Optical Imaging Market worth $2.9 billion by 2027

Optical Imaging Market in terms of revenue was estimated to be worth $1.5 billion in 2022 and is poised to reach $2.9 billion by 2027, growing at a CAGR of 13.5% from 2022 to 2027 according to a new report by MarketsandMarkets™. The market is expanding as a result of factors such as an aging population, an increase in R&D in the life sciences, growing patient expectations for quick and simple diagnosis and treatment, rising information availability and knowledge, and expanding access to health care in Rapidly Developing Economies (RDE) are some other key factors influencing the market's growth.

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Based on product, the imaging systems segment is expected to account for the largest share of the optical imaging market

Need for good quality equipment and technologies are increasing in recent times, leading to continuous development by market players. Growing competitiveness among players in the market calls for new improved systems and devices to be introduced in this market. Need for non-invasive, non-contact optical imaging modality with no harmful radiation is an additional factor influencing the market growth. Second to the imaging systems segment, is camera market. Small size, better sensitivity, and high-resolution imaging capability are expected to drive the greater adoption of cameras for different medical diagnostics applications.

On the basis of application, pathological segment is expected to account for the largest share of the optical imaging market

One of the main drivers of market expansion in the pathological category is the high demand for optical imaging systems in the diagnosis of eye disorders, tumor detection, cardiovascular diseases, skin lesions, and other such illnesses. The popularity of optical imaging systems for pathological application is being fueled by non-invasiveness, precise image capture capabilities, and greater adoption in clinical practice, which is affecting market growth. Due to its low operational costs and relative ease of use, pathological imaging is widely used by clinicians worldwide. Specificity and efficacy of diagnosis is enhanced in this segment due to the use of optical imaging instruments.

Based of end user, hospitals segment holds the highest market share in the optical imaging market

Due to rising government and private healthcare funding, rising hospital adoption of optical imaging, greater accessibility to qualified healthcare workers and technologically cutting-edge facilities, and rising adoption of optical imaging overall, hospitals dominated the optical imaging market during the forecast period. Optical imaging techniques are applied in clinics and operating rooms to locate and resect malignant tumors. For example, fluorescence imaging is gaining importance in initial clinical testing in breast imaging and endoscopy areas. Moreover, some optical imaging techniques are used to detect ovarian cancer, malignant skin lesions, lymphoma, intestinal adenoma, intraoperative scanning, stem cell trafficking, and monitoring of patient response to various treatments

Based on Region, North America to dominate the optical imaging market during the forecast period

North America will continue to rule the optical imaging market over the forecast period. The greatest market share in the world is attributable to this region, which has seen a surge in glaucoma cases, government support, and the importance of research and development by well-known companies based there. In addition, stringent FDA regulations regarding the product, medical procedures, and research ensure the quality and safety of optical imaging instruments and technologies in the region. This is encouraging healthcare centers in North America to utilize optical imaging for various interventions and quickly adapt to newer technologies, which is driving the growth of the optical imaging market in North America

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Optical Imaging Market Dynamics:

Drivers:

Growing geriatric population and subsequent increase in prevalence of eye disorders
Technological innovations
Growing application areas of optical imaging techniques
Growing need to minimize use of radiation technologies

Restraints:

Reimbursement challenges
Lack of skilled operators

Opportunities:

Expansion and market penetration opportunities in emerging economies
Growing applications in pharmaceutical & biotechnology research

Challenges:

Sustainability of small and medium-sized players
High cost of optical imaging procedures and extensive data requirements

Key Market Players:

Prominent players in the optical imaging market include Carl Zeiss Meditec (Germany), Abbott (US), Topcon Corporation (Japan), Canon (Japan), PerkinElmer (US), Koninklijke Philips (Netherlands), Heidelberg Engineering (US), Leica Microsystems (Germany), Headwall Photonics (US), Visionix (US), Optical Imaging (Israel), Optos (Scotland), Wasatch Photonics (US), ArcScan (US), DermaLumics (Spain), Cylite (Australia), MOPTIM (Guangdong), Michelson Diagnostics (England), Thorlabs (US), Hamamatsu Photonics (Japan), iTheraMedical (Germany), Kibero (Germany), Seno Medical (US), Aspectus Imaging (Germany), and Agfa-Gevaert (Belgium).

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