Optical Imaging Market Analysis

Global Optical Imaging Market Overview

Optical Imaging Market Size was valued at USD 1.8 Billion in 2022. The Optical Imaging Market industry is projected to grow from USD 1.97 Billion in 2023 to USD 4.14 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 9.70% during the forecast period (2023 - 2032). Rising governmental measures and increasing eye illness across the population are the prime market drivers expediting the market’s expansion.

Source Secondary Research, Primary Research, MRFR Database, and Analyst Review

September 2023 - Revvity released many advanced preclinical imaging technologies across multiple applications in preclinical research. These fresh ideas include the IVIS SpectrumCT 2 and its successor, the IVIS Spectrum 2. This raises the sensitivity benchmarks and versatility of in vivo optical imaging.

October 2023 - Abbott introduced Ultreon 1.0 in India, a coronary imaging software. This software combines artificial intelligence (AI) with optical coherence tomography (OCT), allowing doctors to see blood flow and blockages within the heart’s arteries. The software has also been programmed to differentiate between calcified and non-calcified occlusions, identify calcium-based blocks’ severity and measure lumen dimensions. Furthermore it helps physicians during stent placement as well as optimizing stent expansion.

October 2023 - Leica Microsystems ("Leica") announced the official opening of its USD 60 million medical manufacturing and R&D facility in Singapore. Singapore is one of Leica's four global production sites, which manufactures surgical microscopes exclusively for export.

August 2023 - Abbott announced its ILUMIEN IV OPTIMAL PCI (ILUMIEN IV) clinical study, which demonstrated that intravascular imaging through optical coherence tomography (OCT) can enhance stent procedural outcomes, especially in complex cases. The study showed that OCT-guided procedures had a statistically significant increase in MSA by 7% beyond angiography alone.

In January 2023, Canon Medical Inc. partnered with Sclmage. Consequently, this strategic partnership will directly expand Canon Medical Systems’ influence over hemodynamics using the Fysicon QMAPP Hemo portfolio (Fysicon being a subsidiary of Canon Medical). Therefore, Canon Medical plans to step up its presence in the cardiology market by providing innovative solutions together with unique business models specific to each client.

In July 2021, Topcon Corporation completed an acquisition of VISIA Imaging, an ophthalmic devices manufacturer.

Optical Imaging Market Trends

• Growing awareness regarding eye care is driving the market growth

Market CAGR for optical imaging is being driven by the rise in awareness for early detection of eye illness. The use of optical imaging technology in the healthcare sector has great promise for improving illness detection, prevention, and treatment. The market is expanding as a consequence of factors such growing application fields, increased consumer demand for noninvasive technologies, and rising prevalence rates of chronic diseases and eye conditions. Demand of optical imaging systems are anticipated to increase quickly as a result of the increased emphasis on early disease detection and the quest for effective solutions.  Along with becoming a pandemic and a public health emergency, the COVID-19 illness has also had a huge impact over the economy and financial markets.

Some of the major markets were significantly impacted by supply chain disruptions in manufacturing, transportation, and general. Although the pandemic poses a serious hazard to human life, it also poses a threat to the world's economies as a whole. The implementation of limitations and lockdowns as a preventative step to slow the spread of the virus resulted in significant losses for many marketplaces.

Due to the pandemic, the optical imaging systems market also suffered harm. Sales of optical imaging systems declined as a result of shifting healthcare priorities and fewer patients visiting hospitals. Additionally, the complete lockdowns that slowed down R&D efforts also had a detrimental impact on the industry.  Thus, affecting the Optical Imaging Market revenue.

Optical Imaging Market Segment Insights

Optical Imaging Products Insights

The Optical Imaging Market segmentation, based on products includes imaging systems, software, lenses, illuminations systems, cameras, and others. The market's greatest share belonged to the imaging systems category. The capacity of optical imaging to transcend broad spatial imaging scales spanning from cells to organ systems has rekindled interest in the application of this technology for medical imaging. Additionally, optical imaging has a variety of contrast mechanisms at its disposal to discriminate between diseased and normal processes and tissues.  

