Optical Imaging Market Analysis | 2022-2028

“The Optical Imaging Market is expected to grow from US$ 1.9 billion in 2021 to US$ ~3.40 billion by 2028 at a CAGR of 10.71% during the forecast period”.

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Market Dynamics

Introduction

Optical imaging is a technique for getting non-invasive images of inside body parts. Internal organs and tissues are imaged in depth using visible light and photons. It also photographs tiny structures such as cells and molecules. These images are utilized by doctors to diagnose and cure ailments, as well as by scientists for various research projects.

Market Drivers

The rise in government measures to manage visual impairment and the spike in the senior population, which is more prone to a wide range of diseases such as neurological disorders, ophthalmic ailments, and cardiovascular conditions are driving the expansion of the worldwide optical imaging market. Furthermore, the increased frequency of eye illnesses such as glaucoma and cataracts drives market expansion.

However, the lack of access to optical imaging in developing nations, as well as a drop in demand for optical imaging products due to the COVID-19 outbreak, are impeding market growth. On the contrary, emerging countries have a significant potential for growth over the forecast period, owing to an increase in healthcare infrastructure investments and an increase in awareness of optical imaging, which is likely to generate opportunities for manufacturers to capitalize in the market.

Several investments/guidelines in the industry have been directed in recent years, which would boost the overall market:

• During the forecast period, the expanding application of optical imaging systems will drive market expansion. Another reason driving the expansion of optical imaging systems is an increase in the prevalence of eye illnesses. Ophthalmologists diagnose eye diseases using optical imaging equipment. Thus, an increase in the prevalence of eye illnesses leads to an increase in the patient pool, which drives sales of optical imaging devices. According to the CDC, around 6.8% of children under the age of 18 in the United States have a diagnosed eye and vision issue. Furthermore, the group claims that roughly 12 million persons in the United States aged 40 and up suffer from vision impairment.

Recent Developments

There is stiff competition in the optical imaging market. The market's leading players are focused on developing top-notch products. Key market players are working on securing their market position through strategic acquisitions, collaborations, and the launch of technologically upgraded goods. There is a threat of new mid-sized or small-sized start-ups focusing primarily on optical imaging technology. To meet this challenge, the existing important players are always focused on R&D operations and acquiring companies that will assist them secure their market position.

For example:

• In July 2021, Topcon Corporation, for example, purchased VISIA Imaging S.r.l. The firm is an ophthalmic device manufacturer based in Italy.
• In November 2021, SMART Solutions by Alcon, a digital platform specifically created for ophthalmology, was demonstrated at the American Academy of Ophthalmology (AAO) 2021 annual conference by Alcon, the world leader in eye care committed to supporting people in seeing brilliantly. This innovative platform reinforces Alcon's leadership in clinic-to-operating room (OR) integration with image-guided technologies and cloud-based planning.
• In July 2021, Johnson & Johnson (J&J) Vision's phacoemulsification (phaco) technology was launched globally to provide surgeons with more comfort and efficiency during cataract surgery. Furthermore, the VERITAS Vision System is intended to improve patient security. The most often used cataract surgical technique, phacoemulsification, allows doctors to emulsify and remove the internal lens of the eye when it develops cataracts and becomes blurry. The delicate procedure can be difficult for doctors since it demands a lot of concentration and control. The hybrid fluidics technology utilized in the VERITAS Vision System lowers post-occlusion surge to protect intraocular structures and improve chamber stability.
• In April 2021, Johnson & Johnson Vision's next-generation phacoemulsification invention, the VERITAS Vision System, received FDA 510(k) clearance and a CE mark. Johnson & Johnson Vision is a branch of the Johnson & Johnson Medical Devices Companies and a global leader in eye health. The high-performance phacoemulsification system uses technology to allow surgeons to steer through any lens density with less surge and better stability. Furthermore, the new technology has ergonomic enhancements that will considerably increase usability during cataract surgery.

Segments Analysis

By Product Type

“The imaging systems are expected to maintain dominance throughout the forecast period”.

The market has been segmented into imaging systems, illumination systems, cameras, software, and lenses. The imaging systems market is further segmented into optical imaging systems and spectral imaging systems. The imaging systems segment led the global market by product type in 2021 and is expected to continue this trend during the forecast period.This is due to an increase in demand for imaging systems, which give advantages over other imaging modalities such as the noninvasive nature of optical imaging systems.

Furthermore, optical imaging methods limit patient exposure to hazardous radiation greatly. In addition, prominent competitors are concentrating on developing sophisticated portable devices that are easy to use and can be employed in a variety of clinical situations. As a result, the availability of improved imaging systems is likely to increase demand, consequently boosting market expansion.

By Application Type

“The ophthalmology segment to maintain lead in the forecast period”.

The optical imaging market has been divided into application ophthalmology, oncology, cardiology, neurology, and others. The ophthalmology segment grew the fastest in 2021 and is likely to maintain its lead throughout the projection period. 

This is due to the widespread use of optical imaging in the field of ophthalmology, as well as a growth in the prevalence of ocular disorders such as macular degeneration and glaucoma, which need the use of optical imaging.

By End-User Type

“The hospitals and clinics segment is expected to hold the highest share of the market throughout the projection period”. 

The market is segmented into hospitals, ophthalmic clinics, research institutes, and others. The hospitals and clinics segment acquired the highest share in 2021, and this trend is projected to continue throughout the projection period. 

This is due to an increase in the use of optical imaging services by hospitals and clinics, which aid in the identification of various disease problems.

Regional Analysis

“North America led in market share in 2021 and will continue industry dominance”.

The optical imaging market is broken down geographically into areas like North America, Europe, Asia-Pacific, and the Rest of the World (RoW). North America had the most market share and will continue to dominate the industry in 2021. 

Factors such as the availability of trained individuals, well-developed research infrastructure, and government initiatives to foster technological innovation in the industry through investments and finances are driving market expansion in this area. Furthermore, higher adoption of technologically advanced products in the region is expected to enhance market growth.

Key Players

The following are the key players in the Optical Imaging Market (arranged alphabetically)

• Abbott
• Alcon Inc
• Bausch Lomb
• Canon inc
• Carl Zeiss Meditec AG
• Cylite pty ltd
• Danaher Corporation (leica microsystems gmbh),
• Essilor International S.A
• HAAG Streit Holding
• Heidelberg engineering gmbh
• Johnson and Johnson
• Koninklijke philips n.v
• Michelson Diagnostics Ltd.
• Nidek Co Ltd
• Optovue, ltd.
• STAAR Surgical Company
• Topcon corporation
• Topocon
• Ziemer Ophthalmic Systems AG

Note: The above list does not necessarily include all the top players in the market.

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