Optical Imaging Market

Global Optical Imaging Market Size (2023 to 2028)

The global market size for optical imaging is estimated to grow at a CAGR of 6.62% between 2023 to 2028. As a result, the market worth is forecasted to be USD 2.33 billion in 2023 and USD 3.21 billion by 2028.

Optical imaging is a popular technique used to get a clear image of different body organs and tissues in living organisms using non-ionizing radiation. These images are generated by photons of light with wavelengths ranging from ultraviolet to near-infrared. Optical microscopy, spectroscopy, optical coherence tomography, endoscopy, scanning laser ophthalmoscopy, laser, and Doppler imaging are optical imaging techniques. Optical imaging is used for pharmacological studies. Pharmacology is the study of observing the complex physiological effects of a drug in a complex living organism. Optical imaging is cost-effective, safe, and easy to use.

Impact of COVID-19 on the global optical imaging market:

Due to the increasing COVID-19 pandemic spread, researchers shifted their focus to biomedical to find solutions for the coronavirus. These days most of the researchers focus on getting detection tools to find the spread of the virus, as increased screening and identification capacity becomes essential for public health, firstly they use the nasopharyngeal swab method and then detection of RNA using the real-time polymerase chain reaction by collecting samples who suffers from the disease. Screening exams are used to detect early disease symptoms. Optical technology is also used to detect viruses in human samples. Use of nanomaterials to detect the viral antibodies in the human immunodeficiency virus. Spanish researchers found optical methodology for detecting the coronavirus is fast and simple screening at the University of Seville. As a result, the optical imaging market has had favorable growth during the COVID-19 era.

MARKET DRIVERS:

The growing aging population, technological advancements, and increased usage of optical imaging are propelling the optical imaging market.

People above 60 years of age are more prone to neurological diseases, including stroke Alzheimer’s, and Parkinson’s. The main benefit of optical imaging is used to produce clear cellular and subcellular images of the brain's functions for suitable treatment. In addition, optical imaging is used in cancer research and provides market growth opportunities. It is used to locate human cancers in locations accessible by an optical imaging device. For example, breast cancer occurs more in women leading to death. This can be reduced by early detection of breast cancer. X-ray mammography is widely used for the early detection of breast cancer in women.

Nanotechnology has the highest demand in medicine and biological fields. It is used in optical imaging for the diagnosis of oncology. Optical imaging is also used in biomedicine to monitor tissue and disease processes dynamically. First, the near-infrared (NIR-I) window imaging approach has been widely used in clinical diagnosis with a wavelength range from 700 to 900 nm.

MARKET RESTRAINTS:

On the other hand, the lack of skilled professionals, stringent regulatory approval procedures, and high costs of instruments are hampering the growth of the optical imaging market. In addition, the limited penetration depth of optical imaging and lack of awareness of imaging is further anticipated to inhibit the growth rate of the optical imaging market.

This research report on the global optical imaging market has been segmented and sub-segmented based on the product, therapeutic area, application, end-user, and region.

Optical Imaging Market – By Product:

• Imaging Systems
  • Optical Imaging Systems
  • Spectral Imaging Systems
• Illumination Systems
• Camera
• Software
• Lenses

Based on the product, the software segment had the highest share of the global optical imaging market in 2021, and the dominance of this segment is attributed to advancements and increased adoption of the software. This software is used to control high-speed, multispectral optical imaging systems. The software has a graphical user interface (GUI) to provide clear pictures and control over a wide range of inexpensive IEEE 1394 Firewire cameras.

Optical Imaging Market – By Application:

• Pathological Imaging
• Intraoperative Imaging

Based on the application, the intra-operative imaging segment is anticipated to lead the optical imaging market during the forecast period. Intraoperative imaging is expanding quickly and is used in many applications. It focuses on surgical optical cancer imaging. In addition, it is used to get clear pictures of the brain that helps doctors remove brain tumors and treat other conditions such as epilepsy.

Optical Imaging Market – By Therapeutic Area:

• Ophthalmology
• Dentistry
• Dermatology
• Cardiology
• Neurology
• Oncology

Optical Imaging Market – By End-User:

• Hospitals & clinics
• Research Laboratories
• Pharmaceuticals & Biotechnology companies

Based on the end-user, the hospital & clinics segment led the optical imaging market worldwide in 2021, owing to the high investments in hospitals' developing infrastructures and increased technological advancements. Optical imaging is used in clinics and operating rooms to locate cancer screening and remove malignant tumors. 

Optical Imaging Market – By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

The Asia-Pacific region is predicted to be the fastest-growing market with great potential. It will also be accounted for the leading share of the global optical imaging market in 2021. The dominance of this regional market over the other regions is attributed to the increasing diagnostic procedures, investment in the healthcare sector, and increasing prevalence of chronic diseases and eye disorders. Many Chinese researchers are working on applying nano-targeted drugs to optical diagnosis. India dominates the region. An optical imaging detector was developed by ISRO, which is used to capture high pixel-level information across the electromagnetic spectrum, which the human eye cannot recognize. In 2019, India developed an imaging system to locate small tumors within the body. Researchers focus more on this technology that could image tiny groups of cells deep within the tissue and do so without any radioactive labeling.

North America is anticipated to account for a substantial global market share during the forecast period. Due to advanced technologies, people's awareness of optical imaging drives the market forward.

KEY MARKET PARTICIPANTS:

St. Jude Medical Inc., PerkinElmer, Inc., Carl Zeiss Meditec AG, Koninklijke Philips, Topcon Corporation, Bioptigen Inc., Canon, Inc., Heidelberg Engineering, Inc., and Optovue Inc. are a few of the prominent companies operating in the global optical imaging market.

RECENT HAPPENINGS IN THIS MARKET:

• In 2021, Topcon Corporation agreed with VISIA Imaging S.r.l, an ophthalmic device manufacturer headquartered in Italy.
• In 2021, post to the agreement with Japan’s Industrial partners, Olympus decided to transfer of imaging business to Japan.
• JPK NanoWizard V BioAFM, a new dynamic mechanobiology research for optical microscope integration, was announced by Bruker in 2022.