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

According to a new report published by Allied Market Research, titled, “Optical Imaging Market by Product Type, Therapeutic Area, and End-User: Global Opportunity Analysis and Industry Forecast, 2021–2030," the global 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.

In addition, optical imaging can be used for creating images of a variety of cellular and molecular processes in vivo, which include protease activity, protein degradation, and protein interactions. It has further been used for research in small animal models. Other applications of optical imaging are endoscopy in robotic surgery and optical coherence tomography (OCT). These are used to acquire sub-surface images, which are used by cardiologists in diagnosis of coronary artery disease.

The key factors that drive the growth of optical imaging market include surge in government initiatives to control visual impairment and increase in geriatric population. Furthermore, alarming increase in relevance of neurology disorders, ophthalmic conditions, and cardiovascular conditions foster the need for optical imaging, thus driving the growth of optical imaging market. The other major factor that contribute toward the growth of optical imaging market includes surge in incidence of eye disorders such as glaucoma and cataract.

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.

The optical imaging market is segmented into product type, therapeutic area, end user, and region. On the basis of product type, the market is fragmented into imaging systems, software, camera, lenses, and illumination systems. The imaging systems segment is further bifurcated into optical imaging systems, and spectral imaging systems. Depending on therapeutic area, the market is segregated into ophthalmology, oncology, cardiology, neurology, and others. By end user, it is differentiated into hospitals & clinics, research laboratories, and pharmaceuticals & biotechnology companies. Region wise, it is analyzed across North America (U.S., Canada, and Mexico) Europe (Germany, France, UK, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, and rest of Asia Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa, and rest of LAMEA.

By product type, the imaging systems segment acquired the major share of the market 2020, and is expected to grow with highest CAGR during the forecast period. The factors that drive the growth of this segment include the benefits imaging systems provided over other imaging modalities. For instance, these imaging systems are noninvasive in nature and significantly reduce patient exposure to harmful radiations. In addition, key players are focusing on developing advanced portable devices, which are easier to handle and can be used in various clinical settings. Hence, availability of advanced imaging systems is expected to lead to surge in their demand, thereby driving the growth of the market.

 On the basis of therapeutic area, the ophthalmology segment acquired a major share of the global optical imaging market, and is expected to exhibit fastest growth rate during the forecast period, owing to the extensive use of optical imaging in field of ophthalmology. Furthermore, another major factor that drives the growth of this segment include surge in prevalence of ophthalmic conditions such as macular degeneration, glaucoma, which require the use of optical imaging.

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.

Key Findings Of The Study

• By product type, the imaging systems segment accounted for a share of 35.79% in the optical imaging market in 2020.
• Region wise, Asia-Pacific is anticipated to grow at the highest CAGR of 12.4% throughout the forecast period.
• In Europe, Germany accounted for 19.83% of the optical imaging market, in 2020.
• Depending on therapeutic area, the ophthalmology segment accounted for a share of 35.67% in the global optical imaging market in 2020.