Optical Imaging Market to Reach USD 8.6 Billion by 2031 | Canon Inc. (Japan), PerkinElmer, Inc. (US)

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.

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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.

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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.

Major Players in the Global Optical Imaging Market

The key players in the market Carl Zeiss Meditec AG (Germany), Abbott (US), Topcon Corporation (Japan), Canon Inc. (Japan), PerkinElmer, Inc. (US), Koninklijke Philips N.V. (Netherlands), Heidelberg Engineering (US), Leica Microsystems (Germany), Headwall Photonics, Inc. (US), among others.

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.

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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.

Global Optical Imaging Market Segmentation

By Product

Imaging Systems
Illumination Systems
Cameras
Lenses
Software

By Techniques

Near-Infrared Spectrometry
Optical Coherence Tomography
Photoacoustic Imaging
Endoscopy
Hyperspectral Imaging

By Therapeutic Area

Ophthalmology
Neurology
Oncology
Cardiology
Dentistry
Dermatology
Others

By End-Use

Hospitals
Clinics
Research Laboratories
Diagnostic Imaging Center

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This release was published on openPR.