Optical Imaging Systems Market Size, Share & Trends Analysis By Technology, By Product, By Application (Pathological, Intraoperative), By Therapeutic Area, By End-use, By Region, And Segment Forecasts, 2022 - 2030

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 CAGR of 11.2% from 2022 to 2030. Optical imaging systems offer great potential for diagnosis, improving disease prevention and treatment in the healthcare sector. Widening areas of application and increasing preference for noninvasive technology coupled with the rising prevalence of chronic diseases and eye disorders are major factors that are driving the growth of the optical imaging systems 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.  Furthermore, the COVID-19 disease is not only 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 losses due to the imposition of restrictions and lockdowns as a preventive measure to curb the spread of the virus.

The optical imaging systems market experienced a similar negative impact due to the pandemic. Changes in healthcare priorities and reduced patient hospital visits led to a fall in sales of optical imaging systems. Moreover, the complete lockdowns that led to a delay in the R&D activities also affected the market 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 attain substantial growth during the forecast period.

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. The market has gained widespread acceptance by biotechnological and pharmaceutical companies. Additionally, optical imaging technology offers great flexibility owing to its multispectral potential and high resolution, which helps in the diagnosis and treatment of atherosclerosis and related diseases.

The widening application of optical imaging systems will boost market growth during the forecast period. An increase in the prevalence of eye disorders is another factor that is majorly contributing to the growth of optical imaging systems. Ophthalmologists use optical imaging systems for the diagnosis of eye disorders. Thus, the 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 CDC, in the U.S., about 6.8% of children younger than 18 years have a diagnosed eye and vision condition.  Moreover, the organization also states that approximately 12 million people that are 40 years and over in the United States have vision impairment which includes 3 million who have vision impairment after correction, 1 million who are blind, and 8 million who have vision impairment due to uncorrected refractive error.  

Technology Insights

The optical coherence tomography segment dominated the market with the highest revenue share of more than 62% in 2021. This is due to the rise in the adoption of optical imaging systems for intravascular imaging in the diagnostic field. Recent technological advancements in optical coherence tomography are estimated to favor market growth. Several major market players are focusing on developing advanced optical coherence tomography devices to strengthen their market position.

Photoacoustic tomography is expected to experience the fastest growth, representing a CAGR of 14.5% during the forecast period. Photoacoustic tomography is a hybrid noninvasive modality for both molecular as well as functional imaging. The rise in 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 share of more than 34% owing to the increasing use of imaging systems across a broad range of applications for the diagnosis of diseases. The ability of optical imaging to transcend wide spatial imaging scales ranging from cells to organ systems has rejuvenated interest in using this technology for medical imaging. Moreover, optical imaging has at its disposal diverse contrast mechanisms for distinguishing normal from pathologic processes and tissues.

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

Application Insights

The pathological segment dominated the market by capturing a revenue share of more than 71% in 2021. This is due to the rise in chronic diseases as a result of the rise in adoption of a sedentary lifestyle leading to unhealthy food habits and lack of exercise, a growing geriatric population, and an increase in consumption of processed foods.

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 dominance of the pathological segment throughout the forecast period. 

End Use Insights

The research labs segment accounted for the highest share in 2021 owing to the increasing focus on the R&D activities to develop various new applications of optical imaging. Increasing applications of optical imaging methods in preclinical research and drug discovery processes is projected to augment the segment growth. Increasing research and development activities in the lifesciences sector is anticipated to further strengthen the market growth.

The pharmaceutical and biotechnological companies will render significant growth 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 huge amount of investment in the R&D sector are projected to drive the segment growth 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

Based on therapeutic area, the market is divided into ophthalmology, cardiology, oncology, dermatology and neurology. The oncology segment held the highest market share of more than 34%. This is because the optical method of investigating tissues has the advantages of high sensitivity, relatively low cost, high resolution, and the ability to sense both biochemical and structural characteristics of tissue. The technology is also gaining importance as it is non-invasive and helps in the early detection of cancer.

Thus, the increasing prevalence of cancer coupled with the advantages optical imaging offers in early detection of cancer is anticipated to foster the growth of this segment during the forecast period as well. The 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 highest market share and dominated the market with a market share of around 35% 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 growth of the market in this region. Moreover, faster adoption of technological advanced products in the region is estimated to further boost the market growth.

The Asia Pacific region is expected to experience maximum growth during the forecast period with a CAGR of 14.0%. This is due to the low cost required for conducting research, favorable regulatory guidelines, and increasing 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 segment 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 launch of technologically advanced products. There is a threat of new mid or small-sized starts up 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 that 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 of the major players operating in the optical imaging systems market:

• 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

Global Optical Imaging Systems Market Segmentation

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

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

  • Photoacoustic Tomography

  • Optical Coherence Tomography

  • Hyperspectral Imaging

  • Near-infrared Spectroscopy

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

  • Imaging Systems

    • Optical

    • Spectral

  • Optical Imaging Software

  • Illumination Systems

  • Other

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

  • Pathological

  • Intraoperative

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

  • Research Labs

  • Hospitals & Clinics

  • Pharmaceutical and biotechnological companies

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

  • Ophthalmology

  • Cardiology

  • Oncology

  • Dermatology

  • Neurology

• Regional Outlook (Revenue in 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