GVR Report cover Optical Imaging Systems Market Size, Share & Trends Report

Optical Imaging Systems Market Size, Share & Trends Analysis Report Analysis By Technology, By Product, By Application, By End Use, By Therapeutic Area, By Region, And Segment Forecasts, 2022 - 2030

  • Report ID: 978-1-68038-943-2
  • Number of Pages: 110
  • Format: Electronic (PDF)
  • Historical Range: 2017 - 2020
  • Industry: Healthcare

Report Overview

The global optical imaging systems market size was valued at USD 1.80 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 12.9% from 2022 to 2030. The optical imaging systems offer great potential for diagnosis, improving disease prevention and treatment in the healthcare sector. Widening areas of application, increasing preference for noninvasive technology, and a rise in the prevalence of chronic diseases and eye disorders are major factors that are driving the market. The sales of optical imaging systems are projected to rapidly increase as a result of the rising demand for effective solutions and focus on the early detection of diseases.

China optical imaging systems market size, by technology, 2020 - 2030 (USD Million)

The COVID-19 disease is not only a public health crisis and a global pandemic; it has also severely disrupted the global economy and the financial markets. Disruption in transport, manufacturing, and overall supply chains severely affected some of the major markets. While the pandemic possesses a great threat to human life, it also presented an equal threat to the overall economies globally. Many markets faced severe loss due to the imposition of restrictions and lockdowns as a preventive measure to curb the spread of the virus. 

The market witnessed a similar negative impact due to the outbreak of the pandemic. Change in healthcare priorities and reduced hospital visits by the patients led to a fall in the sales of optical imaging systems. Moreover, the complete lockdowns that led to a delay in the R&D activities affected the market growth negatively.   

However, with the world slowly moving towards normalcy and governments of different economies majorly focusing on R&D activities in the healthcare sector post-pandemic, the market is expected to witness substantial growth during the forecast period. Thus, although the optical imaging market was negatively affected temporarily, it is expected to grow at a very fast rate during the forecast period. 

The optical imaging systems are used in preclinical research, diagnosis of disease, and scanning of multiple cellular and molecular in vivo processes such as protein integration, protein degradation, and protease activity. This has led to an increase in application areas of this system in biotechnological and pharmaceutical companies. Additionally, the optical imaging technology offers great flexibility owing to its multispectral potential and high resolution, which helps in the diagnoses and treatment of atherosclerosis and related diseases. Thus, the widening application of optical imaging systems is anticipated to boost the growth of the market during the forecast period. 

An increase in the prevalence of eye disorders is another factor that is majorly contributing to the growth of the market. Ophthalmologists use optical imaging systems for the diagnosis of eye disorders. Thus, an increase in the prevalence of eye disorders is leading to a rise in the patient pool, which, in turn, is driving the sales of optical imaging systems. For instance, according to the CDC, in the U.S., about 6.8% of children who are younger than 18 years have a diagnosed eye and vision condition. 

Technology Insights

The optical coherence tomography segment dominated the market with a share of more than 60.0% in 2021. This is due to the rise in the adoption of optical imaging systems for intravascular imaging in the diagnostic field. On the basis of technology, the market for optical imaging systems is classified into photoacoustic tomography, optical coherence tomography, hyperspectral imaging, and near-infrared spectroscopy. 

Photoacoustic tomography is expected to register the fastest CAGR of 14.5% during the forecast period. Photoacoustic tomography is a hybrid noninvasive modality for both molecular and functional imaging. The rise in the preference for noninvasive technology and the superior performance represented by optical tomography in biomedical imaging as compared to conventional optical imaging counterparts are factors contributing to the rapid growth of this technology. 

Product Insights

The imaging systems segment held the largest revenue share of more than 30.0% in 2021 owing to the increasing use of imaging systems across a broad range of applications for the diagnosis of diseases. Based on product, the market is segmented into imaging systems, optical imaging software, illumination systems, and others.The others segment include products such as catheters and probes. 

The others segment is expected to expand at the fastest growth rate during the forecast period. This is due to the increasing use of catheters and probes in preclinical and clinical studies. Additionally, increasing focus on the R&D by the government and private players in pharmaceutical and biotechnological companies is anticipated to help the segment grow at a significant rate. 

Application Insights

The pathological segment dominated the market with a revenue share of more than 70.0% in 2021.This is due to the rise in chronic diseases as a result of a rise in the adoption of a sedentary lifestyle leading to unhealthy food habits and lack of exercise, a growing geriatric population, and an increase in the consumption of processed foods. On the basis of application, the market for optical imaging systems is fragmented into pathological and intraoperative. 

According to the National Cancer Institute, in January 2019, an estimated 19.6 million cancer survivors were there in the U.S. This number is projected to increase to 22.2 million by 2030. Thus, this continuous rise in the prevalence of chronic diseases is leading to the growth of the pathological segment throughout the forecast period. 

End-use Insights 

The research labs segment accounted for the largest revenue share of over 40.0% in 2021 owing to the increasing focus on the R&D activities to develop various new applications of optical imaging. Based on end use, the market is segmented into research labs, hospitals and clinics, and pharmaceutical and biotechnological companies. 

