Pune, 07, Dec 2022: Maximize Market research, a global healthcare market research firm, based out of India, has published a competitive intelligence and market research report on Optical Imaging Market The market size reached USD 2.60 billion in 2021 and is expected to reach USD 3.70 billion by 2029. Optical Imaging market growing at a CAGR of 4.5% during the forecast period.
Optical Imaging Market Scope and Research Methodology
The technique of optical imaging is used to evaluate the optical characteristics of tissues. The healthcare industry is investing heavily in this technology as the need for efficient solutions and attention to early disease identification increases. Additionally, rising rates of neurological and ophthalmological illnesses in the populace may increase the need for imaging diagnosis, which in turn may fuel market expansion. One of the most notable regions spending heavily in healthcare is North America, which is a major component in the expansion of the worldwide optical imaging market.
Secondary and primary data gathering techniques were used to get the data. The main techniques were conducting questionnaires, surveys, and telephone interviews with business owners, market leaders, and marketing experts. For the highest level of reliability possible, secondary data was gathered from a variety of sources. In addition to commercial databases, this also includes the official databases of numerous organisations and government websites, trade publications, white papers and annual reports.
SWOT analysis was conducted to provide the strengths and weaknesses of the optical imaging Market while PESTLE was employed to understand the potential impact of the micro-economic factors affecting the optical imaging Market. Thus the report provides a detailed overview of the optical imaging Market.
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Optical imaging Market Overview
Optical imaging is a new technique that has enormous potential for enhancing disease prevention, diagnosis, and treatment in the operating room or at the doctor’s office.
Optical imaging provides the opportunity to distinguish between the damaged tissues and soft tissues. Additionally, optical imaging uses non-ionizing radiation, which considerably minimises patient radiation exposure, compared to other adverse effects of radiation-based imaging. This feature enables the patient to undergo repeated tests over time.
However, obstacles like complex regulatory approval processes, expensive instrument prices, a shortage of qualified operators, and insufficient reimbursement policies for optical imaging treatments limit market growth.
Optical imaging Market Dynamics
The World Health Organization reports that the population over 65 has increased quickly. The primary drivers of the growth of the optical imaging market are the rising prevalence of neurological and ophthalmologic disorders, rising R&D activities in the life sciences industry, preclinical research, and rising need for radiation-free imaging modalities in drug development procedures. Over time, there have been a number of developments and improvements in the field of optical imaging. Frequency-domain OCT which is faster than time-domain OCT is an advancement in OCT technology.
The optical imaging systems industry become more competitive, especially for small and mid-sized businesses. Although a few number of businesses, like PerkinElmer, Inc., Carl Zeiss Meditec AG and Abbott Laboratories, dominate the optical imaging market, new entrants and mid-tier firms are always vying for a greater market share and exposure. The higher prices and longer development times for optical imaging systems however, provide a substantial hurdle for such businesses. As a result, many businesses are having trouble preserving their positions and keeping up with the industry’s speed. Due to financial difficulties, many of these companies have recently stopped developing new products or have been bought out by larger market participants.
Optical imaging Market Regional Insights
The optical imaging market was dominated by North America, then by Europe. The North American market is expanding as a result of expanding use of optical imaging technologies in numerous fields like ophthalmology, dentistry, and dermatology in the region. Additionally, there are many elderly people in this area who have various conditions that call for the usage of optical imaging equipment. The life sciences sector is also experiencing an increase in investments, R&D activity, and technological advancements.
Due to the rising demand for non-invasive procedures and non-ionizing imaging modalities, particularly among the older population, the Asia Pacific region holds the biggest market share and leads the optical imaging industry. The market is anticipated to rise as a result of the rising use of optical imaging modalities for therapeutic and diagnostic purposes, including disease diagnostics, preclinical research, and discrete molecular and cellular process imaging. The techniques are frequently utilised for breast cancer imaging, functional brain imaging, stroke detection, photodynamic therapy, and radiation therapy monitoring due to their effectiveness in soft tissue.
Optical imaging Market Segmentation
- Imaging System
By Therapeutic Area
Optical imaging Market Key Competitors includes:
- Carl Zeiss Meditec AG
- Bioptigen, Inc.
- Topcon Medical Systems, Inc.
- St. Jude Medical, Inc.
- Canon, Inc.
- PerkinElmer, Inc.
- Abbott, Bioptigen, Inc.
- Heidelberg Engineering, Inc.
- Santec Corporation
- Headwall Photonics, Inc.
- AGFA Healthcare
- Headwall Photonics, Inc.
- Optovue, Inc.
- Leica Microsystems
- Agfa-Gevaert NV
- ASE Optics, Inc.
- ChemImage Corporation
- Cytoviva Inc.
- Raytheon ELCAN Optical Technologies
- Somanetics Corporation
- Koninklijke Philips N.V.
- ChemImage Corporation
- CytoViva, Inc.
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Key questions answered in the Optical imaging Market are:
- What was the market size of the Global Optical imaging Market in 2021?
- What are the key factors driving the global Optical imaging Market?
- What is the expected growth of Optical imaging Market in 2022?
- What are COVID-19 impact on Optical imaging Market?
- What are the key region in the Optical imaging Market?
- What are the factors affecting growth in the Optical imaging Market?
- Who held the largest market share in Optical imaging Market?
- Who are the key players in the global Optical imaging Market?
- Market Share, Size & Forecast by Revenue | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
- Market Segmentation – A detailed analysis by Application, Products, Theraprutic area, and Techniques.
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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