[150+ Pages Research Report] According to the recent analysis research report; the global Optical Imaging Market in 2020 was approximately USD 1.2 Billion. The market is expected to grow at a CAGR of 13.8% and is anticipated to reach around USD 5.2 Billion by 2027. Top market players are 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), Optovue Inc. (US), Optical Imaging Ltd. (Israel), Optos (Scotland), Wasatch Photonics (Utah), ArcScan Inc.(US), DermaLumics (Spain), Cylite Pty Ltd. (Australia), MOPTIM (Guangdong), Michelson Diagnostics Ltd. (England), Thorlabs (US).
Overview of Optical Imaging Market Study
Optical Imaging market study conducted by Nova One Advisor is intended at helping stakeholders get a comprehensive overview of potential challenges and undiscovered opportunities. The report offers exclusive insights to help companies and their customers to make informed decision to sustain growth through the assessment period.
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Factors such as the rising aging population, increasing research & development activities in the life sciences sector, and increasing applications of optical imaging techniques in drug discovery processes and preclinical research are fueling the growth of this market.
However, high costs of instruments, stringent regulatory approval procedures, a dearth of skilled operators, and insufficient reimbursements for optical imaging procedures are factors posing several challenges to the overall growth of the market during the forecast period.
Optical imaging Market Dynamics
Drivers: Increasing prevalence of eye disorders as a result of rising geriatric population
Various optical imaging technologies are used for diagnostic purposes in ophthalmology practices. The growing prevalence of eye disorders, owing to the rising global geriatric population, is one of the key factors driving the growth of the optical imaging 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. As per Statista, currently, one in three elderly individuals has some form of eye disease and is at risk of developing severe eye problems.
Restraints: Reimbursement Challenges
The US is the largest market for optical imaging technologies. However, recent changes in reimbursement policies in the country are expected to affect the growth of this market. With the implementation of the Affordable Care Act (ACA), the size of the insured population in the US has increased. However, this has also resulted in insufficient reimbursements for newly insured patients. Moreover, medical reimbursements for various optical imaging technologies are decided based on their use for intended applications.
Opportunities: Lucrative growth opportunities in emerging markets
Emerging countries such as India, China, Japan, and Brazil are expected to provide significant growth opportunities for players operating in the optical imaging 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.
Challenges: High cost of optical imaging procedures and extensive data requirements
The development of imaging systems is extremely cost-intensive. It takes significant investments from manufacturers (in terms of R&D expenditure) to develop new products that effectively cater to the evolving market needs. In addition, the approval processes implemented by regulatory authorities such as the FDA are very stringent and time-consuming, causing delays in launching new technologies in the market. The FDA demands extensive data related to the safety and efficacy of a product under approval, which results in additional investments in R&D for respective companies. Owing to the abovementioned factors, many small and start-up companies do not engage in launching new innovative products in the market. Such companies are pressured to re-evaluate the timelines and budgets required in product development, which ultimately affects market survival.
OCT segment to have the largest share in 2020
Based on technique, the optical imaging market is broadly categorized into optical coherence tomography (OCT), hyperspectral imaging (HIS), near-infrared spectroscopy (NIRS), and photoacoustic tomography (PAT). The OCT technique commanded the largest share of the global optical imaging market; this segment will continue to dominate the global optical imaging market by 2026. The large share of this market can be attributed to its wide acceptance for research and clinical diagnostics in ophthalmology, oncology, cardiology, dermatology, neurology, and other clinical areas.
The imaging system segment accounted for the largest market share in 2020
Based on products, the optical imaging market is divided into imaging systems, cameras, software, lenses, illumination systems, and others. The imaging systems segment dominated the optical imaging market in 2020. The large share of this segment is mainly attributed to its wide applications in ophthalmology and rising adoption in medical diagnostics & clinical research.
Pathological Imaging was the largest application for the Optical imaging market in 2020
Based on application, the optical imaging market is divided into pathological imaging and intraoperative imaging. The pathological imaging segment dominated the optical imaging market in 2020. The large share of this segment is mainly attributed to the high-resolution imaging capabilities of optical imaging technologies, its non-invasive nature, and the increasing use of optical imaging in clinical applications.
APAC market to witness the highest growth during the forecast period
The Asia Pacific market is comparatively new to optical imaging; however, this region is expected to register the highest growth in the coming years. Countries such as Japan, Australia, New Zealand, South Korea, and Singapore are expected to provide significant growth opportunities for vendors of optical imaging.
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COVID-19 Impact on Optical Imaging Sales
Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Optical Imaging market.
Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.
Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.
Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Optical Imaging market 2021 onwards. This trend will however continue through the course of the report’s assessment period
This report provides detailed company profiles of the key market players. This research report also highlights the competitive landscape of the Optical Imaging market and ranks noticeable companies as per their occurrence in diverse regions across globe and crucial developments initiated by them in the market space. This research study also tracks and evaluates competitive developments, such as collaborations, partnerships, and agreements, mergers and acquisitions; novel product introductions and developments, promotion strategies and Research and Development (R&D) activities in the marketplace. The competitive profiling of these players includes business and financial overview, gross margin, production, sales, and recent developments which can aid in assessing competition in the market.
Some of the prominent players in the Optical Imaging market include:
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), Optovue Inc. (US), Optical Imaging Ltd. (Israel), Optos (Scotland), Wasatch Photonics (Utah), ArcScan Inc.(US), DermaLumics (Spain), Cylite Pty Ltd. (Australia), MOPTIM (Guangdong), Michelson Diagnostics Ltd. (England), Thorlabs (US).
Unravelling the Critical Segments
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:
By Products Type
- Imaging Systems
- Optical imaging systems
- Spectral imaging systems
- Illumination systems
- Other optical imaging systems
- Pathological Imaging
- Intra-operative Imaging
By Therapeutic Area
By Imaging technique
- Optical Coherence Tomography (OCT)
- Near-infrared spectroscopy (NIRS)
- Hyperspectral Imaging (HSI)
- Photoacoustic Tomography (PAT)
- Hospitals & clinics
- Research Laboratories
- Pharmaceuticals & Biotechnology companies
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The purpose of Nova one advisor’s Optical Imaging market study is to provide stakeholders with a detailed picture of potential barriers and untapped opportunities. The report contains exclusive information to assist businesses in making informed decisions about how to maintain growth throughout the assessment period.
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