Optical Imaging Market Analysis And Forecast To 2031: By Product (Imaging Systems, Illumination Systems, Cameras, Lenses, Software), By Technique (Near-Infrared Spectrometry, Optical Coherence Tomography, Photoacoustic Imaging, Endoscopy, Hyperspectral Im

Optical Imaging Market Analysis And Forecast To 2031: By Product (Imaging Systems, Illumination Systems, Cameras, Lenses, Software), By Technique (Near-Infrared Spectrometry, Optical Coherence Tomography, Photoacoustic Imaging, Endoscopy, Hyperspectral Imaging), By Solution (Ophthalmology, Neurology, Oncology, Cardiology, Dentistry, Dermatology, Others), End-Use (Hospitals, Clinics, Research Laboratories, Diagnostic Imaging Center) And Region

The global optical imaging market was valued at USD 1.6 billion in 2021 and it is anticipated to grow up to USD 8.6 billion by 2031, at a CAGR of 18.3% during the forecast period.

Optical imaging has become prevalent in the field of medical imaging over the past few years owing to its vast and constantly expanding applications in various therapeutic areas. Currently scientists and doctors use optical imaging widely for research and clinical purpose.

Market Trends and Drivers

Technological innovations to drive greater market penetration will fuel the industry growth. Optical coherence tomography (OCT) is a well-established technology, widely used in ophthalmology, employed by eye-care professionals as a tool to help understand and diagnose retinal conditions. Scientists are finding new applications in OCT — in dermatology, aesthetics, and cancer diagnosis & treatment. Over the years, there have been several advancements and innovations in the field of optical imaging. OCT technology has advanced from time-domain OCT to frequency-domain OCT, which offers higher speed and facilitates rapid 3D pullback imaging during the administration of a non-occlusive flush of an optically transparent medium or radiocontrast. Improved scanning speed, resolution, reproducibility, and availability of updated software and normative databases have further expanded the application areas of OCT systems in clinical diagnostics. This has enabled the imaging of cellular structures to the level of nerve fiber layers and ganglion cell complexes. The evolution of newer technologies, including optical coherence tomography angiography (OCTA), has added a whole new level of patient care and management to the spectrum.

Market Restraints and Challenges

Lack of skilled operators may impede the market growth. Optical imaging is a specialized diagnostic imaging technique and needs skilled operators for effective utilization. At present, there is a dearth of skilled operators, especially in developing countries, thus being a major factor limiting the uptake of optical imaging for clinical diagnostic applications. Moreover, the technological landscape of the optical imaging market is changing rapidly, with a growing number of advanced products being launched every year. This necessitates physicians and other healthcare providers to acquire the necessary skills to operate advanced imaging systems effectively. Owing to these factors, physicians and healthcare providers are refraining from adopting advanced imaging systems, thereby affecting the growth of this market.

Global Optical Imaging Market Segmental Overview

The report analyses the global optical imaging market based on product, technique, therapeutic area, end-use, and region.

Global Optical Imaging Market by Product

Based on product, it is segmented into imaging systems, illumination systems, cameras, lenses, and software. Among these, imaging system segments accounted for significant market share in 2021. Imaging systems are extensively used for various applications including disease diagnosis, preclinical research, discrete molecular and cellular process imaging. Thus, increasing applications of optical imaging modalities for therapeutic and diagnostic purposes is expected to have a positive impact on the segment growth.

Global Optical Imaging Market by Technique

Based on technique, the optical imaging market is segmented into near-infrared spectrometry, optical coherence tomography, photoacoustic imaging, endoscopy, and hyperspectral imaging. The endoscopy segment is projected to witness robust growth over the analysis timeframe. Rising preference for minimally invasive diagnostic procedures and technological advancements are the major factors that will drive the segment growth. The older patients are more susceptible to chronic and acute ailments. Thus, the adoption of endoscopy procedures is more among the geriatric population base. As per the reports from the Administration of Community Living (ACL), the number of people of age 65 and older were 54.1 million in 2019 and is projected to grow around 94.7 million by 2060 in the U.S. Additionally, the rise in the prevalence in chronic diseases is anticipated to drive the endoscopy market growth further in the analysis timeframe.

