Optical Imaging Market

Updated on : February 27, 2023

The global optical imaging market in terms of revenue was estimated to be worth $1.5 billion in 2022 and is poised to reach $2.9 billion by 2027, growing at a CAGR of 13.5% from 2022 to 2027.

Optical imaging is a rapidly developing field that has significantly impacted the global healthcare industry by facilitating effective and affordable healthcare. Factors such as the increased glaucoma and cataract cases among elderly population, increasing applications of optical imaging techniques in drug discovery processes and preclinical research, and rapid increased in geriatric populace across the world are fueling the growth of this market.

Global Optical imaging Trend

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Optical imaging Market Dynamics

DRIVERS: Increasing prevalence of eye disorders due to the rising geriatric population

The growing prevalence of eye disorders, owing to the rising global geriatric population, is one of the key factors driving the growth of the global market. The tear layer loses stability and degrades faster in the elderly, making them more prone to eye disorders. Therefore, the risk of getting severe eye disorders increases significantly with age, particularly after 60 years. Currently, the prevalence rate of glaucoma is four times higher in individuals aged 80 years and above as compared to those aged 40 years and above. Also, the prevalence rates of several other eye disorders, such as cataract, presbyopia, and age-related macular degeneration (AMD), is increasing across the globe. For instance, according to Prevent Blindness (US), 24.41 million people were suffering from cataracts in the US in 2010; this number is expected to increase to 50.0 million by 2050.

RESTRAINTS: Reimbursement challenges

The US is the largest market for optical imaging technologies. However, recent changes in reimbursement policies in the country are expected to affect the growth of this market. With the implementation of the Affordable Care Act (ACA), the size of the insured population in the US has increased. However, this has also resulted in insufficient reimbursements for newly insured patients. Moreover, medical reimbursements for various optical imaging technologies are decided based on their use for intended applications.

In July 2020, the Centers for Medicare, and Medicaid Services (CMS) implemented major changes in reimbursements for several vitreoretinal procedures. They implemented a 15% reimbursement cut for all cataract surgeries performed within the US. Thus, reimbursement changes pose a great barrier to the market growth.

OPPORTUNITIES: Emerging economies

Emerging countries such as India, China, Japan, and Brazil are expected to provide significant growth opportunities for players operating in the global market. These countries are some of the fastest-growing economies in the world. According to estimates from the World Economic Forum, 2020, these emerging economies contributed to around one-third of the global healthcare expenditure. The rise in geriatric population and diseases associated with it are also certain factors that create high growth opportunities for the market.

CHALLENGES: Sustainability of small and medium-sized players

Increasing market competitiveness is one of the major challenges in the optical imaging systems market, especially for small and mid-tier companies. Although the global market is dominated by few players such as PerkinElmer, Inc., Carl Zeiss Meditec AG, and Abbott Laboratories, new entrants and mid-tier firms continuously strive to garner a greater market share and market visibility. However, higher costs and longer time required for the development of optical imaging products pose a major barrier for such companies.

Market Overview - Executive Summary

In this report, the optical imaging market is segmented on the basis of product, application, end users, therapeutic area, technique and region.

Optical Coherence Tomography segment accounted for the largest share in the optical imaging market by technique

The demand for better techniques and safer diagnostic procedures is rising as a result of changes in the medical technology sector. The demand for non-invasive diagnostic imaging modalities is driven by factors such as increasing elderly population, an increase in the prevalence of chronic diseases, and the need for safer diagnostic methods. This in turn fuels the market's expansion. OCT systems enables the visualisation of optically scattered, non transparent tissues, making it a useful tool for the diagnosis in various therapeutic areas.

