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Optical Imaging Market: Optical Coherence Tomography Continues to Dominate the Market
The global optical imaging market is poised to grow at a CAGR of 12.7% from 2014 to 2019. The growing demand for noninvasive and radiation-free imaging modalities in the end-user markets, and an increase in R&D activities involving optical imaging technology in the pharmaceutical and biotechnology sector are fuelling the growth of this market. Moreover, the increasing focus towards the development of biopharmaceuticals and the widening applications of optical imaging techniques in this industry are also contributing to the growth of the optical imaging market.
In the techniques segment, optical coherence tomography (OCT) accounted for the largest market share—84.5%— in 2013. This can be attributed to the successful application of OCT in variety of medical diagnostics procedures, especially in the field of ophthalmology and cardiology. Moreover, the growing application of optical imaging techniques for preclinical research is expected to boost its adoption during the forecast period.
Geographically, in 2014, the global optical imaging market was dominated by North America, primarily due to the presence of a number of optical imaging manufacturers in the U.S. and the high adoption of optical imaging techniques for medical diagnostics applications in the North American region. By 2019, North America will continue to dominate the market; the market size of this region is expected to increase to $760.3 million in 2019, from $402.4 million in 2014.
Asia-Pacific region represents one of the fastest growing markets for optical imaging technologies during the forecast period. A majority of the growth in this market will be driven by the growing health awareness in the region, rising need for safer imaging modalities, growth in the pharmaceutical and biotechnology sectors, and the increase in number of research laboratories in Asia, especially in Japan and India. Countries like China, Singapore, Malaysia are also witnessing rapid technological growth, which is expected to boost the Asian optical imaging market during the forecast period of 2014 to 2019.
Optical Imaging Market by Technique (Optical Coherence Tomography, Hyperspectral Imaging, Photoacoustic Tomography), Product (Imaging System, Imaging software) & by Application (Ophthalmology, Neurology, Oncology, Cardiology) - Global Forecasts to 2019
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