2023-2029 is the forecast period in the market report
Optical imaging is an emerging and rapidly developing medical imaging technology that uses the spectrum of light to assess the optical properties of various body tissues. This emerging technology has enormous potential to improve disease prevention, medical diagnosis and treatment, life sciences and clinical research. Since its inception, significant technological advancements have been made in this field, and as a result, several new technologies have been introduced to the global optical imaging market. The healthcare industry is seeing huge investment in this technology as demand for effective solutions and emphasis on early detection of disease increase all over the world. Additionally, the growing prevalence of neurological and ophthalmological diseases in the population may fuel the demand for imaging diagnostics, which in turn is expected to propel the growth of the market over the forecast period.
Optical imaging systems offer great potential for diagnosing, improving disease prevention, and treating diseases in healthcare. Expanding application areas and increasing preferences for non-invasive technologies combined with the rising prevalence of chronic diseases and ocular diseases are significant factors driving the growth of the market. Sales of optical imaging systems are expected to grow rapidly due to the growing demand for effective solutions and a focus on early disease detection.
The wider adoption of optical imaging systems is expected to drive market growth during the forecast period. An increase in the prevalence of eye disease is another important contributing factor to the growth of optical imaging systems. Ophthalmologists use optical imaging systems to diagnose eye conditions. Therefore, the increased prevalence of eye disease leads to an increase in the patient base, which in turn drives the sales of optical imaging systems. Optical coherence tomography (OCT) is an established technology widely used in ophthalmology and used by ophthalmologists as a tool to understand and diagnose retinal diseases. Scientists are finding new applications in OCT - in dermatology, aesthetics, and cancer diagnosis and treatment. This is further expected to boost the growth of the market during the estimated time period.
Optical imaging is increasingly used in preclinical research stages to gain a better understanding of protein interactions, protein degradation and protease activity. It is also widely used to monitor disease progression during treatment and to understand the effectiveness of treatments. With these applications, there is greater acceptance of optical imaging techniques among pharmaceutical and biotech companies, academic institutions, and the research organizations. Currently, research universities and research departments of leading pharmaceutical and biotechnology companies are among the major end users of imaging equipment. Furthermore, the growing number of collaborations and collaborations between academic institutions and companies is leading to an increase in the number of clinical trials and this factor is expected to provide new growth opportunities for the market over the forecast period.
Optical imaging is a specialized diagnostic imaging technique and requires skilled operators for effective use. At present, there is a shortage of skilled operators, especially in developing countries, which is an important factor limiting the adoption of optical imaging for clinical diagnostic applications. In addition, the technological landscape of the optical imaging market is changing rapidly, with an increasing number of advanced products being launched each year. This requires physicians and other healthcare professionals to acquire the skills necessary to effectively use advanced imaging systems. Due to these factors, doctors and healthcare professionals are refraining from using advanced imaging systems, which is expected to restrain the growth of the market.
Increasing market competitiveness is one of the major challenges in the optical imaging systems market, especially for small and medium enterprises. In addition, the higher costs and longer time required to develop optical imaging products are a major obstacle for these companies, which therefore find it difficult to keep pace with the industry and maintain their positions. Eventually, many of these companies abandon their new product development strategies due to financial constraints or are taken over by larger market players. These factors are expected to challenge the market’s growth over the forecast period.
The report provides an in-depth analysis of the global Optical Imaging Systems market, market size, and compound annual growth rate (CAGR) for the forecast period of 2023-2029, considering 2022 as the base year. With increasing demand for various Optical Imaging Systems in various applications has led the increasing demand for market and is expected to witness the growth at a specific CAGR from 2022-2029.
The global Optical Imaging Systems market comprises of different market segments like product type, technology, therapeutic area, application, end users and geography.
By product type, the Optical Imaging Systems market includes the key segments of
The imaging systems segment is expected to lead the market due to the increasing use of imaging systems for a wide variety of disease diagnosis applications. The ability of optical imaging to transcend large scales of spatial imaging ranging from cells to organ systems has rejuvenated interest in using this technology for medical imaging. In addition, optical imaging has several contrast mechanisms to distinguish normal from pathological processes and tissues. Imaging systems include optical imaging systems and spectral imaging systems.
The others segment is represented to experience the fastest growth during the forecast period. This is due to the increasing use of catheters and probes in preclinical and clinical studies. Additionally, the growing focus on research and development by government and private actors in pharmaceutical and biotech companies should help the segment grow at a significant pace.
By technology, the Optical Imaging Systems market is segmented into
The optical coherence tomography segment is expected to dominate the market. This is due to the increased adoption of optical imaging systems for diagnostic intravascular imaging. Recent technological developments in optical coherence tomography are estimated to promote market growth. Several major market players are focusing on developing advanced optical coherence tomography devices to strengthen their market position.
Photoacoustic tomography is expected to record the fastest growth over the forecast period. Photoacoustic tomography is a non-invasive hybrid modality for molecular and functional imaging. The increasing preference for non-invasive technology and the superior performance of optical tomography in biomedical imaging compared to traditional optical imaging counterparts are factors contributing to the rapid growth of this technology.
By therapeutic area, the Optical Imaging Systems market is segmented into
The oncology segment is expected to lead the market over the forecast period. The optical method of tissue examination has the advantages of high sensitivity, relatively low cost, high resolution, and the ability to detect both biochemical and structural properties of tissues. The technology is also gaining traction as it is non-invasive and helps in the early detection of cancer.
Hence, the rising prevalence of cancer coupled with the benefits of optical imaging in early detection of cancer is also expected to fuel the growth of this segment over the forecast period.
The ophthalmology segment is expected to witness high growth during the estimated time period. Technology also plays an important role in the treatment of cataracts and other eye diseases, which is expected to drive the growth of the industry in the coming years.
