Optical Imaging Market to reach USD 2.93 billion in 2024, Investment Analysis, Forecast 2024 where Oncology Offers Potential Growth
Global Optical Imaging Market 2019-2024 Growing at a CAGR of 11.4%. The study provides market size, ongoing trends, drivers, risks, opportunities, and major market segments that helps interested audience to understand the industry and make the strategies for their business growth accordingly.
Dallas, United States – September 30, 2019 /MarketersMedia/ —
Market Overview
The optical imaging market is expected to reach USD 2.93 billion in 2024 from USD 1.69 billion in 2019, witnessing a CAGR of 11.4%, during the forecast period (2019 – 2024). Optical Imaging is an emerging technology with great potential for improving disease prevention, diagnosis, and treatment in the medical office or in the operating room.
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– Optical imaging offers the potential to differentiate among soft tissues and between the affected tissues. This ability of optical imaging to differentiate among the healthy and infectious tissues is creating a huge opportunity in the medical diagnosis industry.
– Moreover, optical imaging uses non-ionizing radiation, which significantly reduces patient radiation exposure compared to other harmful effects of radiation-based imaging. This feature allows the patient for repeated studies over time.
– However, the market growth is restricted by factors such as stringent regulatory approval procedures high costs of instruments, scarcity of skilled operators, and insufficient reimbursements policies for optical imaging procedures.
Scope of the Report
Optical Imaging is a technique used to assess the optical properties of tissues. The healthcare sector is witnessing a tremendous amount of investments in this technology, as the demand for effective solutions and focus on early diagnosis of diseases are rising. Moreover, increasing prevalence of neurological and ophthalmological disorders among the population may foster the demand of imaging diagnosis which in turn will propel the market growth. North America is one of the most prominent regions that is highly investing in the healthcare sector which is the key factor that is driving the global optical imaging market growth.
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Key Market Trends
Oncology Offers Potential Growth
– Cancer is a worldwide health-care concern that is steadily growing. According to IARC, by 2030, an annual incidence and mortality of 21.7 and 13 million cancer cases, respectively, are expected. This increase is attributed to an aging population, greater prevalence of obesity, and environmental factors. Moreover, women are more prone to cancer with breast cancer as the leading cause of cancer death.
– Many cancers arise from the epithelium of hollow organs and ducts, including breast, colon, esophagus, head and neck, lung, pancreas, and stomach. This thin layer of highly metabolic tissue can be thoroughly and rapidly evaluated in the clinic using methods of optical imaging techniques. These methods offer a number of advantages for real-time cancer detection, particularly in the epithelium of hollow organs and ducts, by using a broad spectral range of light that spans from visible to near-infrared.
– This emerging methodology is clinically useful for early cancer detection by identifying and localizing suspicious lesions that may not otherwise be seen and serves as a guide for tissue biopsy and surgical resection. They are also useful to determine the best choice of therapy and to monitor efficacy.
– Therefore, the above factors are expected to help in curing cancer which in result will create a huge demand for optical imaging worldwide.
Asia-Pacific to Witness the Fastest Growth
– The Asia-Pacific region is expected to be the fastest growing market with enormous possibilities. According to a report published by the department of neurology, it is estimated that for the current population of 1.3.5 billion, approximately 30 million people suffer from neurological disorders in India.
– Thus, owing to the huge patient pool, a faster adaptation of healthcare technology, government initiatives to increase the healthcare quality, availability of favorable insurance policies market growth will be accelerated during the forecast period owing to which the optical image market will have a positive outlook.
– Moreover, due to lower cost of clinical trials and favoring governments policies, key players have been setting up their regional headquarters and manufacturing plants in emerging economies like Singapore, China, Korea, and India which make a positive growth curve in optical imaging market in future.
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Competitive Landscape
The optical imaging market is fragmented due to the presence of many international players. Canon Inc., Topcon Corporation, Abbott Laboratories, are some of the major players operating in the global optical imaging market. Most of these players constantly innovate and develop technologically advanced optical imaging devices and systems to maintain their position in the global market.
– May 2019 – The optical society said that researchers have developed a new compact, fiber-based imaging spectrometer for remote sensing that can capture 30,000 sampling points each containing more than 60 wavelengths. This rich spectral information combined with high spatial resolution provides valuable insight into the chemical makeup of a scene or sample. The new spectrometer acquires spectral information instantaneously without requiring any scanning. This allows it to image quickly changing objects such as moving targets or changing imaging conditions.
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