Optical Instrument and Lens Global Market Report 2024

The optical instrument and lens market size has grown strongly in recent years. It will grow from $48.59 billion in 2023 to $51.67 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The expansion observed in the historical period can be linked to the surge in e-commerce, growing expenditures in healthcare, the boom in consumer electronics, globalization, trade liberalization, and research and development in material science.

The optical instrument and lens market size is expected to see strong growth in the next few years. It will grow to $64.39 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The anticipated growth in the forecast period can be ascribed to innovations in healthcare and medical imaging, increased significance of autonomous vehicles, environmental sensing and monitoring, a growing demand for augmented reality (AR) and virtual reality (VR), and economic growth in emerging markets. Notable trends expected in the forecast period encompass technological advancements, the emergence of new technologies, rapid progress in optical technology, integration of artificial intelligence (AI), and the expanding applications in medical imaging.

The growth of the optical instrument and lens market is significantly influenced by the global demand for these products in the medical sector. The utilization of medical optics, particularly in applications such as endoscopy, has proven to be a crucial technology advancing the field of medicine. A national survey of sedation for gastrointestinal endoscopy in 2758 Chinese hospitals revealed a high number of gastrointestinal endoscopy surgeries (GIES) in China. This number is expected to reach 51 million by 2030 due to the growth in the aging population. Gastrointestinal endoscopy, employing optical fibers and a camera to generate internal images for improved diagnosis, has become increasingly prevalent. The use of medical optics to minimize incisions on the body has also contributed to the expansion of the optical instruments and lenses market.

The growth of the optical imaging market is expected to be propelled by the rising aging population. Optical instruments and lenses provide significant flexibility with high resolution and multispectral capabilities, aiding in the diagnosis and treatment of atherosclerosis and related diseases in the elderly. The non-ionizing radiation used in optical imaging techniques, mitigating the adverse effects of radiation, has led to increased adoption in hospitals for treating older individuals. According to the World Health Organization (WHO), the proportion of the world's population over 60 years is estimated to double from 12% to 22% between 2015 and 2050. By 2050, 80% of older people will be living in low- and middle-income countries, further supporting the growth of the optical imaging market.

A significant challenge faced by the optical instrument and lens industry is the higher cost associated with instruments such as telescopes and microscopes. The elevated prices of optical instruments such as telescopes, binoculars, and microscopes contribute to increased end-product costs. For instance, refractor telescopes can range from $200 to $1,500 or more, and the cost to build a giant telescope in Hawaii was estimated to have increased to $2.4 billion in 2020. These high costs limit the widespread adoption of optical instruments, particularly in research labs and institutes with budget constraints.

The optical instrument and lens market are currently witnessing a key trend where companies are actively launching new products to enhance their product portfolios and solidify their market positions. Notably, companies are focusing on innovation to bring cutting-edge products to the market. In November 2022, Oxford Instruments Andor, a UK-based company specializing in scientific imaging solutions, introduced Dragonfly 600, a new addition to its confocal microscopy portfolio. Dragonfly 600 features a novel total internal reflection fluorescence (TIRF) modality, a high-power laser engine, and a unique design for the 3D super-resolution module, ensuring parfocality across all imaging modes.

Major players in the optical instruments and lens market are engaging in strategic partnerships to enhance the imaging experience of camera lenses. A strategic partnership involves a formalized relationship between two commercial entities through business contracts. For instance, in February 2023, Xiaomi, a China-based consumer electronics company, collaborated with Leica Camera AG, a Germany-based manufacturer of cameras and sports optics. This partnership aims to jointly develop innovative solutions in the smartphone camera module segment, aiming to optimize the imaging experience for consumers. The goal is to push the boundaries of smartphone photography, leveraging Leica's imaging capabilities to usher in a new era of mobile photography.

In June 2021, Orion Telescopes and Binoculars Inc., a US-based retailer specializing in telescopes, binoculars, and accessories, acquired Meade for an undisclosed amount. Through this strategic acquisition, Orion Telescopes and Binoculars Inc. gained access to the Meade brand of products, enhancing their ability to serve authorized retailers and suppliers. Meade Instruments Inc., a US-based manufacturing company, is known for providing telescopes and accessories for astronomers, specializing in solar telescopes, microscopes, optics, binoculars, cameras, and various accessories.

Major companies operating in the optical instrument and lens market report are Johnson & Johnson Services Inc., Abbott Laboratories, 3M Company, Danaher Corporation, Canon Inc., EssilorLuxottica SA, Fujifilm Corporation, Asia Optical Co. Inc., Novartis AG, Becton Dickinson and Company, Luxottica Group SpA, ZEISS International, Carl Zeiss AG, Alcon Inc., Bausch Health Companies Inc., Hoya Corp., Sunny Optical Technology Company Limited, Seiko Holdings Corporation, Nikon Corp., CooperVision Inc., Coherent Corp., Topcon Corporation, Accelink Technologies Co. Ltd., Menicon Co. Ltd., Shamir Optical Industry Ltd., Tamron Co. Ltd., Rodenstock GmbH, Largan Precision Company Limited, Optel Vision India Private Limited, Anandjyot Engineering Private Limited. Asia-Pacific was the largest region in the optical instrument and lens market in 2023. Western Europe was the second-largest region in the global optical instrument and lens market. The regions covered in the optical instrument and lens market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The primary products within the category of optical instruments and lenses include binoculars, microscopes (excluding electron and proton microscopes), telescopes, and other related items. Binoculars, a type of optical instrument, are handheld devices that offer a magnified and stereoscopic view of distant objects. The product categories extend to optical instruments and interchangeable camera lenses. Various applications for these instruments span medical, astronomy, commercial, defense, and other diverse fields.

The optical instrument and lens market research report is one of a series of new reports that provides optical instrument and lens market statistics, including optical instrument and lens industry global market size, regional shares, competitors with optical instrument and lens market share, detailed optical instrument and lens market segments, market trends and opportunities, and any further data you may need to thrive in the optical instrument and lens industry. This optical instrument and lens market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The countries covered in the optical instrument and lens market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The optical instruments and lens market consists of sales of roof prism, porro prism, and monoculars. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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