Optical Imaging Market Size, Share, Industry, Forecast and outlook (2024-2031)

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, 2024-2031

Optical Imaging Market Size

Global Optical Imaging Market reached US$ 1.6 billion in 2022 and is expected to witness lucrative growth by reaching up to US$ 4.0 billion by 2031. the global optical imaging market is expected to exhibit a CAGR of 12.4% during the forecast period (2024-2031).

Optical imaging has the capacity to distinguish between soft tissues and damaged tissues. The capacity of optical imaging to distinguish between healthy and infected tissues is opening up enormous opportunities in medical diagnosis companies. By employing non-ionizing radiation, such as visible, ultraviolet, and infrared light, optical imaging dramatically lowers patient exposure to hazardous radiation. Because it is significantly safer than methods that employ ionising radiation, such as X-rays, optical imaging can be used for repeated treatments to monitor disease progression or therapy results.

Furthermore, optical imaging is driven by various factors like the increasing prevalence of neurological and ophthalmological disorders favouring the demand for imaging diagnosis, rising government funding and increasing healthcare expenditure to treat chronic diseases will boost the market growth.

Optical Imaging Market Summary

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Optical Imaging Market Dynamics

Novel Product Launches and Research Studies

Novel product launches and research studies are one of the key drivers that help the market to grow during the forecast period. The introduction of new products contributes to the advancement of sophisticated optical imaging technology. These new items frequently have cutting-edge features such as higher resolution, shorter acquisition times, and increased sensitivity. They allow researchers and medical practitioners to push the boundaries of what is currently achievable in optical imaging.

For instance, In May 2023 Lumicell received FDA acceptance and priority review for its LUMISIGHT optical imaging agent for breast cancer and the Lumicell direct visualization system (DVS). The FDA granted priority review for the NDA and PMA applications, demonstrating Lumicell's commitment to innovative fluorescence-guided imaging technologies for cancer surgery.

An Increase in The Prevalence Of Eye Disorders

The increase in the prevalence of eye diseases is one of the key drivers that help the market to grow during the forecast period. For instance, according to WHO, Globally, at least 2.2 billion individuals worldwide have a near or far vision impairment. Vision impairment may have been avoided or remedied in at least 1 billion, or almost half of these instances.

This 1 billion includes people with moderate to severe distance vision impairment or blindness due to uncorrected refractive error (88.4 million), cataracts (94 million), age-related macular degeneration (8 million), glaucoma (7.7 million), diabetic retinopathy (3.9 million), and near vision impairment due to uncorrected presbyopia (826 million).

Reimbursements Challenges

The US is the largest market for optical imaging technologies, but recent reimbursement policies are expected to impact growth. The affordable care act has increased the insured population, causing insufficient reimbursements for newly insured patients. Medical reimbursements for optical imaging technologies are determined based on their intended applications.

Optical Imaging Market Segment Analysis

The global optical imaging market is segmented based on technology, product, therapeutic area, application,  end user and region.

The Optical Coherence Tomography (OCT) from the Technology Segment Accounted for Approximately 40.1 % of the Optical Imaging  Share

The optical coherence tomography from the technology segment with around 40.1% is expected to dominate during the forecast period. The optical imaging market is divided into ophthalmology, cardiology, oncology, dermatology, and neurology. The OCT procedure is painless and takes only a few minutes. The patient will be asked to sit in a chair in front of an OCT machine where eyes will be dilated with drops, and then a small probe will be placed on the cornea. The probe will emit a harmless beam of light, which will be reflected back to the machine and create an image of the retina.

For instance, In Feb 2023 Visionix USA launched its Optovue Solix Full Range OCT system in North America, offering enhanced imaging and scan precision. The multimodal system includes improved scans, new posterior high-density scan patterns, integrated cameras for fundus, external photography, and external IR imaging, and proprietary scans and software for improved visualization and diagnostic imaging.

Source: DataM Intelligence Analysis (2023)

Global Optical Imaging Market Geographical Share

North America Accounted for Approximately 38.7% of the Market Share in 2022,

North America is estimated to hold about 38.7% of the total market share throughout the forecast period due to the region's growing research infrastructure, increased availability of skilled professionals, and faster adoption rates of technologically advanced devices. Due to less stringent regulatory guidelines, lower research costs, and increased government funding in respective countries in this region, Asia-Pacific is expected to be the fastest-growing region in terms of optical imaging market growth.

For instance, on 11 January 2023, George Washington University researchers developed a portable, affordable macroscopic mapping device for all-optical cardiac electrophysiology. They used light to stimulate voltage, calcium waves, and mechanical contractions in hiPSC-CMs, using low-cost high-speed machine vision CMOS cameras.

 The system was priced 100 times less than scientific CMOS cameras, and Light Emitting Diodes (LEDs) and commercially available parts were used for stimulation and control. The device allowed for the distinction of regional dye-free signals for small mechanical contractions while imaging a centimetre-scale region.

Source: DataM Intelligence Analysis (2023)

Optical Imaging Market Key Players

The major global players in optical imaging include Abbott Laboratories, Carl-Zeiss AG, Canon Inc, Danaher Corporation, Koninklijke Philips N.V, PerkinElmer Inc, Topcon Healthcare, Leica Microsystems, Visionix, Cylite Pty Ltd and others.

COVID-19 Impact Analysis

Russia Ukraine Conflict Analysis

The Russia-Ukraine conflict is estimated to have a moderate impact on the global optical imaging market, owing to the low prevalence and absence of key market players in this region. however, the impact of the import and export of devices is expected to have little influence over the global optical imaging market growth over the forecast period.

Key Developments

• In January 2023, Canon Medical Systems USA Inc. announced a collaboration with Sclmage, Inc. For the healthcare industry, the company provides cloud-native enterprise image management, image and PACS exchange solutions. Such collaborations will assist market participants in strengthening their product portfolios and market positions.
• In May 2022, The BioCOP project was developed in collaboration with the Franklin and Kennedy Institute of Rheumatology at the University of Oxford. The study is part of Franklin's Correlated Imaging topic, which attempts to increase their understanding of biological systems and processes by allowing them to collect data from many imaging modalities at the same time.
• In July 2021, Topcon Corporation acquired VISIA Imaging S.r.l. The firm is one of the fastest-growing ophthalmic equipment producers. This has assisted the organisation in expanding its product line and market reach.

Why Purchase the Report?

• To visualize the global optical imaging market segmentation based on technology, product, therapeutic area, application,  end user and region. end user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of optical imaging market level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global optical imaging report would provide approximately 53 tables, 54 figures and 195 pages.

Target Audience 2024

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies