Optical Imaging Market Analysis

Optical Imaging Market Analysis

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Based on product, the optical imaging market is segmented into imaging systems, camera, software, lenses, illuminating systems, and others. Imaging systems is further bifurcated into optical imaging systems, spectral imaging systems. The imaging systems segment held the largest revenue size over USD 400 million in 2022 and is estimated to witness significant evolution more than USD 1,100 million by 2032. The progress is majorly owing to increase use of imaging systems in ophthalmology, oncology, and other applications. Additionally, these systems generate real-time 2D cross-sectional, 1D depth, and 3D volumetric pictures with micron-level resolution and imaging depths therefore demand for imaging system is anticipated to increase in upcoming years.

Based on therapeutic area, the optical imaging market is bifurcated into ophthalmology, cardiology, oncology, dermatology, neurology, and others. The ophthalmology segment is anticipated to witness highest CAGR at 10.6% by 2032. Optical imaging techniques in ophthalmology are typically non-invasive, making them more patient-friendly. Therefore, optical imaging is more preferred in ophthalmology therapeutic area. Furthermore, the rising need for low-cost OCT equipment is contributing to the increased demand for ophthalmology. This technology is vital in the treatment of cataracts and other ocular illnesses.

Optical imaging market is bifurcated based on the application including pathological imaging and intraoperative imaging. The pathological imaging segment dominated the market and is anticipated to grow over USD 3 billion by 2032. The is development is majorly due to an increase in chronic diseases caused by the adoption of a sedentary lifestyle, that leads to unhealthy eating habits and a lack of physical activity, a growing elderly population, and an increase in processed food consumption. According to the National Cancer Institute, in 2019 there were an estimated 19.6 million cancer survivors in the U.S. This figure is expected to rise to 22.2 million by 2030.
The optical imaging market is segmented by technique into photoacoustic tomography, optical coherence tomography, hyperspectral imaging, and near-infrared spectroscopy. Optical coherence tomography (OCT) segment dominated the global market accounting for more than 45% market share in 2022 and is estimated to witness significant revenue over USD 2,000 million by 2032. OCT technology has witnessed significant advancements, leading to improved image quality, faster scanning speeds, and enhanced functionality. Swept-source OCT (SS-OCT) and spectral-domain OCT (SD-OCT) are among the latest innovations, offering superior imaging capabilities and greater depth penetration.

The optical imaging market is segmented by end-use into hospitals, research laboratories, and pharmaceutical & biotechnological companies. Hospitals segment dominated the global market accounting for more than 50% market share in 2022 and is estimated to witness significant revenue over USD 2,200 million by 2032. The high segment gains is attributable to the increased use of ophthalmological diagnostic imaging due to the rise in number of persons suffering from chronic illnesses and the surge in cancer screening procedures.

U.S. optical imaging market accounted for more than USD 500 million in 2022 and will grow momentously more than USD 1,350 million by 2032. U.S. market has experienced significant progression in recent years owing to rising prevalence of chronic diseases, such as cancer, cardiovascular diseases, and neurological disorders, has driven the demand for advanced imaging technologies like optical imaging in the U.S. The aging population in the U.S. has significantly increased the demand for healthcare services and diagnostic tools. Optical imaging techniques, such as optical coherence tomography angiography (OCTA), are extensively used in ophthalmology to detect age-related eye diseases like age-related macular degeneration (AMD) and diabetic retinopathy.