In an updated edition of the report, Future Market Insights evaluates the size of the optical imaging market from 2024 to 2034. As per the analysis, demand for optical imaging is set to show an uptick to USD 1,465.4 million in 2024. In addition to this, sales of optical imaging systems are expected to grow to USD 2,319.6 million by 2034.
Given the modest adoption pace, the market is anticipated to report a CAGR of 4.7% from 2024 to 2034. The latest research report includes key market trends, patent information, and buying patterns of end users.
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One of the key contributors to the growth of the market is rising cases of cataracts and glaucoma among the elderly. In order to cater to this demand, manufacturers of optical imaging systems undertake research and development activities for effective drug delivery workflows. However, given the strict regulatory norms, manufacturers find it difficult to bring their products into the market.
Manufacturers struggle to push their products in developed countries as compared to their developing counterparts. However, they have to be conscious of the scarcity of skilled workers due to lack of experience. Hence, it becomes important for manufacturers to provide necessary training and conduct workshops for workers in developing countries. In addition to this, unfavorable reimbursement policies for the adoption of optical imaging procedures also limit sales to some extent.
Key Takeaways:
- During the forecast period, preference for optical coherence tomography is likely to remain high. Demand for optical coherence tomography (OCT) is set to rise, with an anticipated share of 54% in 2024.
- Among the other end users, sales of optical imaging systems are expected to grow from the hospital segment. A market share of 38% in 2024 is projected. Since hospitals offer myriads of services, demand throughout the forecast period is likely to remain high.
- Portability is going mainstream! Trends suggest manufacturers to create compact-sized optical imaging systems.
- India is set to record significant growth during the forecast period with an anticipated CAGR of 5.9%. One of the reasons includes the penetration of advanced technology and their availability at affordable prices.
- Another key market to look for in the optical imaging market is Thailand. Thailand is likely to register a 5.7% CAGR during the forecast period. Growth can be attributed to the rising inclination towards minimally and non-invasive diagnostic methods.
Competitive Landscape:
Key companies in the optical imaging market include Bioptigen Inc., Optical Imaging Ltd, Volcano Corporation, Somanetics Corporation, Headwall Photonics Inc., ASE Optics Inc., and others. Sustainability is the buzzword for the manufacturers of the optical imaging market. Key market players can collaborate with hospitals and clinics to have a steady flow of revenue stream.
On the other hand, collaborations with universities and research institutes can help speed up the innovation process.
Recent Developments in the Market:
- Abbott, in August 2021, announced the clearance from the United States Food and Drug Administration (FDA) for its new optical coherence tomography imaging system. The imaging system has been powered using Abbott’s Ultron Software.
Key Segments:
By Technology:
- Terahertz Tomography
- Optical Coherence Tomography (Oct)
- Raman spectroscopy
- Photo-acoustic Imaging
- Diffuse Optical Tomography (DOT)
- Super-resolution Microscopy
- Hyper-spectral Imaging
By Application:
- Dermatology
- Drug development
- Oncology
- Dentistry
- Neurology
- Ophthalmology
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa