Optical Imaging Market Dynamics: Drivers and Opportunities

According to research report the optical imaging market by Product (Cameras, Lenses), Technique (OCT, HIS, NIR, PAT), Therapeutic Area (Ophthalmology, Dermatology, Oncology), Application (Pathological, Intraoperative), End User (Hospital, Research Labs) - Global Forecast to 2027", is projected to reach USD 2.9 billion by 2027 from USD 1.5 billion in 2022, at a CAGR of 13.5%. The market is expanding as a result of factors such as an aging population, an increase in R&D in the life sciences, growing patient expectations for quick and simple diagnosis and treatment, rising information availability and knowledge, and expanding access to health care in Rapidly Developing Economies (RDE) are some other key factors influencing the market's growth.

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Based on product, the imaging systems segment is expected to account for the largest share of the optical imaging market

Need for good quality equipments and technologies are increasing in recent times, leading to continuous development by market players. Growing competitiveness among players in the market calls for new improved systems and devices to be introduced in this market. Need for non invasive, non contact optical imaging modality with no harmful radiation is an additional factor influencing the market growth. Second to the imaging systems segment, is camera market. Small size, better sensitivity, and high-resolution imaging capability, are expected to drive the greater adoption of cameras for different medical diagnostics applications.

On the basis of application, pathological segment is expected to account for the largest share of the optical imaging market

One of the main drivers of market expansion in the pathological category is the high demand for optical imaging systems in the diagnosis of eye disorders, tumor detection, cardiovascular diseases, skin lesions, and other such illnesses. The popularity of optical imaging systems for pathological application is being fueled by non-invasiveness, precise image capture capabilities, and greater adoption in clinical practice, which is affecting market growth. Due to its low operational costs and relative ease of use, pathological imaging is widely used by clinicians worldwide. Specificity and efficacy of diagnosis is enhanced in this segment due to the use of optical imaging instruments. 

DRIVERS: Increasing prevalence of eye disorders due to the rising geriatric population

The growing prevalence of eye disorders, owing to the rising global geriatric population, is one of the key factors driving the growth of the global market. The tear layer loses stability and degrades faster in the elderly, making them more prone to eye disorders. Therefore, the risk of getting severe eye disorders increases significantly with age, particularly after 60 years. Currently, the prevalence rate of glaucoma is four times higher in individuals aged 80 years and above as compared to those aged 40 years and above. Also, the prevalence rates of several other eye disorders, such as cataract, presbyopia, and age-related macular degeneration (AMD), is increasing across the globe. For instance, according to Prevent Blindness (US), 24.41 million people were suffering from cataracts in the US in 2010; this number is expected to increase to 50.0 million by 2050.

OPPORTUNITIES: Emerging economies

Emerging countries such as India, China, Japan, and Brazil are expected to provide significant growth opportunities for players operating in the global market. These countries are some of the fastest-growing economies in the world. According to estimates from the World Economic Forum, 2020, these emerging economies contributed to around one-third of the global healthcare expenditure. The rise in geriatric population and diseases associated with it are also certain factors that create high growth opportunities for the market.

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Key Market Players:

Prominent players in the optical imaging market include Carl Zeiss Meditec (Germany), Abbott (US), Topcon Corporation (Japan), Canon (Japan), PerkinElmer (US), Koninklijke Philips (Netherlands), Heidelberg Engineering (US), Leica Microsystems (Germany), Headwall Photonics (US), Visionix (US), Optical Imaging (Israel), Optos (Scotland), Wasatch Photonics (US), ArcScan (US), DermaLumics (Spain), Cylite (Australia), MOPTIM (Guangdong), Michelson Diagnostics (England), Thorlabs (US), Hamamatsu Photonics (Japan), iTheraMedical (Germany), Kibero (Germany), Seno Medical (US), Aspectus Imaging (Germany), and Agfa-Gevaert (Belgium).

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