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  • Optical Imaging Market Analysis | 2022-2028

    Optical Imaging Market Analysis | 2022-2028

    Optical Imaging Market Analysis | 2022-2028
    Report code - SR2290 Delivery - 2 Weeks
    Optical Imaging Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Oppo See more...

    Market Insights

    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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    What is an optical imaging?

    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 Dynamics

    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.

    Optical Imaging Market Report Overview

    Market Size in 2028

    US$ ~3.40 billion

    Market Size in 2021

    US$ 1.9 billion

    Market Growth (2022-2028)

    10.71% CAGR

    Base Year of Study

    2021

    Trend Period

    2016-2020

    Forecast Period

    2022-2028

     

    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.

    Segments Analysis

    By Product Type

    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 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 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

    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.

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    Key Players

    The following are the major players in the optical imaging market:

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

    Research Methodology

    This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

    Report Features

    This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

    What Deliverables Will You Get in this Report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth Analysis of the Optical Imaging Market

    How lucrative is the future?

    Market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country-level historical data and forecasts

    Which are the most attractive market segments?

    Market segment analysis and Forecast

    Which are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirement?

    10% free customization

    Customization Options

    With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to three players)
    • SWOT analysis of key players (up to three players)

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

    Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com

    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.

    Frequently Asked Questions (FAQs)

    The optical imaging market is expected to grow at a CAGR of 10.71% during 2022-2028.

    The optical imaging market is likely to reach US$ ~3.40 billion in 2028.

    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.

    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.

    The major players in the optical imaging market are Alcon Inc, Bausch Lomb, Carl Zeiss Meditec AG, Essilor International S.A, HAAG Streit Holding, Johnson and Johnson, Nidek Co Ltd, STAAR Surgical Company, Topocon, Ziemer Ophthalmic Systems AG, Abbott, Canon inc, Cylite pty ltd, Danaher Corporation (leica microsystems gmbh), Heidelberg engineering gmbh, Koninklijke Philips n.v, Michelson diagnostics ltd., Optovue, Ltd., Topcon corporation.

    The market is studied from 2016-2028.