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.
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.
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.
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.
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.
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.
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.
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.
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 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.
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 |
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
b. The global optical imaging system market size was estimated at USD 1.8 billion in 2021 and is expected to reach USD 2.0 billion in 2022.
b. The global optical imaging system market is expected to grow at a compound annual growth rate of 12.9% from 2022 to 2030 to reach USD 4.7 billion by 2030.
b. North America dominated the optical imaging system market with a share of 34.7% in 2021. This is attributable to high R&D investments, presence of key market players, and increasing demand for medical testing of chronic diseases.
b. Some key players operating in the optical imaging system market include PerkinElmer, Inc., St. Jude Medical Inc., Carl Zeiss Meditec AG, Topcon Corporation, Heidelberg Engineering Inc. and Optovue, Inc.
b. Key factors that are driving the market growth include rising prevalence of ophthalmic disorders, technological advancements, increasing preference for non-invasive technology, and widening area of diagnostic applications.
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With COVID-19 infections rising globally, the apprehension regarding a shortage of essential life-saving devices and other essential medical supplies in order to prevent the spread of this pandemic and provide optimum care to the infected also widens. In addition, till a pharmacological treatment is developed, ventilators act as a vital treatment preference for the COVID-19 patients, who may require critical care. Moreover, there is an urgent need for a rapid acceleration in the manufacturing process for a wide range of test-kits (antibody tests, self-administered, and others). The report will account for COVID-19 as a key market contributor.
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