Optical Imaging Techniques Insights

The Optical Imaging Market segmentation, based on techniques, includes Optical coherence tomography (OCT), Photoacoustic imaging, Diffused optical tomography, Cardiology, Near-infrared spectroscopy, and Super-resolution microscopy. The market was controlled by the optical coherence tomography niche. This is because optical imaging technologies are increasingly being used in diagnostic settings for intravascular imaging. Recent developments in optical coherence tomography technology are predicted to support market expansion. To improve their market positions, several significant market companies are concentrating on creating cutting-edge optical coherence tomography equipment.  

Optical Imaging Therapeutic-area Insights

The Optical Imaging Market segmentation, based on therapeutic area, includes Neurology, Oncology, Opthalmology, Cardiology, Dentistry, and Dermatology. The market share that belonged to oncology was the largest. This is because optical tissue analysis has the benefits of high sensitivity, low cost, high resolution, and the capacity to detect both biochemical and structural aspects of tissue. The technique is also becoming more important because it aids in the early diagnosis of cancer and is non-invasive.

Optical Imaging Applications Insights

The Optical Imaging Market segmentation, based on applications, includes Pre-clinical and clinical research, Pathological imaging, and Intra-operative imaging. The pathological imaging market share was dominant. This is brought on by the growth in chronic illnesses brought on by an increase in sedentary lifestyle adopting resulting in unhealthy eating habits and lack of exercise, a rise in the population of elderly people, and an increase in the consumption of processed foods.

Optical Imaging End-User Insights

The Optical Imaging Market segmentation, based on end-users, includes Hospitals & Diagnostics, Diagnostic imaging centers, Research laboratories, and Pharmaceutical & biotechnology companies. Due to the increased focus on R&D operations to create numerous new applications of optical imaging, the research labs segment had the largest share. The segment is expected to grow as more optical imaging technologies are used in preclinical research and drug discovery processes. It is projected that rising R&D measures in the life sciences industry will further boost market expansion.

Figure 1 Optical Imaging Market, by end-users, 2022 & 2032 (USD Billion)

Source Secondary Research, Primary Research, MRFR Database, and Analyst Review

Optical Imaging Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North America Optical Imaging Market area will dominate this market. The market in this area is expanding as a result of elements like the presence of learned population, a strong & firm research facility, & governmental measures to support technical improvement in the sector by providing investments and money.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2 OPTICAL IMAGING MARKET SHARE BY REGION 2022 (USD Billion)

Source Secondary Research, Primary Research, MRFR Database, and Analyst Review

Europe’s Optical Imaging Market accounts for the second-largest position in the market. The region is anticipated to be driven by the growing trend of partnerships and collaborations amongst businesses in the area to use their manufacturing facilities and technological know-how to innovate complex products. Further, the German Optical Imaging Market held the largest market share, and the UK Optical Imaging Market was the quickest-growing market in the European region

The Asia Pacific Optical Imaging Market is expected to expand at the quickest CAGR from 2023 to 2032. This is because conducting research is not expensive, there are good regulatory rules in place, and there are more elderly people who are more likely to get chronic illnesses. Moreover, China Optical Imaging Market held the fastest CAGR, and the India Optical Imaging Market was the quickest-growing market in the Asia-Pacific region.

Optical Imaging Key Market Players & Competitive Insights

Leading market players are investing largely in research and development to grow their product/service lines, which will aid the Optical Imaging Market, to grow even faster. Market leaders are also adopting a variety of strategies to expand their worldwide position, with important market developments including new product launches & developments, contractual agreements among companies with complementary service lines, mergers & acquisitions, higher investments, & collaboration with other organizations having complementary products and services. To expand and survive in a more competitive and rising market climate, the Optical Imaging industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the  Optical Imaging industry to benefit clients and increase the market sector. In recent years, the Optical Imaging industry has offered some of the most significant advantages to medicine. Major players in the Optical Imaging Market, including Jude Medical Inc., Carl Zeiss Meditec AG, Bioptigen Inc., Canon Inc., Heidelberg Engineering. Inc., Topcon Corporation, Perknemer Inc Koninklijke Philips NV, Agta-Gevaert N.V., and others are attempting to increase market growth via investing in research and development operations.

