Optical Imaging Market by Product (Imaging Systems, Cameras, Lenses, Illumination Systems, and Software), Technique (Optical Coherence Tomography, Hyperspectral Imaging, Photoacoustic Tomography, and Near-infrared Spectroscopy), Therapeutic Area (Ophthalmology, Neurology, Cardiology, Oncology, and Dermatology), Applications (Pathological Imaging, Intra-operative Imaging, and Preclinical Research & Clinical Settings), End User (Hospitals & Clinics, Research & Diagnostic Laboratories, and Pharmaceutical & Biotechnology Industry) – Global Outlook & Forecast 2021-2031
According to the deep-dive market assessment study conducted by Growth+ Reports, the global optical imaging market was pegged at ~US$ 1.73 billion in 2020. The market is expected to witness a CAGR of ~11.8% from 2021 to 2031.
Factors such as increasing application of optical imaging in the field of disease diagnostics, drug development, and preclinical research have played a critical role in propelling market growth. Moreover, technological advancements and rising preference for minimally invasive surgeries are some of the other factors driving the growth of the optical imaging market. However, factors such as the high cost of advanced systems and dearth of skilled professionals for operating such systems are likely to restrain the market growth to a certain extent.
Aged people are more likely to suffer from eye-related problems such as macular degeneration, cataract, glaucoma, and refractive errors, among others. Therefore, rising geriatric population is in turn anticipated to fuel the optical imaging market. According to the 2019 Revision of World Population Prospects, by 2050, one in six people in the world will be over age 65 (16%), up from one in 11 in 2019. The number of persons aged 80 years or over is projected to triple, from 143 million in 2019 to 426 million in 2050.
Rising adoption of minimally invasive diagnostic methods owing to their advantages have led to increasing demand for use of optical imaging techniques. Scientists are also conducting several studies for developing advanced optical imaging techniques. For instance, researchers at Purdue University have discovered the technology that uses optical imaging to better help surgeons map out tumors in the body and help them understand how certain diseases affect activity in the brain. Thus, growing research activities associated with optical imaging technologies are expected to fuel the market growth during the forecast period.
Companies in the optical imaging market are launching advanced and innovative systems for various medical applications. For instance, in August 2020, Alcon, a company based in Japan launched Santec SS-OCT biometer, a system manufactured by Santec for cataract measurements. Similarly, in July 2020, Serac Imaging Systems (England), launched a hybrid Gamma Optical camera for medical applications. This new system is portable, smaller, easier to use, cost-effective, and is anticipated to be available in the market in 2021.
Higher investment needed for development of new optical imaging systems and dearth of skilled professionals to handle these systems are two of the factors hindering the market growth to a certain extent. However, in order to overcome this challenge, manufacturers are thriving to launch new systems that are cost effective.
Regionally, Asia-Pacific is anticipated to grow at a higher CAGR during the forecast period. Factors contributing to the growth of the optical imaging market in this region include increasing healthcare expenditure, rising health awareness, and rising geriatric population suffering from various diseases. Moreover, increasing research and development activities coupled with lower research cost are also attributing to the growth of the optical imaging market.
Some of the prominent players operating in the global optical imaging market include Carl Zeiss Meditec AG, Abbott, Topcon Corporation, Canon Inc., Koninklijke Philips N.V., Optovue, Inc., Leica Microsystems, Heidelberg Engineering GmbH, PerkinElmer Inc., and Headwall Photonics, Inc., among others.