The global market for Optical Imaging is projected to reach US$2.5 billion by 2025, driven by the importance of medical imaging in healthcare in disease prevention, early detection, diagnosis, and treatment. Essential in the management of all virtually all medical conditions and diseases, there is growing interest in R&D of newer and more powerful imaging technologies. Advanced imaging capabilities provide huge benefits such as early detection; better diagnosis; detailed visualization of anatomical structures; easy and faster physician understanding of disease complications; better clinical decisions; reduced risk of errors; safer in terms of medical radiation exposure; and better patient outcome. Optical medical imaging is the newest imaging technology capable of revolutionizing healthcare in ways hitherto unimagined. Defined as the use of light to visualize cellular and molecular functions in a living body, optical imaging revolves around the use of photons in light to generate images. Light of various wavelengths are used ranging from ultraviolet to near infrared. Fluorescence protein imaging has huge potential in cancer screening given its ability to accurately detect lesions, monitor tumor growth and evaluate patient response to therapy. The technology revolves round the use of endogenous or exogenous materials that illuminate when activated by an external light source.

Endoscopy is the most simple and widely used type of optical imaging that utilizes a flexible tube to deliver light to targeted organs for visualization. Demand for advanced endoscopic imaging is poised to benefit from the growing preference for minimally invasive surgeries and growing penetration of endoscopy in multiple applications such as esophagus, stomach, ulcerative colitis and Crohn's disease, gallstones, hiatal hernia, vaginal bleeding, etc. The wide array of endoscopies available stands testimony to the ubiquity of this technology i.e. arthroscopy, bronchoscopy, colonoscopy, cystoscopy, enteroscopy, hysteroscopy, laparoscopy, laryngoscopy, mediastinoscopy and sigmoidoscopy, ureteroscopy, esophagogastroduodenoscopy and thoracoscopy. Optical Coherence Tomography (OCT) is used widely in ophthalmology and cardiology and involves the use of light waves to generate in-vivo cross sectional views of diseased tissues. The growing burden of cardiovascular diseases which currently stands at billions of dollars worldwide is a major revenue draw for OCT. Photoacoustic Imaging is also used in cancer tumor monitoring and involves delivering heat generating laser pulses to tissues that expand tissues and enable their imaging. The epidemic spread of cancer bodes well for this technology. In vivo optical imaging using fluorescence and bioluminescence is also invaluable and superior to other methods of imaging. With global cancer burden as measured by new cancer diagnosis poised to reach over 20 million per year by 2020, effective optical methods for cancer imaging will grow in prominence. Diffuse Optical Tomography (DOT) is used for imaging of the brain and involves the use of near-infrared light, which when absorbed by the neurons reveals information about the chemical compositions in the brain. The emerging field of neuroscience will offer ample market opportunities for the use of DOT in anesthesia monitoring and also monitoring psychoactive medications used to treat depression and post-traumatic stress disorder, among others. The United States and Europe represent large markets worldwide with a combined share of 70.1% of the market. China ranks as the fastest growing market with a CAGR of 15.3% over the analysis period supported by the country's rapidly developing healthcare system under the “Healthy China 2020” initiative.