The pharmaceutical and biotechnological companies will witness significant growth over the forecast period due to the increasing use of optical imaging systems in the preclinical and clinical studies by these companies. Moreover, strategic initiatives to develop new and technologically advanced products by the companies with a large amount of investment in the R&D sector are projected to drive the segment during the forecast period. For instance, according to the information technology and innovation foundation, the pharmaceutical industry invested $83 Billion in R&D in 2019 across the U.S. 

Therapeutic Area Insights 

The oncology segment held the largest revenue share of more than 30.0% in 2021. This is because the optical method of investigating tissues has the advantages of high sensitivity, relatively low cost, high resolution, and high ability to sense both biochemical and structural characteristics of the tissue. The technology is also gaining importance as it is non-invasive and helps in the early detection of cancer. Based on therapeutic area, the market is divided into ophthalmology, cardiology, oncology, dermatology, and neurology.          

Global optical imaging systems market share, by therapeutic area, 2021 (%)

Thus, the increasing prevalence of cancer, coupled with the advantages optical imaging offers in the early detection of cancer, is anticipated to foster the growth of the oncology segment during the forecast period. Technology also plays an important role in the treatment of cataracts and other ophthalmic disorders, which is expected to lead to the growth of the sector in the coming years. 

Regional Insights

North America held the largest revenue share of over 30.0% in 2021. Factors such as the availability of skilled professionals, well-developed research infrastructure, and government initiatives to encourage technological advancement in the industry by offering investments and funds are promoting the growth of the market in this region. Moreover, faster adoption of technologically advanced products in the region is expected to boost the market growth in the region.

Asia Pacific is expected to register the fastest CAGR of 14.0% over the forecast period. This is due to the low cost required for conducting research, favorable regulatory guidelines, and the growing geriatric population that is highly susceptible to developing chronic diseases. Moreover, increasing focus on the healthcare sector by the government is another factor that is driving the market growth during the forecast period.

Key Companies & Market Share Insights

Key manufacturers in the market are focusing on securing their position in the market by focusing on carrying out strategic acquisitions, partnerships, and the launch of technologically advanced products. There is a threat of new mid or small-sized start-ups that are mainly focusing on optical imaging technology. In order to encounter this challenge, the existing key players are constantly focusing on their R&D activities and acquiring companies, which will help them to secure their position in the market.  For instance, in July 2021, Topcon Corporation acquired VISIA Imaging S.r.l. The company is an ophthalmic device manufacturer and is headquartered in Italy. Some prominent players in the global optical imaging systems market include:

  • St. Jude Medical Inc.

  • PerkinElmer, Inc.

  • Carl Zeiss Meditec AG

  • Koninklijke Philips

  • Topcon Corporation

  • Bioptigen Inc.

  • Canon, Inc.

  • Heidelberg Engineering, Inc.

  • Optovue Inc.

  • Headwall Photonics, Inc.

Optical Imaging Systems Market Report Scope

Report Attribute

Details

Market size value in 2022

USD 1.99 billion

Revenue forecast in 2030

USD 4.65 billion

Growth Rate

CAGR of 12.9% from 2022 to 2030

Base year for estimation

2021

Historical data

2017 - 2020

Forecast period

2022 - 2030

Quantitative units

Revenue in USD million/billion and CAGR from 2022 to 2030

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Technology, product, application, end use, therapeutic area, region

Regional scope

North America; Europe; Asia Pacific; Latin America; MEA

Country scope

U.S.; Canada; U.K.; Germany; France; Italy; Spain; China; Japan; India; Brazil; Mexico; Argentina; Saudi Arabia; South Africa; UAE

Key companies profiled

St. Jude Medical Inc.; PerkinElmer, Inc.; Koninklijke Philips; Carl Zeiss Meditec AG; Topcon Corporation; Bioptigen Inc.; Canon, Inc.; Heidelberg Engineering, Inc.

Customization scope

Free report customization (equivalent up to 8 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options

 

Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2017 to 2030. For the purpose of this study, Grand View Research has segmented the global optical imaging systems market report on the basis of technology, product, application, end use, therapeutic area, and region:

  • Technology Outlook (Revenue, USD Million, 2017 - 2030)

    • Photoacoustic Tomography

    • Optical Coherence Tomography

    • Hyperspectral Imaging

    • Near-infrared Spectroscopy

  • Product Outlook (Revenue, USD Million, 2017 - 2030)

    • Imaging Systems

      • Optical

      • Spectral

    • Optical Imaging Software

    • Illumination Systems

    • Others

  • Application Outlook (Revenue, USD Million, 2017 - 2030)

    • Pathological

    • Intraoperative

  • End-use Outlook (Revenue, USD Million, 2017 - 2030)

    • Research Labs

    • Hospitals & Clinics

    • Pharmaceutical and Biotechnological Companies

  • Therapeutic Area Outlook (Revenue, USD Million, 2017 - 2030)

    • Ophthalmology

    • Cardiology

    • Oncology

    • Dermatology

    • Neurology

  • Regional Outlook (Revenue, USD Million, 2017 - 2030)

    • North America

      • U.S.

      • Canada

    • Europe

      • U.K.

      • Germany

      • France

      • Italy

      • Spain

    • Asia Pacific

      • China

      • Japan

      • India

    • Latin America

      • Brazil

      • Mexico

      • Argentina

    • Middle East and Africa

      • Saudi Arabia

      • South Africa

      • UAE

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