Global Optical Imaging Market - Segmented by Product (Imaging Systems and Software), Application (Pathological Imaging and Intraoperative Imaging), End User (Diagnostic Imaging Centers, Hospitals, and Research Laboratories), and Region - Growth, Trends, and Forecast (2018 - 2023)
The optical imaging market was worth USD 1.42 billion in 2017. The market is projected to reach a value of USD 2.70 billion by 2023 at a CAGR of 11.35% over the forecast period (2018 – 2023). The report discusses the various types of optical imaging products and their applications. While the regions considered in this report include North America, Europe, and various others. The study also emphasizes on how the rising demand for greater diagnostic procedure accuracy is changing the market scenario.
Optical Imaging is a technique used to assess optical properties of tissues. It is an emerging technology and has applications, like clinical research, population health management, medical diagnosis and treatment, among others. The healthcare sector is witnessing a tremendous amount of investments in this technology, as the demand for effective solutions and focus on early diagnosis of diseases are rising. Moreover, a few of the fields where such investments have risen are fibre-optics and photonics, which are also expected to act as a driving factor for the growth of optical imaging technology. Owing to the growing relevance of this technology in pharmaceutical and biotechnological industries, along with medical diagnostics and therapeutics, the optical imaging market is poised to witness a steady growth in the upcoming years.
Technological Advancements Lead to Higher Market Penetration and Drive the Market
Initially, technology for optical imaging was primarily limited to laboratory use. This would no longer be the case as fast, compact, user-friendly, and low-cost imaging systems with advanced technological features are being developed across the world. It is expected to witness a significant demand in the near future, as the preference for a better and effective technology arises. Technological advancements are enabling optical imaging to capture comparably more data for lesser size. Systems, which are smaller in size and with the same functionality as that of traditional technology, are being developed. Imaging is being micronized with the sole purpose of it being easy-to-use, especially in the healthcare sector, as smaller the hyper spectral imaging camera, the easier it is to integrate the technology with endoscopy instruments.
Rising Demand from Diagnostic Imaging Centers to Drive the Market
Hyper spectral imaging (HSI) (a type of optical imaging technology) is an emerging imaging modality for medical applications, especially in disease diagnosis and image-guided surgery. Spatially resolved spectral imaging obtained by hyper spectral imaging provides diagnostic information about the tissue physiology, morphology, and composition. Also, hyper spectral imaging technology aids in the diagnoses of cancers of the breast, cervix, and skin. In addition to this, choosing the appropriate imaging system for each medical field or application, together with the most reliable hyper spectral image processing methods, are expected to be the main goals of future for the diagnostic purpose.
North America the Largest Market
Well-developed research infrastructure and faster adoption rates of advanced devices within the region are factors promoting the market growth in the region. Moreover, government initiatives related to funding projects are encouraging the technological advancement in this industry. For instance, the Network for Translational Research for Optical Imaging, US, renders grants to promote R&D in this field. Moreover, rising healthcare spending in the region demands better diagnostic solutions. The healthcare spending in Canada accounted for around USD 228 billion, and represented 11% of the country’s GDP in 2016. Further, though the provincial health spending represented around 6% of Canadian GDP in 2001, it has significantly grew to around 7% in 2016. This increased spending has contributed to the research and development investment and has driven innovations and development for advanced diagnostic equipment for medical equipment and bioscience applications.
Key Developments in the Market