Global Optical Imaging Techniques Market to Reach $2.3 Billion by 2024

Optical imaging is a technique for non-invasive investigation of human body. The technique utilizes visible light, in visible, ultraviolet (UV), or infrared (IR) form, and unique properties of photons to generate detailed images of tissues, organs and smaller structures including cells and molecules. Images generated by optical imaging are used by clinicians for diagnosis and treatment of diseases, and scientists engaged in lifescience, pharmaceutical and biotechnology research. Optical imaging technology offers numerous advantages over conventional radiological imaging techniques. The technology takes advantage of the various colors of light to visualize and measure an array of properties of a tissue or an organ or of both at the same time, not fully possible with other available imaging techniques, most of which can measure just one or two measurements. The imaging modality can deliver best-in-class imaging in visualizing soft tissues, as different tissues absorb and scatter light in different forms allowing highly convenient differentiation. Furthermore, optical imaging is deemed much safer overall, as the method involves agitation of electrons using light that trivializes any damage to cells, tissues and organs. Optical imaging, therefore curtails patient exposure to harmful radiation, common with X-ray and other established imaging modalities, which involve ionizing radiation through tissues and organs during image generation.

Amid the COVID-19 crisis, the global market for Optical Imaging is projected to reach US$2.3 Billion by 2024, registering a compounded annual growth rate (CAGR) of 11.0% over the analysis period. The United States represents the largest regional market for Optical Imaging, accounting for an estimated 47.5% share of the global total. The market is projected to reach US$1.2 Billion by the close of the analysis period. China is expected to spearhead growth and emerge as the fastest growing regional market with a CAGR of 15.3% over the analysis period.

Progressive technology improvements in camera, lens, illumination, and software have paved way for roll out of sophisticated systems with high resolution and multispectral potential, thus widening the scope and span of the optical imaging concept. Modern optical imaging equipment can seamlessly generate images in clinical and pre-clinical research, diagnosis and pathological processes, and intra-operative procedures in a precise, detailed and rapid manner. Wider prevalence of disease conditions across various therapeutic areas including ophthalmology, neurology, cardiology, oncology, dermatology and dentistry is amplifying demand for optical imaging. Driven by robust spending in healthcare and lifescience verticals, developed regions are poised to remain as major consumers of optical imaging technology through the review period. On the other hand, increased public and private emphasis on strengthening the healthcare and lifesceince infrastructure in many of the developing regions including China and India would continue to offer high-growth opportunities to optical imaging market. By technique type, Optical Coherence Tomography, which utilizes low-coherence light to capture 2- and 3-D images in micrometer resolutions from within optical scattering media, constitutes the largest category. Steered by rising adoption in intravascular imaging in the diagnostic field, OST is poised to remain as the major category through the coming years, while demonstrating faster CAGR over the analysis period. Hyperspectral imaging, which strives to obtain the spectrum for every pixel in the image of a scene to detect objects, materials, or processes, is another major optical imaging technology.

Going forward, future prospects remain robust. While sustained demand for non-invasive imaging modalities would propel the market in a major way, growing relevancy of optical imaging in oncology, neurology, ophthalmology, and cardiology is expected to accelerate progressive growth in the market. Continued advancements in technology and roll out of novel systems for diagnostic purposes would aid the market in sustaining growth. Improvements in the healthcare infrastructure of developing regions would play vital role in future growth of the market.