Optical Imaging Systems Market Size, Share, Report 2022 – 2030
The global optical imaging systems market size was estimated at USD 1.95 billion in 2021 and it is projected to USD 4.80 billion by 2030, expanding growth at a CAGR of 13.2% from 2022 to 2030.
Technological advancements and a rise in the prevalence of ophthalmic disorders are anticipated to boost the growth of the market. Increasing adoption of optical imaging systems in preclinical and clinical studies in the biopharmaceutical and pharmaceutical sector for diagnostic and therapeutic purposes is further projected to drive the market in the years to come.
The market observed a subsequent fall in overall sales during the first half of the pandemic. Various restrictions and guidelines imposed by the government that limited the use of optical imaging systems for diagnosis and treatment purposes affected the market growth negatively. However, with the economies opening up, the introduction of vaccines, and the increasing usage of optical imaging systems across different applications, the market is expected to witness stable growth and earn substantial profits during the forecast period.
The market growth was negatively affected during the pandemic due to a change in healthcare priorities, wherein the healthcare workers focused on the treatment of Covid-19 infected patients. The imposition of restrictions and lockdowns across the globe led to a halt in research and development activities at the start of the pandemic to avoid the spread of the virus. However, with the introduction of vaccines and economies returning to normalcy, the market has begun to recover and is expected to grow at an exponential rate, leading to significant growth during the forecast period.
| Report Coverage | Details |
| Market Size in 2021 | USD 1.95 Billion |
| Revenue Forecast By 2030 | USD 4.80 Billion |
| CAGR | 13.2% from 2022 to 2030 |
| North America Market Share in 2021 | 30% |
| Imaging Systems Market Share in 2021 | 30% |
Technology Insights
The optical coherence tomography segment dominated the market with a share of more than 60.0% in 2021. This is due to the rise in the adoption of optical imaging systems for intravascular imaging in the diagnostic field.
Photoacoustic tomography is expected to register the fastest CAGR of 14.5% during the forecast period. Photoacoustic tomography is a hybrid noninvasive modality for both molecular and functional imaging. The rise in the preference for noninvasive technology and the superior performance represented by optical tomography in biomedical imaging as compared to conventional optical imaging counterparts are factors contributing to the rapid growth of this technology.
Product Insights
The imaging systems segment held the largest revenue share of more than 30.0% in 2021 owing to the increasing use of imaging systems across a broad range of applications for the diagnosis of diseases.
The others segment is expected to expand at the fastest growth rate during the forecast period. This is due to the increasing use of catheters and probes in preclinical and clinical studies. Additionally, increasing focus on the R&D by the government and private players in pharmaceutical and biotechnological companies is anticipated to help the segment grow at a significant rate.
Application Insights
The pathological segment dominated the market with a revenue share of more than 70.0% in 2021.This is due to the rise in chronic diseases as a result of a rise in the adoption of a sedentary lifestyle leading to unhealthy food habits and lack of exercise, a growing geriatric population, and an increase in the consumption of processed foods.
According to the National Cancer Institute, in January 2019, an estimated 19.6 million cancer survivors were there in the U.S. This number is projected to increase to 22.2 million by 2030. Thus, this continuous rise in the prevalence of chronic diseases is leading to the growth of the pathological segment throughout the forecast period.
End-use Insights
The research labs segment accounted for the largest revenue share of over 40.0% in 2021 owing to the increasing focus on the R&D activities to develop various new applications of optical imaging.
The pharmaceutical and biotechnological companies will witness significant growth over the forecast period due to the increasing use of optical imaging systems in the preclinical and clinical studies by these companies. Moreover, strategic initiatives to develop new and technologically advanced products by the companies with a large amount of investment in the R&D sector are projected to drive the segment during the forecast period. For instance, according to the information technology and innovation foundation, the pharmaceutical industry invested $83 Billion in R&D in 2019 across the U.S.
Therapeutic Area Insights
The oncology segment held the largest revenue share of more than 30.0% in 2021. This is because the optical method of investigating tissues has the advantages of high sensitivity, relatively low cost, high resolution, and high ability to sense both biochemical and structural characteristics of the tissue. The technology is also gaining importance as it is non-invasive and helps in the early detection of cancer.
Thus, the increasing prevalence of cancer, coupled with the advantages optical imaging offers in the early detection of cancer, is anticipated to foster the growth of the oncology segment during the forecast period. Technology also plays an important role in the treatment of cataracts and other ophthalmic disorders, which is expected to lead to the growth of the sector in the coming years.
Regional Insights
North America held the largest revenue share of over 30.0% in 2021. Factors such as the availability of skilled professionals, well-developed research infrastructure, and government initiatives to encourage technological advancement in the industry by offering investments and funds are promoting the growth of the market in this region. Moreover, faster adoption of technologically advanced products in the region is expected to boost the market growth in the region.
Asia Pacific is expected to register the fastest CAGR of 14.0% over the forecast period. This is due to the low cost required for conducting research, favorable regulatory guidelines, and the growing geriatric population that is highly susceptible to developing chronic diseases. Moreover, increasing focus on the healthcare sector by the government is another factor that is driving the market growth during the forecast period.
Key Players
Market Segmentation
By Technology Outlook
By Product Outlook
By Application Outlook
By End-use Outlook
By Therapeutic Area Outlook
By Regional Outlook
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers