Optical Imaging Market- Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020
Albany, New York (PRWEB) January 20, 2015
The global optical imaging market was valued at USD 1.06 billion in 2013 and is expected to grow at a CAGR of 10.8% from 2014 to 2020, to reach an estimated value of USD 2.19 billion in 2020. Optical Imaging is a promising technology that holds immense potential to improve disease diagnosis as well as treatment. Optical imaging technologies offer a range of benefits over conventional imaging technologies such as x-rays, wherein optical imaging uses non-ionizing radiation that reduces exposure to harmful radiations to a minimum level. The basic principle upon which the optical imaging modalities work, include absorption, detection and identification of the reflected or diffracted photons at different wavelengths that excite the fluorescent probes present in the system to produce high resolution images. Recent developments and advancements in the field of fiber optics and photonics have caused emergence and development of several innovative optical imaging technologies.
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Some of the major optical imaging technologies available in the global market are optical coherence tomography (OCT), hyperspectral imaging (HSI), photoacoustic tomography (PAT) and near infrared spectroscopy (NIRS). Among these the OCT market holds the largest market share (75.7% in 2013) and is expected to grow at a CAGR of 9.7% from 2014 – 2020. The key factor responsible for the growth of this segment is its widespread use in the field of ophthalmology and dentistry. In addition, the offered benefits of OCT in terms of avoidance of emission of harmful radiations and ease of examination of soft tissue through this technology are further driving factors for OCT market.
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Major application areas of the optical imaging technologies include ophthalmology, dentistry, dermatology, cardiology, neurology, oncology and biotechnology & research. Out of these application areas, oncology is reported to be the fastest growing market segment. It is expected that with CAGR of 15.1% for the period 2014 – 2020, the overall optical imaging market in oncology will be worth USD 7.4 million by 2020. Some of the major driving factors contributing to the growth of the optical imaging market include increasing prevalence of disorders related to various anatomical areas, changing lifestyle, aging population, increasing prevalence of chronic diseases such as diabetes, hypertension etc. Moreover, rising demand for advanced diagnostics and treatment techniques, and increasing awareness about the benefits of these modern technologies are some of the other drivers of this market. However, lack of reimbursements and insufficient clinical data validation for these technologies may restrain the growth of this market.
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Currently, North America dominates the global optical imaging market, in terms of revenue, followed by Europe. Major factors responsible for the leading position of the North American market are high penetration rate and acceptance of several modern optical imaging technologies. High awareness levels coupled with high affordability of the population are also contributing to the growth of the market in the region. The number of geriatric population in North America and Europe is also very high and requires increased eye care, dental as well as dermatological services, which are better served by these technologies, especially OCT based imaging modalities. Asia-Pacific is expected to show the highest rate of growth (14.5%) in the global optical imaging market during the forecast period 2014 to 2020. Key factors responsible for the region’s high growth rate are presence of high patient pool, increasing awareness and demand for new and innovative diagnostic and treatment techniques, developing healthcare infrastructure as well as rapid improvement in the purchasing power of the people in the region.
Bioptigen, Inc., Canon, Inc., Carl Zeiss AG, ChemImage Corporation, Heidelberg Engineering GmbH, Headwall Photonics, Inc., Michelson Diagnostics Ltd., NIDEK CO., LTD., Optovue, Inc., St. Jude Medical, Inc., and Topcon Medical Systems, Inc. are some of the major players operating in the global optical imaging market.
The global optical imaging market is segmented as follows:
Optical Imaging Market, by Technology
- Optical Coherence Tomography (OCT)
- Time-domain OCT
- Fourier-domain OCT
- Full-field OCT
- Hyperspectral Imaging (HSI)
- Near Infrared Spectroscopy (NIRS)
- Photoacoustic Tomography (PAT)
Optical Imaging Market, by Application
- Biotechnology & Research
Optical Imaging Market, by Geography
- North America
- Rest of the World (RoW)
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