In the field of print media, Heidelberger Druckmaschinen AG (Heidelberg) offers many options. Digital printing, narrow web printing, offset printing, screen printing, inline flexography, resold equipment, cutting, die-cutting and embossing, folding, inspection, folding carton gluing, and hot foil stamping are some of the company's main products. Print site contracts, technical services, performance services, service agreements, parts and labor services, remote services, training for digital platforms, and consulting services are some of its key services. The mechanical engineering, environmental, automotive, and automotive manufacturing industries are served by Heidelberg's goods and services. Through suppliers and service divisions, it offers solutions. The corporation has operations in Africa, Asia-Pacific, Europe, North America, and South America. In April 2023, The SeeLumaTM Fully Digital Surgical Visualization Platform, developed by Bausch + Lomb and Heidelberg Engineering, offers ophthalmic surgeons a higher level of visualization than optical, hybrid, and retrofitting microscopes.

Office, imaging, medical, and industrial products are all produced by Canon Inc. (Canon). The company offers a variety of products, such as office multifunction devices (MFDs), laser multifunction printers (MFPs), inkjet printers, plain paper copying machines, and cameras. Additionally, it provides systems for computed tomography (CT), ultrasonography, and X-rays. The company's main products are interchangeable lenses for imaging systems, network cameras, office copiers, digital camcorders, digital cinema cameras, and small digital cameras. Additionally, it provides equipment for vacuum thin-film deposition, organic LED (OLED) panel manufacture, flat-panel display (FPD) lithography, and semiconductor lithography. Regional subsidiaries of the corporation market and sell the company's goods in the US, Germany, France, Taiwan, the Netherlands, China, Malaysia, Vietnam, Thailand, the Philippines, and Australia. In August 2021, The small-but-powerful XF605 professional 4K camcorder and the 10x16 KAS S 8K BCTV zoom lens are two new offerings from Canon Europe that answer the evolving needs of the broadcast and production industries.

Key Companies in the Optical Imaging Market include

• Jude Medical Inc.,


• Carl Zeiss


• Meditec AG


• Bioptigen Inc.


• Canon Inc.,


• Heidelberg Engineering. Inc.


• Topcon Corporation,


• Perknemer Inc.


• Koninklijke Philips NV


• Agta-Gevaert N.V.

Optical Imaging Industry Developments

May 2023 The U.S. Food and Drug Administration (FDA) has accepted the Premarket Approval (PMA) application for the LumicellTM Direct Visualisation System (DVS) and the New Drug Application (NDA) for the LUMISIGHTTM Optical Imaging Agent, according to Lumicell, Inc.

November 2022 The AnuraTM platform of NuraLogix, according to researchers, will now be able to undertake metabolic and blood biomarker health risk assessments for a variety of chronic illnesses.  The additional features, which include the capacity to precisely measure blood pressure, are a first for video-based contactless health monitoring. AnuraTM can already assess one's health and wellness via a 30-second video selfie.

Optical Imaging Market Segmentation

Optical Imaging Products Outlook (USD Billion, 2018-2032)

• Imaging systems
  
  
  
  • Optical imaging systems
  
  
  • Spectral imaging systems
  
  
  
  


• Software


• Lenses


• Illuminations systems


• Cameras


• Others

Optical Imaging, Techniques Outlook (USD Billion, 2018-2032)

• Optical coherence tomography (OCT)


• Photoacoustic imaging


• Diffused optical tomography


• Cardiology


• Near-infrared spectroscopy


• Super-resolution microscopy

Optical Imaging Therapeutic Area Outlook (USD Billion, 2018-2032)

• Neurology


• Oncology


• Opthalmology


• Cardiology


• Dentistry


• Dermatology

Optical Imaging Applications Outlook (USD Billion, 2018-2032)

• Pre-clinical and clinical research


• Pathological imaging


• Intra-operative imaging

Optical Imaging End-User Outlook (USD Billion, 2018-2032)

• Hospitals & Diagnostics


• Diagnostic imaging centers


• Research laboratories


• Pharmaceutical & biotechnology companies

Optical Imaging Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America