The Optical Imaging Systems market has key applications in
The pathological imaging segment is expected to dominate the market over the forecast period. This is due to the increase in chronic diseases resulting from the adoption of a sedentary lifestyle leading to unhealthy eating habits and a lack of exercise. Also, the increase in the geriatric population and the increase in the consumption of processed foods are key factors that are expected to propel the growth of the segment.
Similarly, the intra-operative imaging segment is expected to grow at a high rate over the estimated time period. It is used in various applications such as neurosurgery, orthopaedic, ENT surgery, oncology, trauma surgery, cardiovascular surgery and others.
The Optical Imaging Systems market has major end users like
The research labs segment is expected to dominate the market due to the growing focus on research and development to develop several new optical imaging applications. The growing applications of optical imaging methods in preclinical research and drug discovery processes are expected to drive the growth of the segment. Increasing research and development activities in the life sciences sector are expected to further strengthen market growth.
Pharmaceutical and biotech companies will grow significantly due to the increasing use of optical imaging systems in preclinical and clinical studies by these companies. Furthermore, strategic initiatives for the development of new and technologically advanced products by companies with large investments in the R&D sector are expected to drive the growth of the segment during the forecast period.
The global Optical Imaging Systems market is studied for the following regions
North America is expected to dominate the market over the forecast period. Factors such as the availability of skilled professionals, well-developed research infrastructures and government initiatives to encourage technological advancement in the sector by offering investments and funds promote market growth in this region. Furthermore, it is estimated that faster adoption of technologically advanced products in the region will further stimulate market growth.
The Asia Pacific region is expected to experience the highest growth over the forecast period. This is due to the low costs required to conduct research, favourable regulatory guidelines, and the growing geriatric population, which is highly susceptible to developing chronic diseases. Additionally, the government's growing focus on healthcare is another factor driving the segment's growth over the forecast period.
The exclusive COVID-19 impact analysis report by Axiom MRC provides a 360 degree analysis of micro and macro-economic factors on the global Optical Imaging Systems market. In addition, a complete analysis of changes in the global Optical Imaging Systems market expenditure, economic and international policies on the supply and demand side. The report also studies the impact of the pandemic on global economies, international trade, business investments, GDP and marketing strategies of key players present in the market.
Due to the COVID-19 outbreak, healthcare facilities around the world are overwhelmed by the number of patients who visit them daily. The growing prevalence of coronavirus disease has increased the demand for accurate diagnostic and therapeutic equipment in several countries around the world. With the rapid spread of COVID-19, supply shortages have become a major concern. This is due to blockade measures that have hit areas such as production sites. On the other hand, travel restrictions have affected the shipping and transportation of goods. The pandemic has also impacted the availability of raw materials needed for manufacturing. COVID-19 also impacted sales and users showed less interest in purchasing imaging products, while delays and postponements of elective surgeries and other aspects of care – in favour of COVID-19 cases – drove down imaging volumes. This has had a wider impact on the use of optical imaging products and their adoption. However, with the world slowly moving towards normalcy and governments in various economies focusing primarily on research and development in the healthcare sector, the market is expected to achieve substantial growth over the forecast period.
The competitive landscape analysis of Optical Imaging Systems market is majorly focused on expanding the global growth of optical imaging systems industry through new product innovation, business expansion, and the increasing presence of a range of manufacturers operating in the optical imaging systems sector, which has led to growing demand for the market. Besides, the market offers a range of products in different applications to fulfil the required demand of consumers, which is further contributing to healthy growth in the market.
The key players studied in market are
July 2022: Topcon Corporation acquired VISIA Imaging SRL. The company is an ophthalmic device manufacturer.
July 2020: ZEISS is expanding its imaging technology capabilities with 3D and big image data software by acquiring a majority stake in the imaging business of Arivis. With this investment, ZEISS is further strengthening its software competencies and market position in 3D image visualization, image processing, and analysis software for research microscopy.
By product type, the Optical Imaging Systems market includes the key segments of imaging systems, cameras, software, lenses, illumination systems and others. The imaging systems segment is expected to dominate the market over the forecast period. By technology the Optical Imaging Systems market is segmented into photoacoustic tomography, optical coherence tomography, hyperspectral imaging, near-infrared spectroscopy and others. The optical coherence tomography segment is expected to dominate the market over the estimated time period. By therapeutic area the Optical Imaging Systems market is segmented into Ophthalmology, Oncology, Cardiology, Neurology, Dermatology and others. The oncology segment is expected to lead the market over the forecast period. The Optical Imaging Systems market has key applications in pathological imaging, intra-operative imaging, preclinical research and others. The pathological imaging segment is expected to dominate the market over the forecast period. The Optical Imaging Systems market has major end users like hospitals and clinics, pharmaceutical and biotechnological companies and research labs. The research labs segment is expected to dominate the market due to the growing focus on research and development to develop several new optical imaging applications. The global Optical Imaging Systems market is studied for the following regions: North America, Europe, Asia-Pacific and Rest of the world (RoW). North America is expected to dominate the market over the forecast period.
|Market Sizing for Year:
|Market Segment studied:
|Market Players and its Competitors:
Heidelberg Engineering, Inc.
Headwall Photonics, Inc.
St. Jude Medical Inc.
Cylite Pty Ltd.
Optical Imaging Ltd.
Headwall Photonics, Inc.
Michelson Diagnostics Ltd
What would be forecast period in the market report?
2023-2029 is the forecast period in the market report
Which is the leading application segment for Optical Imaging Systems market?
Pathological imaging has accounted the major market share, and is expected to witness the growth at highest pace during the forecast period.
Which region is gaining majority of market share during the forecast period (2023-2029)?
North America is expected to gain major market share during the forecast period (2023-2029).