Optical Imaging Global Market Report 2024

The global optical imaging market has grown rapidly in recent years. It will grow from $2.1 billion in 2023 to $2.4 billion in 2024 at a compound annual growth rate (CAGR) of 14.4%. The growth observed in the historic period can be linked to several factors such as the integration of data analytics and image processing, increased incorporation into consumer electronics, enhanced accessibility due to cost reductions, contributions from academic and research institutes, and expanding applications in various industrial sectors.

The global optical imaging market is expected to see rapid growth in the next few years. It will grow to $4.18 billion in 2028 at a compound annual growth rate (CAGR) of 14.9%. The anticipated growth in the forecast period is expected to stem from the ongoing evolution of the healthcare industry, driven by an increased prevalence of chronic and age-related diseases. Additionally, there's a rising demand for non-invasive and minimally invasive imaging technologies, spurred by advancements in biophotonics. Major trends in this period encompass regulatory adaptations, substantial investments in research and development, integration of these technologies into consumer electronics, emphasis on cost-effectiveness, and improved affordability. There's also a notable focus on enhancing endoscopic imaging capabilities.

The optical imaging market is anticipated to grow due to an aging population, specifically those aged 65 and above. Optical imaging technology's adaptability, driven by its high resolution and multispectral potential, aids in diagnosing and treating atherosclerosis and related conditions among older individuals. Its use of non-ionizing radiation, mitigating radiation's adverse effects, has led to increased adoption in hospitals for elderly care. For instance, in between 2020 and 2021, the global population aged 60 and above increased from 1 billion to 1.4 billion. Projections indicate a doubling to 2.1 billion by 2050, with those aged 80 or more expected to triple, reaching 426 million by 2050. Thus, the rising aging population is projected to drive the optical imaging market's growth.

An anticipated rise in the prevalence of eye disorders is poised to drive the optical imaging market forward. Eye disorders encompass various conditions affecting eye function, leading to visual impairments and related issues. Optical imaging technologies, with their high-resolution capabilities and non-invasive nature, provide detailed eye structure imaging, aiding in diagnosing and monitoring diverse eye disorders. For example, in July 2022, in the US, approximately 6.8% of children under 18 have diagnosed eye and vision conditions, highlighting the need for optical imaging solutions in addressing these disorders. Consequently, the expected increase in eye disorders prevalence is forecasted to fuel the growth of the optical imaging market.

The optical imaging market is witnessing a significant trend with technological advancements. Key players are rolling out sophisticated products to maintain a competitive edge. An example includes Exo's launch of Exo Iris in September 2023. This portable ultrasound device integrates imaging, AI, and health IT systems, enabling point-of-care ultrasound adoption across various healthcare settings.

Major firms are strategically forging partnerships to expand their foothold in the optical imaging market. An instance is the collaboration between Canon Medical Systems USA and ScImage, Inc., announced in January 2023. This partnership aims to advance Canon Medical's outreach in hemodynamics by leveraging ScImage's cloud-native image management solutions within the Fysicon QMAPP Hemo portfolio. ScImage specializes in offering PACS and image exchange solutions for the healthcare sector.

In October 2021, Precision Optics Corporation, Inc. a US-based designer and manufacturer of advanced optical instruments for the medical and defense industries, acquired Lighthouse Imaging LLC (Lighthouse Imaging) for an undisclosed amount. This acquisition combines two of the industry's leaders in medical optics and digital imaging, leveraging Precision Optics next generation capabilities in micro-optics and optical systems with Lighthouse Imaging's advanced capabilities and strong reputation in leading-edge optical imaging electronics and system integration. Lighthouse Imaging LLC is a US-based operates as a developer and manufacturer of optical imaging systems for the medical industry.

Major companies operating in the optical imaging market report are St. Jude Medical Inc., PerkinElmer Inc., Carl Zeiss Meditec AG, Koninklijke Philips N.V., Topcon Corporation, Bioptigen Inc., Canon Inc., Heidelberg Engineering Inc., Optovue Inc., Headwall Photonics Inc., Agfa-Gevaert N.V., Hamamatsu Photonics K.K., Hitachi Medical Corporation, Imalux Corporation, Infraredx Inc., Bruker Corporation, ChemImage Corporation, Cytoviva Inc., Leica Biosystems Nussloch GmbH, Michelson Diagnostics Ltd., Raytheon ELCAN Optical Technologies, Santec Corporation, Danaher Corporation, Thorlabs Inc., Tomophase Corporation, Ziemer Ophthalmic Systems AG, Axsun Technologies, Bioptics Inc., Andor Technology Ltd., Abberior Instruments GmbH

North America was the largest region in the optical imaging market in 2023. The regions covered in the optical imaging market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the optical imaging market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Key products in the realm of optical imaging encompass imaging systems, cameras, software, and related technologies. These systems capitalize on light and the distinct attributes of photons to capture intricate images of organs, tissues, cells, and even molecules. Offering minimally or non-invasive methodologies, these techniques enable internal examination of a patient's body. Optical imaging finds applications in pathological imaging and intra-operative procedures. Hospitals, clinics, research laboratories, as well as the pharmaceutical and biotechnology industries, constitute the primary end-users of these optical imaging technologies.

This report provides optical imaging market statistics, including optical imaging industry global market size, regional shares, competitors with an optical imaging market share, detailed optical imaging market segments, market trends and opportunities, and any further data you may need to thrive in the optical imaging industry. This optical imaging 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 optical imaging market consists of sales of optical coherence tomography, diffuse optical tomography, photoacoustic imaging, and super-resolution microscopy. 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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