Optical Imaging Market
The global optical imaging market in terms of revenue was estimated to be worth $1.5 billion in 2022 and is poised to grow at a CAGR of 13.5% from 2022 to 2027.
Optical imaging is a rapidly developing field that has had a significant impact on the global healthcare industry by facilitating efficient and affordable healthcare. Factors such as increasing cases of glaucoma and cataracts in the elderly, increasing applications of optical imaging techniques in drug discovery processes and preclinical research, and rapid population growth geriatrics across the globe are fueling the growth of this market.
Optical imaging Market Dynamics
DRIVERS: Increasing prevalence of eye disorders due to the rising geriatric population
The increasing prevalence of eye disorders, due to the increasing global geriatric population, is one of the major factors driving the growth of the global market. The tear layer loses its stability and degrades faster in older people, making them more prone to eye disorders. Therefore, the risk of developing serious eye disorders increases dramatically with age, especially after age 60. Currently, the prevalence rate of glaucoma is four times higher in people aged 80 and over than in those aged 40 and over. In addition, the prevalence rates of several other eye disorders, such as cataracts, presbyopia and age-related macular degeneration (AMD), are increasing across the world. For example, according to Prevent Blindness (USA), 24.41 million people suffered from cataracts in the USA in 2010; this number is expected to increase to 50.0 million by 2050.
RESTRAINTS: Reimbursement challenges
The United States is the largest market for optical imaging technologies. However, recent changes in reimbursement policies in the country are expected to affect the growth of this market. With the implementation of the Affordable Care Act (ACA), the size of the insured population in the United States has increased. However, it also resulted in insufficient reimbursements for newly insured patients. Additionally, medical reimbursements for various optical imaging technologies are decided based on their use for intended applications.
The Centres for Medicare and Medicaid Services (CMS) announced significant changes in coverage for a number of vitreoretinal treatments in July 2020. They imposed a 15% reduction in reimbursement for all cataract procedures conducted in the United States. As a result, reimbursement changes are a significant impediment to industry expansion.
OPPORTUNITIES: Emerging economies
Emerging countries such as India, China, Japan, and Brazil are expected to provide significant growth opportunities for players operating in the global market. These countries are among the fastest growing economies in the world. According to estimates by the World Economic Forum, 2020 these emerging economies contributed about a third of global health expenditure. Rising geriatric population and related diseases are also some factors that create high growth opportunities for the market.
CHALLENGES: Sustainability of small and medium-sized players
Improving market competitiveness in the optical imaging systems sector is critical, especially for small and medium-sized firms. Although a few firms, such as PerkinElmer, Inc., Carl Zeiss Meditec AG, and Abbott Laboratories, dominate the global area, new entrants and mid-sized organisations are always fighting for better market share and market awareness. However, the greater cost and longer development time required for optical imaging goods is a significant obstacle for these enterprises.
Market Overview - Executive Summary
In this report, the optical imaging market is segmented on the basis of product, application, end users, therapeutic area, technique and region.
Optical Coherence Tomography segment accounted for the largest share in the optical imaging market by technique
Changes in the medical technology business are boosting the demand for improved approaches and safer diagnostic processes. Factors such as the growing older population, the frequency of chronic illnesses, and the need for safer diagnostic procedures are driving demand for non-invasive diagnostic imaging modalities. This, in turn, stimulates market expansion. OCT systems enable the visualisation of optically scattered and non-transparent tissues, making them a valuable diagnostic tool in a variety of treatment applications.
Ophthalmology segment accounted for the largest share in the optical imaging market by therapeutic area
The expanding number of ocular treatments performed each year throughout the world is projected to fuel the overall expansion of the ophthalmology industry. Almost 3.7 million cataract surgeries are performed in the United States, 7 million in Europe, and 20 million globally. With growing awareness of optical equipment in emerging nations, the market offers significant development potential in these regions. Growing need for low-cost OCT systems is allowing the industry to thrive in this region. This tendency is projected to continue in the next years, contributing to market growth overall. The growing ageing population, together with the increased frequency of ocular illnesses, will be critical to the worldwide market's growth throughout the forecast period.
Imaging systems segment accounted for the largest share in the optical imaging market by product
During the projected period, the imaging systems segment held the biggest share of the worldwide market by product. The high proportion of this sector may be due to its widespread use in ophthalmology, cancer, and other fields. These systems are frequently used because they can provide real-time, 1D depth, 2D cross-sectional, and 3D volumetric pictures with micron-level resolution and imaging depths of a few millimetres while emitting no dangerous radiation. Without OCT display, subsurface tissue features are buried in bright and clear pictures, providing for a better comprehension of ocular disease. As a result, this advancement assists surgeons in overcoming uncertainty during eye procedures in order to get the best potential patient outcome.
Hospital segment accounted for the largest share in the optical imaging market by end user
The hospital and clinic sector leads the market in terms of end-user. Optical imaging technologies are mostly used in hospitals and clinics for ocular diagnostic imaging and cancer screening treatments. These technologies are also employed, albeit to a lesser level, in cardiology, neurology, and dermatology. The rising clinical applications of optical imaging methods in numerous therapeutic areas, as well as the growing demand for optical imaging goods by clinicians worldwide, are driving the expansion of this market.
Geographic Snapshot: Optical Imaging Market
Key players in the Optical imaging Market: Carl Zeiss Meditec (Germany), Abbott (US), Topcon Corporation (Japan), Canon (Japan), PerkinElmer (US), Koninklijke Philips (Netherlands), Heidelberg Engineering (US), Leica Microsystems (Germany), Headwall Photonics (US), Visionix (US), Optical Imaging (Israel), Optos (Scotland), Wasatch Photonics (US), ArcScan (US), DermaLumics (Spain), Cylite (Australia), MOPTIM (Guangdong), Michelson Diagnostics (England), Thorlabs (US), Hamamatsu Photonics (Japan), iTheraMedical (Germany), Kibero (Germany), Seno Medical (US), Aspectus Imaging (Germany), and Agfa-Gevaert (Belgium).
Optical Imaging Market Report Scope:
The research report categorizes the optical imaging market into the following segments & sub-segments:
By Product
- Imaging Systems
- Camera
- Software
- Lenses
- Illuminating Systems
- Other
By Application
- Pathological Imaging
- Intraoperative Imaging
By End User
- Hospitals
- Research Laboratories
- Pharmaceutical and Biotechnology Companies
By Therapeutic Area
- Ophthalmology
- Oncology
- Cardiology
- Dermatology
- Neurology
- Others
By Technique
- Optical Coherence Tomography
- Near infrared Spectroscopy
- Hyperspectral Imaging
- Photoacoustic Tomography
By Region
- North America North America
- US
- Canada
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia Pacific (RoAPAC)
- Latin America
- Brazil
- Rest of Latin America
- Middle East and Africa
Recent Developments:
- In January 2023, Canon Medical Inc. partnered with ScImage. The strategic partnership between the two companies will directly expand and advance Canon Medical Systems' reach in hemodynamics with the Fysicon QMAPP Hemo portfolio (Fysicon is a subsidiary of Canon Medical). Accordingly, Canon Medical plans to increase its presence in the cardiac market, offering innovative solutions and unique business models tailored to the specific needs of each customer.
- In August 2021, Topcon partnered with RetInSight to develop a seamless interface between RetInSight's AI-assisted retinal biomarker applications and Topcon's market-leading OCT devices and cloud-based data management solution , Harmony.
In December 2020, Carl Zeiss acquired arivis to further strengthen its software skills and market position in visualization, image processing and 3D image analysis software for research microscopy.