Global Optical Imaging Market 2017-2021
About Optical Imaging
The global optical imaging market is driven by numerous factors. The key driver in this market is the increased market penetration by digital technologies. The use of digital technology in the optical and medical imaging field helps in ease of diagnosis process for physicians. The growth of the global optical imaging market is inhibited by some serious challenges, despite the presence of influential market drivers. The major challenges impacting the growth of the market are stringent regulatory policies and no reimbursement for optical imaging. This is due to lack of funds and budget constraints in the healthcare sector.
Technavio’s analysts forecast the global optical imaging market to grow at a CAGR of 8.22% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global optical imaging market for 2017-2021. To calculate the market size, the report considers the revenue generated from the sales of optical imaging products.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Optical Imaging Market 2017-2021
Technavio recognizes the following companies as the key players in the global optical imaging market: St. Jude Medical, ZEISS, TOPCON, and Leica Microsystems.
Other Prominent Vendors in the market are: Bruker, Canon, Edmund Optics, Electro-Optical Imaging, Headwall Photonics, Medtronic, Michelson Diagnostics, Miltenyi Biotec, NinePoint Medical, OPTICAL IMAGING, PANalytical, Raytheon, SANTEC, Specim Spectral Imaging, Spectral Instruments Imaging, Telops, and TriFoil Imaging.
Commenting on the report, an analyst from Technavio’s team said: “One trend in market is rising demand for radiation free devices in oncology. The optical imaging systems are widely used in oncology for the screening of various types of cancer. The demand for radiation free devices is growing for oncology screening to protect the patient from the hazardous effects of radiation therapy. Cancer is one of the lethal diseases which can be controlled and eradicated at the initial stage. With the use of radiation free devices, the lifetime of cancer patients can be extended. The photoacoustic tomography is one of the devices widely used for screening of breast cancer. About 450,000 women die from the consequences of breast cancer yearly. The current imaging modalities are not optimal in discriminating non-cancerous tissues from the cancerous tissues. Lack of high quality optimal imaging detection has led to late diagnosis of numerous breast cancer cases. In 2015, Biomedical Photonic Imaging Group (BMPI) at the University of Twente in the Netherlands developed photoacoustic mammoscope for the diagnosis of breast cancer under the guidance of Srirang Manohar, Associate Professor. The mammoscope is a combination device using ultrasound and infrared light for 3D imaging of the breast. The commercialization of this device is still pending.”
According to the report, one driver in market is increasing market penetration of digital technologies. The use of laser technology in the field of medical science is a boon. The laser technology has a wide range of applications including optical imaging, medical imaging, and microscopy. The healthcare sector is undergoing a transition across the world with the system integration for efficient diagnosis and data management. The market penetration of digital technologies in the optical imaging and medical imaging is a potent driver of the market growth. The optics and photonics technology are integrated for the development of optical imaging systems in order to increase the process efficiency. The radiation free OCT technology is used for dental diagnosis and treatment. The Sound Navigation and Ranging (SONAR) technology is used for capturing images as a part of digital technology in the medical imaging process. The real-time screening is one of the lucrative techniques available for the ease of patient and physician in the screening of diseases such as cancer and molecular disorder.
Further, the report states that one challenge in market is stringent regulatory challenges in drug discovery applications. The pharmaceutical and biotechnology industries use optical imaging for various drug discovery applications. The drug discovery is one of the essential components in the development of medicine. The stringent regulatory challenge in the drug discovery applications acts as a constraint on the market growth. With the transition phase in healthcare sector toward digitalization, the regulatory approval process is expected to become stringent to maintain patient safety. The development in the field of medical imaging with 3D printing and laser technologies makes it difficult for the drug discovery to penetrate the market further. The drug discovery is one of the key features in pharmaceutical and research laboratories. Due to huge investment and R&D carried out in the drug discovery area, there are stringent regulatory challenges faced by the industries for approval of products.
St. Jude Medical, ZEISS, TOPCON, Leica Microsystems, Bruker, Canon, Edmund Optics, Electro-Optical Imaging, Headwall Photonics, Medtronic, Michelson Diagnostics, Miltenyi Biotec, NinePoint Medical, OPTICAL IMAGING, PANalytical, Raytheon, SANTEC, Specim Spectral Imaging, Spectral Instruments Imaging, Telops, TriFoil Imaging.