The emerging optical imaging technology possesses great potential for improving prevention of various diseases, medical diagnosis, and clinical research. In 2013, the global optical imaging market stood at US$1.06 billion and is projected to touch US$2.19 billion by the end of 2020, growing substantially at a 10.8% CAGR between 2014 and 2020.
Rising prevalence of disorders related to teeth, skin, eyes, and other organs, growing aging population and the rising risk of chronic diseases with age, and increased adoption of advanced technology in optical imaging are some of the major factors expected to boost demand for optical imaging products in the coming years across the globe. In addition, huge unmet medical requirements of the population in developing nations and huge scope for optical imaging products in various industrial sectors are providing huge opportunities for the market players to expand their business horizon.On the flip side, scarcity of clinical validation and lack of suitable reimbursement options are the restraining factors expected to hamper the growth of this market in the near future.
Optical imaging is an evolving medical imaging technology, which uses light spectrum for measuring the optical properties of various body tissues. Optical imaging possesses the ability to improve disease prevention, treatment, and medical diagnosis. Optical imaging also possesses a huge potential in clinical research and life science. The first optical imaging solution was introduced in 1996 by Carl Zeiss Meditic AG, in the form of optical coherence tomography based imaging devices. Since the introduction of the first optical imaging technology, there have been many technological advancements in the global market.
The global optical imaging market is segmented on the basis of technology, region, and application. By application, the global optical imaging market is classified into ophthalmology, dentistry, oncology, dermatology, neurology, cardiology, and biotechnology and research. Currently, the oncology application segment dominates the global optical imaging market and is expected to expand at a 15.10% CAGR from 2014 to 2020.
By the type of technology used, the global optical imaging market is classified into optical coherence tomography, hyperspectral imaging, photoacoustic tomography, and near infrared spectroscopy. The optical coherence tomography (OCT) segment is sub-segmented into time-domain OCT, full-field OCT, and Fourier-domain OCT. The increasing occurrence of various disorders related to the teeth, skin, eyes, and other organs has led to the growth of the global optical imaging market. The availability of various optical imaging technologies is expected to benefit the global optical imaging market. The OCT technology segment dominated the global optical imaging market in 2013, accounting for 75.7% and is predicted to expand at a 9.70% CAGR from 2014 to 2020.
Lack of reimbursement facilities and shortage of clinical data validation are the two top factors expected to restrict the growth of the global optical imaging market in the years to come. However, the increasing application of optical imaging and large unmet demands of the population are predicted to benefit the global optical imaging market in the near future. Further, the rising awareness about different optical imaging technologies among people is predicted to propel the global optical imaging market in the near future.
Based on region, the global optical imaging market is divided into Asia Pacific, Europe, North America, and Rest of the World. At present, North America dominates the global optical imaging market, followed by Europe. Some of the prominent companies in the global optical imaging market are Bioptigen, Inc., Carl Zeiss AG, Heidelberg Engineering GmbH, Michelson Diagnostics Ltd., Topcon Medical Systems, Inc., and Canon, Inc.