Optical Imaging Market will Reach $1,669.2 Million by 2019
(PRWEB) February 10, 2015 -- Optical imaging holds promising scope for improving disease prevention, and furthering clinical research, medical diagnosis and treatment. The basic principle used in imaging is the detection of emitted photons at predefined wavelength ranges. It involves the use of techniques such as optical coherence tomography, hyperspectral imaging, near-infrared spectroscopy, and photoacoustic tomography. These techniques have been successfully applied to medical diagnostics, in fields such as in ophthalmology, neurology, oncology, dentistry, life sciences & clinical research, and others. Increasing R&D activities to develop innovative products in the pharmaceuticals and biotechnology sectors, and the integration of technology with other imaging modalities are expected to boost the growth of market.
The market was valued at $917.1 million in 2014 and is expected to grow at a CAGR of 12.7% from 2014 to 2019.
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Summary of Report:
The market is mainly classified by techniques into Optical Coherence Tomography, Hyperspectral Imaging, Near-infrared Spectroscopy and Photoacoustic Tomography. By products, the market is segregated into the optical imaging systems, cameras, software, illumination systems, imaging lenses and others segments. The imaging systems market is further subdivided into OCT imaging systems and spectral imagers/spectral imaging systems. Furthermore, on the basis of applications, the market is classified into ophthalmology, neurology, oncology, dentistry, cardiology and dermatology.
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This market is mainly driven by the demand for safer, noninvasive, & high-throughput imaging modalities in the end-user markets and technology advancements. Moreover, rising research activities in the pharmaceutical and biotechnology sectors and the growing application areas of optical imaging techniques for therapeutic and diagnostic purposes, is also expected to contribute to the growth of the market. However, the market growth is restricted by factors such as stringent government regulations, reimbursement challenges and the need for high capital expenditure.
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North America and Europe are expected to witness a healthy growth rate in coming years owing to growing aging population, along with the increasing incidence of associated disorders related to eye, heart & skin and increasing research activities in the pharmaceutical and biotechnology sector. On the other hand, the Asia-Pacific region represents the fastest-growing market for optical imaging products. The high growth rate in the Asian market is primarily attributed to the rising need for safer imaging modalities in the region, increasing healthcare awareness, increasing R&D budgets and the growing number of research laboratories in the region.
Carl Zeiss Meditec AG (Germany), St. Jude Medical, Inc. (U.S.) and Volcano Corporation (U.S.) are the leading players, together accounting for over 50% of the global optical imaging market in 2013. St. Jude Medical, Inc. and Volcano Corporation both have a robust portfolio for optical imaging products. These players have extensive experience and expertise in OCT technology. On the other hand Carl Zeiss has a strong geographical presence, with business operations in several geographies across the globe, including Europe, North America, Latin America, Asia, Middle East and Africa, along with a strong optical imaging product portfolio.
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