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Optical Imaging Market Opportunity,Size, Share, Technology Growth Report by Top Key Players St. Jude Medical, Inc., Carl Zeiss Meditec AG, Bioptigen, Inc., Canon Inc, Heidelberg Engineering, Inc., Topcon Corporation, Perkinelmer, Inc., Koninklijke Philips
Press release from: Market Research Future
Optical imaging Market is a non-invasive technique in which light is used to interrogate cellular and molecular function in the living body by exploiting the special properties of photons. Optical imaging is surpassing radiology imaging market due to its myriad advantages over it.
The global optical imaging market is expected to be of value USD 1.92 Billion in 2023 and to grow at a 10% CAGR during the forecast period.
This market is mainly driven by rising demand for non-invasive procedures, harmful effects of radiation-based imaging, increase in research and development activities in the life sciences sector, and increasing application of optical imaging techniques in drug discovery processes and preclinical research, Moreover factors such as rising geriatric population which leads to increase in cardiovascular, neurological and ophthalmic disorders is also fueling the growth of this market.
Market Research Future (MRFR) recognizes the following companies as the key players in the optical imaging market. Some of the players are St. Jude Medical, Inc., Carl Zeiss Meditec AG, Bioptigen, Inc., Canon Inc, Heidelberg Engineering, Inc., Topcon Corporation, Perkinelmer, Inc., Koninklijke Philips N.V., and Agfa-Gevaert N.V.
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However, factors such as stringent regulatory approval procedures high costs of instruments, scarcity of skilled operators, and insufficient reimbursements policies for optical imaging procedures restrict market growth.
The global optical imaging market is segmented on the basis of products, techniques, therapeutic area, application and end user. Considering the type of product, the market is segmented into imaging systems, software, lenses, illumination systems, cameras and others. Imaging systems are further segmented into optical imaging systems and spectral imaging systems.
On the basis of technique, the market is segmented into optical coherence tomography (oct), photoacoustic imaging, diffused optical tomography, hyperspectral imaging, near-infrared spectroscopy, super-resolution microscopy. On a therapeutic area basis, it is segmented into neurology, oncology, ophthalmology, dentistry, cardiology, dermatology, and others.
On account of application, the market is segmented into pre-clinical and clinical research, pathological imaging and intraoperative imaging. According to the end user, the market is segmented into diagnostic imaging centers, hospitals and clinics, research laboratories, and pharmaceutical &biotechnology companies.
Based on region the market is segmented into Americas, Europe, Asia Pacific, and the Middle East and Africa. Americas region is segmented into North America and South America. Similarly, Europe is segmented into Western Europe and Eastern Europe.
Moreover factors such as rising geriatric population which leads to increase in cardiovascular, neurological and ophthalmic disorders is also fueling the growth of this market. However, the market growth is restricted by factors such as stringent regulatory approval procedures high costs of instruments, scarcity of skilled operators, and insufficient reimbursements policies for optical imaging procedures.
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Americas is going to hold the largest share for optical imaging market owing to increasing prevalence of cardiovascular, neurological and ophthalmic disorders about rising geriatric population which is a major trigger factor for this disease. Additionally, factors such as increasing government initiatives and funding for research in medical devices sector, rising demand for accurate diagnosis, awareness about adverse effects of radiation imaging, ability to provide in-depth images of soft tissues and vascular systems and presence of pharmaceutical giants key players also propel the market growth in this region. For instance, according to National cancer institute, in 2016, around 1,685,210 new cases of cancer were diagnosed in the U.S. Thus, this rising patient pool is going to boost up the market growth during the forecast period.
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Europe is the second largest market and holds a healthy share in the global optical imaging market due to major driving factors like availability of advanced treatment facilities, increasing healthcare expenditure, good healthcare infrastructure and flourishing medical device industry due to the presence of major market players. Additionally, knowledge about the benefits of optical imaging over radiation imaging and capability of inhabitants to afford the diagnostics is spurring the market growth.
Asia Pacific is expected to be the fastest growing market with most promising growth possibilities. According to a report published by the department of neurology in 2014, it is estimated that for the current population of 1.27 billion, approximately 30 million people suffer from neurological disorders in India. Thus, owing to the huge patient pool, a faster adaptation of healthcare technology, government initiatives to increase the healthcare quality, availability favorable insurance policies market growth will be accelerated during the forecast period.
The Middle East & Africa is expected to show the least growth in the market due to some major factors such as lack of awareness, limited access and availability of treatment facilities. In the Middle East, the United Arab Emirates and Saudi Arabia is the largest market share owing to the development of healthcare industry and rising availability of specialty care centers.
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