improve the mode of treatment, disease diagnosis, and prevention in the hospital operating room. This technology offers a host of benefits compared to radiological imaging techniques. Optical imaging technique makes use of non-ionizing radiation and reduces the patient’s radiation exposure, which gives way to numerous studies over time. It also helps differentiate soft tissues from native soft tissues or the tissues that posses exogenous or endogenous contrast media using various photon absorption profiles at different wavelengths. Optical imaging is a highly responsive imaging technique which can be used by easily combining it with other imaging techniques.
Pharmaceutical and biomedical industries make heavy demand for radiation-free imaging techniques, which accelerates the popularity of optical imaging. Surging prevalence of neurological as well as ophthalmological disorders among the worldwide population could accelerate demand for imaging diagnosis, thereby elevating market growth. Technological advancement coupled with increasing government support that benefits the healthcare industry paves the way for several growth opportunities.
Some other growth-inducing factors driving market growth include quick adoption rates of technically advanced devices, highly-developed research infrastructure, and growing number of skilled professionals. Technological advancement has led to complete transformation of medical science, where optical imaging stands as the most affected aspect. This has revolutionized the healthcare industry by increasing the ability to detect a higher number of diseases.
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Market Segmentation
The worldwide market for optical imaging has been segmented on the basis of products, techniques, therapeutic area, application, and end-user.
With respect to the type of product, the market comprises imaging systems, software, lenses, illumination systems, cameras, and others. Imaging systems can be sub-segmented into optical imaging systems and spectral imaging systems.
Technique-wise, the market covers optical coherence tomography (OCT), photoacoustic imaging, diffused optical tomography, hyperspectral imaging, near-infrared spectroscopy, and super-resolution microscopy.
Depending on the therapeutic area, the market covers oncology, ophthalmology, neurology, cardiology, dermatology, dentistry, and others.
Considering the application, the market caters to pre-clinical and clinical research, pathological imaging, and intraoperative imaging.
The end-users in the market include hospitals and clinics, diagnostic imaging centers, pharmaceutical &biotechnology companies, and research laboratories.
Regional Insight
Based on the geographical distribution, the market for optical imaging has been studied in the primary regions of Europe, the Americas, Middle East, and Africa and Asia Pacific.
The Americas has been identified as the largest market for optical imaging. Rising prevalence of neurological, ophthalmic, and cardiovascular disorders among the geriatric population triggers market growth in the region. Moreover, a boost in the number of government initiatives along with funding for research within the medical devices sector stimulates market growth. Mounting demand for accurate diagnosis, high awareness regarding the adverse effects of radiation imaging, and presence of highly regarded pharmaceutical companies work in favor of the market. Also, vast patient pool in the region is expected to augment market demand in the years to come.
Europe stands as the second leading market for optical imaging. The robust share is the result of existence of advanced treatment facilities, high healthcare expenditure, and well-developed healthcare infrastructure. The flourishing medical device industry backed by the efforts of prominent players adds to the market strength. Plus, rising knowledge with regard to the benefits of optical imaging compared to radiation imaging spurs the market growth in the region.
Asia Pacific could expand at the fastest rate, holding the most promising growth prospects. A 2014 report by the department of neurology reveals that among the present population of 1.27 billion, close to 30 million people are afflicted with neurological disorders only in India. Therefore, the huge patient pool combined with the fast rate at the healthcare technology is catching up, the regional market is bound to note excellent gains in the near future. The region also benefits from various government initiatives that help improve healthcare quality and the availability of favorable insurance policies. Apart from this, the lower cost of clinical trials and several research companies striving to set up their regional headquarters as well as manufacturing plants in China, Singapore, Korea, Australia, and Japan could mark an optimistic market outlook in the subsequent years.
Middle East & Africa could showcase poor growth in the global market. The factors holding back the market include limited access and availability of treatment facilities and lack of awareness. In the Middle East, Saudi Arabia and the United Arab Emirates (UAE) account for the substantial share in response to the steadily expanding healthcare industry and increasing number of specialty care centers. Overall, the regional market could demonstrate consistent growth soon owing to rising number of government initiatives aimed at enhancing the quality of healthcare.
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Renowned Companies
Some of the renowned companies shaping the worldwide optical imaging market are Bioptigen, Inc., Agfa-Gevaert N.V., Perkinelmer, Inc., Carl Zeiss Meditec AG, St. Jude Medical, Inc., Topcon Corporation, Heidelberg Engineering, Inc., Canon Inc., Koninklijke Philips N.V., among others.
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