Market Definition
Optical imaging has become prevalent in the field of medical imaging over the past few years owing to its vast and constantly expanding applications in various therapeutic areas. Currently scientists and doctors use optical imaging widely for research and clinical purpose.
Market Outlook
The global optical imaging market was valued at USD 1.6 billion in 2021 and it is anticipated to grow up to USD 8.6 billion by 2031, at a CAGR of 18.3% during the forecast period.
Technological innovations to drive greater market penetration will fuel the industry growth. Optical coherence tomography (OCT) is a well-established technology, widely used in ophthalmology, employed by eye-care professionals as a tool to help understand and diagnose retinal conditions. Scientists are finding new applications in OCT — in dermatology, aesthetics, and cancer diagnosis & treatment. Over the years, there have been several advancements and innovations in the field of optical imaging. OCT technology has advanced from time-domain OCT to frequency-domain OCT, which offers higher speed and facilitates rapid 3D pullback imaging during the administration of a non-occlusive flush of an optically transparent medium or radiocontrast. Improved scanning speed, resolution, reproducibility, and availability of updated software and normative databases have further expanded the application areas of OCT systems in clinical diagnostics. This has enabled the imaging of cellular structures to the level of nerve fiber layers and ganglion cell complexes. The evolution of newer technologies, including optical coherence tomography angiography (OCTA), has added a whole new level of patient care and management to the spectrum.
Lack of skilled operators may impede the market growth. Optical imaging is a specialized diagnostic imaging technique and needs skilled operators for effective utilization. At present, there is a dearth of skilled operators, especially in developing countries, thus being a major factor limiting the uptake of optical imaging for clinical diagnostic applications. Moreover, the technological landscape of the optical imaging market is changing rapidly, with a growing number of advanced products being launched every year. This necessitates physicians and other healthcare providers to acquire the necessary skills to operate advanced imaging systems effectively. Owing to these factors, physicians and healthcare providers are refraining from adopting advanced imaging systems, thereby affecting the growth of this market.
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Research Objectives
• Estimates and forecast the overall market size for the total market, across product, service type, type, end-user, and region
• Detailed information and key takeaways on qualitative and quantitative trends, dynamics, business framework, competitive landscape, and company profiling
• Identify factors influencing market growth and challenges, opportunities, drivers and restraints
• Identify factors that could limit company participation in identified international markets to help properly calibrate market share expectations and growth rates
• Trace and evaluate key development strategies like acquisitions, product launches, mergers, collaborations, business expansions, agreements, partnerships, and R&D activities
• Thoroughly analyze smaller market segments strategically, focusing on their potential, individual patterns of growth, and impact on the overall market
• To thoroughly outline the competitive landscape within the market, including an assessment of business and corporate strategies, aimed at monitoring and dissecting competitive advancements.
• Identify the primary market participants, based on their business objectives, regional footprint, product offerings, and strategic initiatives
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Market Segmentation
Based on product, it is segmented into imaging systems, illumination systems, cameras, lenses, and software. Among these, imaging system segments accounted for significant market share in 2021. Imaging systems are extensively used for various applications including disease diagnosis, preclinical research, discrete molecular and cellular process imaging. Thus, increasing applications of optical imaging modalities for therapeutic and diagnostic purposes is expected to have a positive impact on the segment growth.
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Major Players
The key players in the market Carl Zeiss Meditec AG (Germany), Abbott (US), Topcon Corporation (Japan), Canon Inc. (Japan), PerkinElmer, Inc. (US), Koninklijke Philips N.V. (Netherlands), Heidelberg Engineering (US), Leica Microsystems (Germany), Headwall Photonics, Inc. (US), among others.
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Research Scope
• Scope – Highlights, Trends, Insights. Attractiveness, Forecast
• Market Sizing – Product Type, End User, Offering Type, Technology, Region, Country, Others
• Market Dynamics – Market Segmentation, Demand and Supply, Bargaining Power of Buyers and Sellers, Drivers, Restraints, Opportunities, Threat Analysis, Impact Analysis, Porters 5 Forces, Ansoff Analysis, Supply Chain
• Business Framework – Case Studies, Regulatory Landscape, Pricing, Policies and Regulations, New Product Launches. M&As, Recent Developments
• Competitive Landscape – Market Share Analysis, Market Leaders, Emerging Players, Vendor Benchmarking, Developmental Strategy Benchmarking, PESTLE Analysis, Value Chain Analysis
• Company Profiles – Overview, Business Segments, Business Performance, Product Offering, Key Developmental Strategies, SWOT Analysis
• Market Size in 2021 – $1.6 bn
• Market Size in 2031 – $8.6 bn
• CAGR % -18.3%
• Historic Period – 2015-2020
• Forecast Period – 2022-2031
• Base Year – 2021
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