Optical Imaging Market Size, Competitive Landscape and Market Forecast - 2030

Optical Imaging Market is segmented By Technology (Endoscopy, Optical Coherence Tomography (OCT), Photoacoustic imaging, Diffused optical tomography (DOT), Raman Spectroscopy, Super-resolution microscopy, Terahertz Tomography Mammoplasty, Others), By Therapeutic area (Neurology, Oncology, Ophthalmology, Dentistry, Cardiology, Dermatology, Others), By End User (Diagnostic Imaging Centers, Hospitals And Clinics, Research Laboratories, Pharmaceutical &Biotechnology Companies), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030.

 

Optical Imaging Market Overview

[150 Pages Report] The Optical Imaging Market size was valued at US$ 1,538.93 million in 2022 and is estimated to reach US$ 3,708.44 million by 2029, growing at a CAGR of 13.26% during the forecast period (2023-2030). Optical imaging is the technique from which detailed images of tissues, organs and cells are obtained by utilizing light and specific properties of photons.

This imaging technology provides non-invasive or minimally invasive methods to view the body from the inside. It utilizes non-ionizing radiation that minimizes exposure to harmful radiation.

Optical Imaging Market Scope and Summary

Metrics	Details
Market CAGR	13.26%
Segments Covered	By Technology, By Product, By Therapeutic area, By Application, By End User and By Region
Report Insights Covered	Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.
Fastest Growing Region	Asia Pacific
Largest Market Share	North America

 

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Optical Imaging Market Dynamics

Rising prevalence rates of cancers such as breast cancer, increasing research and development in drug discovery, and rising demand for radiation-free devices in oncology are the major factors driving the global optical imaging market.

The increasing research in drug discovery processes and preclinical research is expected to drive the market’s growth.

The optical imaging market is driven by factors such as rising technological advancements, increasing research in drug discovery, and high demand for radiation-free devices in oncology is expected to drive the optical imaging market. The market’s growth can also be attributed to the rising number of research and development and clinical trials. Moreover, the availability of technologically advanced devices by key players is also expected to play a vital role in the market’s growth. Rising government funding and increasing healthcare expenditure to treat chronic diseases will boost market growth.

Another driving factor for the optical imaging market is the high adoption rate of non-ionizing radiation technology like visible, infrared, and ultraviolet light. Various novel product launches and research studies contribute to the market’s growth. For instance, in Mar 2022, Leica Microsystems, a microscopy and scientific instrument company launched the world’s first microhub, Mica. It is a wholly integrated imaging solution that will support the machine learning software, fluorescence unmixing technique and automation tool for automating the imaging workflow.

High costs associated with optical imaging equipment installation are expected to hamper the market growth.

The high cost of these optical imaging equipment used for diagnosis and the guiding prognosis is the main factor responsible for restraining the market. The expensive installation and the unavailability of experienced professionals gradually increase the cost.

COVID-19 Impact on Optical Imaging Market

The pandemic has negatively impacted global financial expectations, operations and crisis response strategy. The COVID-19 outbreak has severely impacted the healthcare industry. The optical imaging market has experienced huge losses due to COVID, as various research and clinical trials got postponed due to the increasing cases of COVID, leading to diverting all the attention towards COVID. Various initiatives, collaborations and mergers are happening worldwide, boosting the market’s growth.

Segment Analysis

The technology segment is expected to grow at the fastest CAGR during the forecast period (2022-2029)

The technology segment is the highest market holder in the global optical imaging market. Based on Technology, the global optical imaging market is segmented into Optical Coherence Tomography (OCT), Photoacoustic imaging, Diffused optical tomography (DOT), Raman Spectroscopy, Super-resolution microscopy, Bioluminescence Imaging, Fluorescence Imaging and Others. Endoscopy refers to the technique in which an endoscope, a flexible tube illuminates the tissue or organ with the light source. This endoscope is generally inserted through the mouth of the patient into the digestive cavity to determine the cause of symptoms.

The technology segment dominates the market due to the demand for these non-invasive devices and rising global incidences of chronic diseases such as cancer. The growing number of regulatory approvals, technological advancements, product launches, and research/clinical trial studies drive the market’s growth. For instance, in Aug 2021, Abbott announced the receival of clearance for its optical coherence tomography imaging platform (OCT) powered by Ultreon Software by the U.S. FDA. This innovative software is a combination of OCT and AI (artificial intelligence) that provides an enhanced view of the coronary blood flow as well as blockages to determine the best way for treatment.

Optical Imaging Market Geographical Share

North America holds the largest market share in the global optical imaging market.

North America dominates the global optical imaging market, primarily attributed to the rising number of people suffering from a variety of cancer. According to the World Health Organization report 2020, 2.3 million women were diagnosed with breast cancer, of which 685,000 deaths occurred globally.

Increasing expenditure on healthcare and raising awareness among people are also contributing to the market’s growth in this region. Advancement of technology in these systems and devices, increase in pharmaceutical establishment across the region and government approvals, and the presence of key players in the region are contributing to the growth of the optical imaging market.

Moreover, the growing number of product launches is responsible for the market’s growth. Many key developments, technological advancements, collaborations, and agreements are taking place in this region. For instance, in Oct 2022, Visionix, formerly Luneau Technology and Optovue Inc., announced the expansion of its operation center in Lombard, Illinois, Chicago. Through this expansion, they will now support new and existing users of the expanded product line.

Optical Imaging Companies and Competitive Landscape

The optical imaging market is moderately competitive with local and global companies’ presence. Abbott Laboratories, Carl-Zeiss AG, Canon Inc., Danaher Corporation, Koninklijke Philips N.V., PerkinElmer Inc., Topcon Healthcare, Leica Microsystems, Visionix, Cylite Pty Ltd. and more. The key players are adopting various growth strategies such as product launches, mergers & acquisitions, partnerships, and collaborations, contributing to the market’s growth. For instance, in Jul 2021, Topcon Corporation announced its acquisition of VISIA Imaging S.r.l., a manufacturer of ophthalmic device headquartered in Italy.

Abbott Laboratories.

Overview: Abbott is a multinational company that develops medical devices and healthcare products. It was founded in 1888 and is headquartered in Illinois, United States. Their products and services include medical devices, diagnostics, nutritional products and branded generic medicines.

Product Portfolio:

Optical Coherence Tomography Imaging Platform: This is innovative software is a combination of OCT and AI (artificial intelligence) that provides an enhanced view of the coronary blood flow as well as blockages to determine the best way for treatment.

The global optical imaging market report would provide access to approx. 45+market data table, 40+figures and 200 (approximate) pages.