Global optical imaging system market was valued at USD 1.1 billion in 2015. Increasing use of optical imaging in preclinical and clinical studies in pharmaceutical and biotechnological industries coupled with advanced technology penetration in the diagnostic and therapeutic areas are anticipated to facilitate the growth. Since it helps in continually interrogating molecular actions and monitoring disease evolution in animal models, it plays a very important role in the preclinical studies, thereby propelling the growth in this sector.
Owing to the increasing application areas of these techniques in pharmaceutical and biotechnological industries along with medical diagnostics and therapeutics, the optical imaging system logged a vigorous growth rate over the last years. For instance, optical imaging offers greater flexibility because of its multispectral potential and high resolution; this helps in the diagnosis and treatment of atherosclerosis and related diseases.
These systems are widely used in disease diagnosis, preclinical research, and scanning of multiple molecular and cellular in vivo processes such as protein degradation, protein interactions, and protease activity.
North America optical imaging system market, by technology, 2013 - 2024 (USD Million)
Depending on technology, the market is classified as hyperspectral imaging, optical coherence tomography, near-infrared spectroscopy, and photoacoustic tomography. The coherence tomography segment accounted for majority of the shares, which accounted for over60.0%. Furthermore, it is also anticipated to be the fastest growing, as a result of increasing adoption of the technology for intravascular imaging in the diagnostic field.
On the basis of product, the optical imaging market has been segmented into systems, cameras, lenses, software, and other products. Other products include products such as probes and catheters. Increasing use of probes and catheters in the preclinical and clinical studies is anticipated to catalyze the industry growth. Due to this, the other products segment is anticipated to experience fastest growth over the forecast period.
On the basis of application, the market has been classified into pathological and intraoperative imaging. The pathological segment is expected to grow over the forecast period. Increasing prevalence of chronic diseases as a result of unhealthy lifestyle and diet is expected to be a vital impact rendering driver for this growth.
Depending on the end users of the products, the sector is segmented into pharmaceutical and biotechnology companies, research laboratories, hospitals, and clinics. The pharmaceutical and biotechnology companies’ market share is projected to register lucrative growth, owing to the increasing use of optical imaging in the R&D sector.
The preclinical and the clinical stage of the R&D inculcate maximum usage of these systems. As stated by the WHO, every year the pharmaceutical industry generates revenue of around USD 300 billion and spends around USD 50 billion on the R&D sector. This high investment in the R&D sector is expected to promote the market growth.
Therapeutic Area Insights
The therapeutic area segment is further classified into ophthalmology, cardiology, oncology, neurology, and dermatology. Increasing prevalence of chronic diseases owing to the rising geriatric population is expected to lead the growth in this sector over the forecast period. As optical imaging is a noninvasive technology, it is gaining prevalence as a noninvasive treatment for cancer and plays an extensive role in the treatment of cataract and other ophthalmic diseases.
North America dominated the global market in 2015 with a revenue share of over35.0%. Well-developed research infrastructure, availability of skilled professionals, and faster adoption rates of technically advanced devices within the region are certain factors promoting growth.
Moreover, government initiatives are encouraging the technological advancement in this industry by funding projects. For instance, the Network for Translational Research for Optical Imaging, U.S., provides grants to promote R&D in this field. The government support in the form of funding and tax benefits is positively impacting the market growth.
Asia Pacific region is estimated to witness fastest growth with a CAGR of around 13.0% from 2016 to 2024. Factors such as low research costs, less stringent regulatory guidelines, and increased government funding in respective countries are making the region attractive for studies. In 2014, the government of China invested around USD 112 billion on the R&D in the healthcare sector, which includes the research for the advancement of systems.
Competitive Market Share Insights
Key players of the optical imaging system market are St. Jude Medical, Inc., PerkinElmer, Inc., Koninklijke Philips N.V., Carl Zeiss Meditec AG, Topcon Corporation, Bioptigen, Inc., Canon, Inc., Heidelberg Engineering, Inc., Optovue, Inc., and Headwall Photonics, Inc.
The rising competition because of mid-sized and small-sized entrants is impacting the share of the existing players. In order to maintain their share, established players are constantly embracing new technologies and striving to launch innovative products into the market. For instance, the IVIS Lumina XRMS system by PerkinElmer, Inc. is a multispectral system that helps in monitoring multiple biological events simultaneously.
Hence, over the forecast period, development of new modalities for diagnostic purpose and improvement in the healthcare infrastructure of developing nations are anticipated to be the common trends that provide opportunities for the companies.
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