Optical Imaging Market
Number of pages: 100 | Report Format: PDF | Published date: January 28, 2022
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
|
Report Attribute |
Details |
|
Market Size Value in 2022 |
US$ 1.98 billion |
|
Revenue Forecast in 2031 |
US$ 4.75 billion |
|
CAGR |
10.2% |
|
Base Year for Estimation |
2022 |
|
Forecast Period |
2023 to 2031 |
|
Historical Year |
2021 |
|
Segments Covered |
Product, Technique, Therapeutic Area, Application, End User, and Region |
|
Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global optical imaging market was valued at US$ 1.98 billion in 2022 and is expected to register a revenue CAGR of 10.2% to reach US$ 4.75 billion by 2031.
Optical Imaging Market Fundamentals
Optical imaging is a non-invasive technique that uses light and the properties of photons to generate detailed images of organs, tissues, and cells. The wavelength of light used in optical imaging can range from ultraviolet to near-infrared. Optical imaging is mostly used for measuring multiple properties of soft tissue. This technique can also be combined with other imaging modalities, such as X-rays or MRI, to provide enhanced information for doctors. Applications of optical imaging include a study of small-animal models, disease diagnostics, drug development, and the analysis of the effects of therapy. Clinical usage of optical imaging is increasing, especially for studying gynecologic malignancies. It can also detect ovarian cancer, lymphoma, and intestinal adenoma.
Optical Imaging Market Dynamics
The global optical imaging market is driven by the rising geriatric population, increasing prevalence of cancers, growing applications in preclinical studies, and increasing adoption of the diagnostic technique owing to its minimally invasive nature. The healthcare industry has many promises for using optical imaging technologies for diagnosis, bettering disease prevention, and treatment. The market for optical imaging systems is expanding due to expanding application areas, rising consumer desire for noninvasive technologies, and rising incidences of chronic illnesses and eye ailments. Due to the growing focus on early illness diagnosis and the passion for efficient solutions, optical imaging system sales are anticipated to rise quickly. Additionally, the COVID-19 sickness has significantly impacted the world’s economic and financial markets in addition to becoming a public health emergency and a pandemic.
Some of the key markets were badly affected by disruptions in manufacturing, transportation, and overall supply chains. The epidemic not only posed a serious threat to human lives but also to the world's economies as a whole. Due to limits and lockdowns implemented as a preventative step to stop the virus's spread, several markets suffered significant losses. The pandemic had a similar detrimental effect on the market for optical imaging devices. Sales of visual imaging equipment declined due to shifting healthcare priorities and a decline in patient hospital visits. Furthermore, total lockdowns that slowed R&D efforts also negatively impacted the market.
However, the high cost of advanced systems and the need for more skilled professionals to operate these systems will likely restrain the market revenue growth to a certain extent.
Optical Imaging Market Ecosystem
The global optical imaging market is analyzed based on six parameters: product, technique, therapeutic area, application, end user, and region.
Optical Imaging Market by Product
Based on the product, the global optical imaging market is segmented into imaging systems, cameras, lenses, illumination systems, software, and other visual imaging products. The imaging systems segment is sub-segmented into optical and spectral imaging systems.
The imaging systems segment accounted for the largest revenue share of 30% in the optical imaging market 2022. This can be attributed to increasing optical imaging applications in preclinical and clinical research, disease diagnosis, and drug discovery and development. Additionally, optical imaging has a variety of contrast mechanisms at its disposal to discriminate between diseased and normal processes and tissues.
During the anticipated term, it is predicted that the others section will expand the fastest. This is because preclinical and clinical research uses catheters and probes more often. It is also projected that increased government and private investment in R&D by pharmaceutical and biotechnology businesses would contribute to the segment's rapid growth.
Optical Imaging Market by Technique
Based on the technique, the global optical imaging market is segmented into optical coherence tomography, hyperspectral imaging, photoacoustic tomography, and near-infrared spectroscopy.
The optical coherence tomography segment accounted for the largest market revenue share of 60% in 2022, owing to the increasing adoption of this technology in preclinical and clinical applications. Recent developments in optical coherence tomography technology are predicted to support market expansion. Several significant market companies are concentrating on creating cutting-edge optical coherence tomography equipment to improve their market positions. Photoacoustic tomography is a hybrid noninvasive imaging technique for both molecular and functional imaging. The demand for noninvasive technology is growing, and optical tomography performs better in biomedical imaging than its traditional visual imaging competitors. These factors are all contributing to technology’s explosive expansion.
Optical Imaging Market by Therapeutic Area
Based on the therapeutic area, the global optical imaging market is segmented into ophthalmology, neurology, cardiology, oncology, dermatology, and others.