Ophthalmology segment accounted for the largest share in the optical imaging market by therapeutic area

The market's overall growth for ophthalmology is likely to be driven by the growing number of ophthalmic procedures being performed every year across the globe. Nearly 3.7 million cataract procedures are performed in the US, 7 million in Europe and 20 million worldwide.  With the increased awareness of optical instruments in the developing countries, the market provides great growth opportunity in these regions. Growing demand for low cost OCT systems is creating opportunities for the market to flourish in this region. This trend is expected to continue in the coming years and contribute to overall market growth. The increasing aging population, coupled with the rising prevalence of ophthalmic disorders, will play a vital role in the growth of the global market during the forecast period

Imaging systems segment accounted for the largest share in the optical imaging market by product

The imaging systems segment accounted for the largest share of the global market, by product in the forecast period. This segment's large share can be attributed to its wide application in ophthalmology, oncology, and other application. These systems are widely adopted as they provide real-time, 1D depth, 2D cross-sectional, and 3D volumetric images with micron-level resolution and imaging depths of up to a few millimeters with no hazardous radiation. Subsurface tissue details are hidden without OCT display in bright and sharp images, allowing for a better understanding of ocular pathology. In turn, this development helps surgeons overcome uncertainties during eye surgeries to achieve the best possible patient outcome.

Hospital segment accounted for the largest share in the optical imaging market by end user

Based on end user, the market, by end user is led by the hospital and clinics segment Hospitals and clinics majorly adopt optical imaging technologies for ophthalmological diagnostic imaging and cancer screening procedures. These technologies are also used in cardiology, neurology, and dermatology, but to a lesser extent. This market's growth is mainly driven by the increasing clinical applications of optical imaging techniques in various therapeutic areas and the growing demand for optical imaging products by clinicians across the globe.

Geographic Snapshot: Optical Imaging Market

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Key players in the Optical imaging Market: Carl Zeiss Meditec (Germany), Abbott (US), Topcon Corporation (Japan), Canon (Japan), PerkinElmer (US), Koninklijke Philips (Netherlands), Heidelberg Engineering (US), Leica Microsystems (Germany), Headwall Photonics (US), Visionix (US), Optical Imaging (Israel), Optos (Scotland), Wasatch Photonics (US), ArcScan (US), DermaLumics (Spain), Cylite (Australia), MOPTIM (Guangdong), Michelson Diagnostics (England), Thorlabs (US), Hamamatsu Photonics (Japan), iTheraMedical (Germany), Kibero (Germany), Seno Medical (US), Aspectus Imaging (Germany), and Agfa-Gevaert (Belgium).

Optical Imaging Market Report Scope:

The research report categorizes the optical imaging market into the following segments & sub-segments:

By Product

• Imaging Systems
• Camera
• Software
• Lenses
• Illuminating Systems
• Other

By Application

• Pathological Imaging
• Intraoperative Imaging

By End User

• Hospitals
• Research Laboratories
• Pharmaceutical and Biotechnology Companies

By Therapeutic Area

• Ophthalmology
• Oncology
• Cardiology
• Dermatology
• Neurology
• Others

By Technique

• Optical Coherence Tomography
• Near infrared Spectroscopy
• Hyperspectral Imaging
• Photoacoustic Tomography

By Region

• North America North America
  • US
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Rest of Asia Pacific (RoAPAC)
• Latin America
  • Brazil
  • Rest of Latin America
• Middle East and Africa

Recent Developments:

• In January 2023, Canon Medical Inc., partnered with ScImage. The strategic partnership between the two companies will directly broaden and advance Canon Medical Systems’ outreach in hemodynamics with the Fysicon QMAPP Hemo portfolio (Fysicon is a Canon Medical subsidiary). As a result, Canon Medical plans to increase its presence in the cardiac market, offering innovative solutions and unique business models tailored to each client’s specific needs.
• In August 2021, Topcon partnered with RetInSight to develop a seamless interface between RetInSight’s AI-assisted retinal biomarker applications and Topcon’s market-leading OCT devices and cloud-based data management solution, Harmony.
• In December 2020, Carl Zeiss acquired arivis to further strengthen its software competencies and market position in 3D image visualization, image processing, and analysis software for research microscopy.

Frequently Asked Questions (FAQs):

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