Optical Imaging Market to Reach an Opportunity of US$2.1 bn by the End of 2020
Canon, Inc., Bioptigen, Inc., ChemImage Corporation, Carl Zeiss AG, Heidelberg Engineering GmbH, Headwall Photonics, Inc., Michelson Diagnostics Ltd., NIDEK CO., LTD., St. Jude Medical, Inc., Optovue, Inc., and Topcon Medical Systems are to name a few of the prominent participants in the global optical imaging market. Banking upon cutting-edge research and development to build more effective and innovative optical imaging devices such companies have come to hold considerable shares in the market. On account of their constant thrust on product development, the market is expected to rise at a healthy clip in the near term.
Such crucial trends have been unraveled by Transparency Market Research in one of its latest reports on the market for optical imaging. Our team of in-house experts who prepared the report predict the market to rise at a solid 10.80% CAGR over the course of the forecast period starting from 2014 and ending in 2020. Rising at this pace, it projects the market’s value to become US$2.1 bn by the end of 2020.
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Based on technology, the global market for optical imaging can be classified into optical coherence tomography (OCT), photoacoustic tomography (PAT), near infrared spectroscopy (NIRS), and hyperspectral imaging (HSI). Among them, the segment of OCT accounts for a gargantuan share in the market. From a geographical standpoint, North America at present accounts for a leading share in the market. This is because of the significant uptake of optical imaging technologies in a range of applications such as dentistry, ophthalmology, and dermatology in the region. In addition, a large pool of elderly who are afflicted with several health issues have also upped the demand for the product.
Optical Imaging See Uptake Due to their Ability to Reduce Exposure to Harmful Radiation
Optical imaging, an upcoming and promising technology, is fast gaining traction because of its ability to prevent disease and bring about accurate diagnosis and treatment. They can be used in operating rooms, offices, and even one’s bedside. Such flexibility has majorly fuelled their uptake. Optical imaging are seen fast supplanting radiological imaging techniques. This is because of the myriad ways in which it steals a march over the latter. The most prominent among them is the usage of non-ionizing radiation which considerably lowers the patients’ exposure to harmful radiation. In addition, optical imaging has the ability to differentiate among soft tissues, and also between native soft tissues and tissue labeled with either exogenous or endogenous contrast media. Further, the process is highly amenable to multimodal imaging. Such unique perceived benefits are leading to swift sales of the product, thereby benefitting the market.
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Uses in Oncology Majorly Fuels Market
Optical imaging finds application in a range of areas such as dentistry, ophthalmology, dermatology, neurology, cardiology, oncology, and biotechnology and research. Currently, the segment of oncology is majorly driving demand in their market. Apart from that, rising occurrence of eye, skin, teeth, and other various other organ related diseases are also serving to drive adoption of the devices. Constant product development too has positively impacted the market for optical imaging.