The oncology segment is projected to register robust revenue growth during the forecast period. Rising incidences of cancer and increasing R&D activities focused on developing cancer treatment solutions are expected to fuel revenue growth in the oncology segment during the forecast period. The prevalence of cancer is an issue in global health that is only worsening. IARC predicts that by 2030, there will be 21.7 million new cancer cases annually and 13 million cancer deaths. An older population, a higher prevalence of obesity, and environmental factors are all blamed for this rise. In addition, cancer is more common in women, and breast cancer is the malignancy that kills the most women.
Additionally, many cancers develop in the epithelium of hollow organs and ducts, including the breast, colon, esophagus, head and neck, lung, pancreas, and stomach. This thin layer of highly metabolic tissue may be thoroughly and swiftly evaluated in the clinic using optical imaging equipment. These methods provide several advantages for real-time cancer diagnosis, particularly in the epithelium of hollow organs and ducts, using a wide spectrum of light that runs from visible to near-infrared.
Optical Imaging Market by Application
Based on the application, the global optical imaging market is segmented into pathology imaging, intra-operative imaging, and preclinical & clinical research.
The pathology imaging segment is projected to register the highest revenue CAGR during the forecast period. The rise in cases of chronic infectious diseases and growth in the demand for diagnostic procedures are expected to boost revenue growth in the segment.
Optical Imaging Market by End User
Based on the end user, the global optical imaging market is segmented into hospitals & clinics, research & diagnostic laboratories, and the pharmaceutical & biotechnology industry.
The hospitals and clinics segment accounted for the largest revenue share of the optical imaging market due to an increase in the usage of visual imaging methods at these facilities. The pharmaceutical and biotechnology industries will grow tremendously due to the increased usage of optical imaging equipment in these organizations' preclinical and clinical investigations. Additionally, it is anticipated that throughout the projection period, strategic endeavors to create innovative and technologically sophisticated goods by organizations with significant investments in the R&D sector would fuel the segment's expansion. For instance, according to the information technology and innovation foundation, the pharmaceutical industry spent $83 billion on research and development in the United States in 2019.
Optical Imaging Market by Region
Based on the region, the global optical imaging market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America accounted for the largest revenue share of the global optical imaging market in 2022. The rising geriatric population, increasing cancer incidence, and greater usage of optical imaging in clinical and preclinical applications are projected to fuel revenue growth in this region. With the rising Research and Development (R&D) efforts in the region's nations, the North American market is anticipated to represent the biggest revenue share throughout the projected period. For instance, scientists at George Washington University developed a portable, cost-effective macroscopic mapping system on January 11, 2023, for all-optical cardiac electrophysiology. Optogenetic stimulation induced voltage, calcium waves, and mechanical contractions in hiPSC-CMs instead of electrical stimulation. The Complementary Metal Oxide Semiconductor (CMOS) cameras the researchers employed for their system were priced 100 times cheaper than the scientific CMOS cameras typically used for this application.
The Asia Pacific market is anticipated to grow at the quickest rate in terms of revenue throughout the projected period because major market players are becoming more active in nations in the region; for instance, it was revealed that Kankan Tech's Series A1 round of funding, which raised over CNY 100 million, had come to an end. The producer of optical imaging goods and services is Kankan Tech. This investment round was provided by C&D Fund, Shenzhen Songshang, ShangHai GIZN Electronics Co., Ltd., and Beijing Jingxi Culture&Tourism Co., Ltd. SPC then made another investment. The company plans to build a top-notch imaging ecological laboratory in China to advance the development of the industry's standard system and bridge a gap.
The European market is anticipated to have consistent revenue growth throughout the forecast period, which can be attributable to rising R&D efforts in the region's member states. As an illustration, a novel imaging technique that permits 3D imaging at video rates via a fiber as thin as human hair has the potential to revolutionize imaging for a range of applications in environmental monitoring and industrial inspection. The technique can be enhanced in the future for application in medical imaging. An international team of researchers developed the technology under the direction of the Optics Group at the University of Glasgow. Historically, imaging has been done with an array of optical fibers, one fiber for each pixel in the picture, resulting in the device thickness of a finger in applications.
Optical Imaging Market Competitive Landscape
The prominent players operating in the global optical imaging market include: -
Optical Imaging Market Strategic Developments
Optical imaging is a non-invasive technique that uses light and the properties of photons to generate detailed images of organs, tissues, and cells. The wavelength of light used in optical imaging can range from ultraviolet to near-infrared.
The estimated market size of the optical imaging market in 2031 will be US$ 4.75 billion.
The revenue CAGR of the optical imaging market during the forecast period will be 10.2%
The pathology imaging segment led the global optical imaging market in 2022.
North America region is dominating the global optical imaging market.
*Insights on financial performance are subject to the availability of information in the public domain