Global Optical Imaging Market by Therapeutic Area

Based on therapeutic area, the optical imaging market is classified into ophthalmology, neurology, oncology, cardiology, dentistry, dermatology, and others. The ophthalmology segment is projected to witness a robust growth over the analysis timeframe. The number of multispecialty ophthalmic clinics and eye care hospitals has been increasing significantly, owing to rising age-related eye disorders such as cataract and glaucoma. Various government and private organizations are investing in the establishment of eye care product facilities as demand grows for minimally-invasive surgeries and advanced diagnostic services. The Royal College of Ophthalmologists predicted 40% increase in demand for eye services from 2018 to 2038. Growing number of eye care facilities will boost the expansion of the ophthalmic imaging equipment market.

Global Optical Imaging Market by End-use

Based on end-use, the optical imaging industry is segmented into hospitals, clinics, research laboratories, and diagnostic imaging centers. The hospitals segment is anticipated to experience robust growth. Increasing hospital establishments in numerous developed and developing countries, and growing healthcare expenditure by the government will propel the segment growth over the projected timeline.

Geographical Analysis of Global Optical Imaging Market

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. North America held the largest share in the market. Factors such as the availability of skilled professionals, well-developed research infrastructure, and government initiatives to encourage technological advancement in the industry by offering investments and funds are promoting growth of the market in this region. Moreover, faster adoption of technological advanced products in the region is estimated to further boost the market growth.

Major Players in the Global Optical Imaging Market

COVID-19 Impact

Due to the COVID-19 outbreak, medical practices of all sizes are under immense pressure, and healthcare facilities across the globe have been overwhelmed by the large number of patients visiting them on a daily basis. The rising prevalence of coronavirus disease has driven the demand for accurate diagnosis and treatment devices in several countries across the globe. Due to the rapid spread of COVID-19, the shortage of supplies has become a significant concern. This is due to lockdown measures that have affected areas such as manufacturing sites. Travel restrictions, on the other hand, have affected the shipping and transportation of goods. The pandemic has also affected the availability of raw materials required for manufacturing.

COVID-19 has also affected sales; end users have shown less interest in purchasing imaging products, while delays and the postponement of elective surgeries and other aspects of care—in favor of COVID-19 cases—have reduced imaging volumes. By extension, this has affected the use of optical imaging products and the adoption thereof. Leading manufacturers of optical imaging—Abbott (US), Carl Zeiss (Germany), Philips (Netherlands), PerkinElmer (US), Canon (Japan)—reported fluctuations in revenue as of 2020 Q3, citing lesser sales of optical imaging products. The fluctuations in revenue were reported due to the primary focus on COVID-19 lockdown restrictions and delays in elective procedures. The revenues are expected to rise after the situation stabilizes further because most vendors have strategized new plans to accelerate their optical imaging business.

Recent Developments

• In August 2021, Abbott receives FDA clearance for its imaging technology using artificial intelligence for vessels in the heart.
• In January 2021, Koninklijke Philips partnered with Rennes University (France)
• In December 2020, Carl Zeiss partnered with VIVO (China)
• In December 2020, Carl Zeiss acquired arivis AG (Berlin)
• In November 2020, Leica Microsystems Launched Enfocus (Intra-operative OCT Solutions)

Frequently Asked QuestionsQ1. How big is the optical imaging market?Ans. The global optical imaging market size was USD 1.6 million in 2021 and is anticipated to reach USD 8.6 million in 2031, growing at a rate of 18.3% from 2022 to 2031.Q2. What is the optical imaging market growth rate?Ans. The growth rate of the optical imaging market is 18.3%.Q3. Which region holds a major market share for the sepsis diagnostics market?Ans. North America holds a major market share of the optical imaging market in 2021.Q4. Which segment accounted for the largest optical imaging market share?Ans. By end user, the healthcare segment accounted for the largest optical imaging market share.Q5. Who are the key players in the optical imaging market?Q6. What are the factors driving the optical imaging market growth?Ans. The major factors driving the growth of the market are the increasing demand for optical imaging across the globeQ7. What are the key growth strategies of optical imaging market players?Ans. The key growth strategies of optical imaging market players are product launch and product approval.Q8. Which region will provide more business opportunities for the optical imaging market during the forecast period?Ans. The Asia-Pacific region will provide more business opportunities for the optical imaging market during the forecast period.

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