Global Optical Imaging Market is Projected to Reach $2.9 Billion by 2027: Increasing Need to Minimize use of Radiation Technologies Drives Growth

DUBLIN, May 29, 2023 /PRNewswire/ -- The "Global Optical Imaging Market by Product (Cameras, Lenses), Technique (OCT, HIS, NIR, PAT), Therapeutic Area (Ophthalmology, Dermatology, Oncology), Application (Pathological, Intraoperative), End User (Hospital, Research Labs) - Forecast to 2027" report has been added to  ResearchAndMarkets.com's offering.

The global optical imaging market is projected to reach USD 2.9 billion by 2027 from USD 1.5 billion in 2022, at a CAGR of 13.5%.

The competitive landscape includes the analysis of the key growth strategies adopted by major players between January 2019 and January 2023. Players in the global optical imaging market have employed various strategies to expand their global footprint and increase their market shares such as agreements, divestitures, expansions, and acquisitions.

Software accounted for the fastest growing segment in the optical imaging product market

Efficient visualization and quantitative evaluation of volumetric data gathered during the imaging process makes it an essential subsegment in this market. Continuous upgrades in existing systems is possible due to high tech software solutions that allows improved performance and enables precise decision making. Major players also market separate software solutions to provide enhanced capabilities to prior installed systems at end user site and ensure cost efficiency. Thus, it is the fastest growing segment in this market.

Intra-operative accounted for the fastest growing segment in the optical imaging application market

Increasing need for reproducibility & accuracy in medical processes and rising labor costs, propelled the intra-operative market growth. Moreover, various government bodies have extended their support through investments and funds, promoting research-related activities in this market. Support during surgical workflow and eases surgical decisions, are the major reasons for improved adoption of optical imaging systems in intraoperative sector.

Optical coherence tomography segment accounted for the largest share in the optical imaging market

This technique accounted for the largest share in the techniques segment owing to its implementation in numerous application areas and rising demand for use in dentistry, gynecology, urology, and others. Increased development initiative by players to launch new OCT systems is also influencing the market growth. Increased need of end users to adopt technologically superior systems such as opto-acoustic systems that is powered with the technological ability of optical coherence tomography and photoacoustic and the rising demand for safer, accurate, and precise systems have enhanced the market growth.

North America to dominate the optical imaging market during the forecast period

The optical imaging market in North America dominated the optical imaging market in the forecast period. The largest share of North America in the global market is attributed to the rise in cancer cases and increased research to develop advanced technology for neurological imaging. Presence of major optical imaging players and increase in geriatric population are the factors influencing the market growth.

Additionally, the presence of many biopharmaceutical companies and research laboratories engaged in preclinical studies as well as the development of therapeutics in the US region of North America, also boosted the overall regional market.

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

Companies Mentioned

• Abbott Laboratories Inc.
• Agfa-Gevaert N.V.
• Arcscan Inc.
• Aspectus Imaging
• Canon Inc.
• Carl Zeiss Meditec Ag
• Cylite Pty Ltd.
• Dermalumics
• Hamamatsu Photonics K.K.
• Headwall Photonics, Inc.
• Heidelberg Engineering, Inc.
• Itheramedical
• Kibero
• Koninklijke Philips N.V.
• Leica Microsystems (Danaher Corporation)
• Michelson Diagnostics Ltd.
• Moptim
• Optical Imaging Ltd.
• Optos
• Perkinelmer, Inc.
• Seno Medical
• Thorlabs
• Topcon Corporation
• Visionix (Formerly Luneau Technology Usa & Optovue Inc.)
• Wasatch Photonics

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