Optical Imaging Market Expected to Reach $3.86 Billion by 2030 | at a CAGR of 10.8%

Optical imaging market was valued at $1,38 billion in 2020 and is projected to reach $3.86 billion by 2030 registering a CAGR of 10.8% from 2021 to 2030. Optical imaging makes use of light waves for creation of images of organs, tissues, and cells. For the generation of an optical image, various type of devices and systems are employed. For instance, optical imaging makes use of imaging systems, which are used for observation or image capture. These systems consist of a camera, imaging lens, along with an illumination source. Similarly, illumination systems are used to transfer the light from a light source into the desired distribution.

List of Key Players
OPTOVUE, LTD., HEIDELBERG ENGINEERING GMBH (HEIDELBERG ENGINEERING INC.), DANAHER CORPORATION (LEICA MICROSYSTEMS GMBH), CANON INC., CARL ZEISS FOUNDATION (CARL ZEISS MEDITEC AG), ABBOTT LABORATORIES, MICHELSON DIAGNOSTICS LTD., CYLITE PTY LTD., KONINKLIJKE PHILIPS N.V, TOPCON CORPORATION (TOPCON HEALTHCARE)

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In addition, another major factor that has had a varying degree of impact includes the outbreak of COVID-19. For instance, the worldwide viral outbreak in 2019 led to complete lockdown, which disrupted the supply chains in the optical imaging industry due to shortage of working staff. Moreover, lockdowns resulted in rescheduling of elective procedures and non-emergency appointments. This further led to decline in demand for optical imaging, which, in turn, negatively impacted the growth of the global optical imaging market.

COVID-19 is a large family of viruses that causes illness ranging from common cold to more severe respiratory diseases. The COVID-19 pandemic has restrained the industry growth significantly as demand for optical imaging decreased. In addition, the COVID-19 pandemic has affected the optical imaging devices production and import & export of finished goods, owing to lockdown in various COVID-19-affected countries and rise in number of healthcare workers falling ill during the pandemic, leading to short supply. Thus, the outbreak of COVID-19 has negatively impacted the cosmetic dentistry market.

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Region wise, North America acquired a major share, owing to the presence of major key players in the region, which leads to easy availability of optical imaging systems. Furthermore, surge in demand for optical imaging due to rise in prevalence of cancer and ophthalmic conditions, which require the use of optical imaging, drives the growth of the market. Another major factor that drives the growth of the market include rise in geriatric population, which is predisposed to ophthalmic conditions. This, in turn, fosters the need for optical imaging, thereby augmenting the growth of the market in North America. However, Asia-Pacific is expected to exhibit highest CAGR during the forecast period, owing to estimated gradual surge in investments related to healthcare infrastructure and rise in the adoption of optical imaging. Another major factor responsible for growth in this region include surge in cancer cases.

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