Optical Imaging Market is expected to grow at CAGR of 11.3% to reach $2634.04 million by 2023
North America dominates with major share and growth in the Optical Imaging Market
On the geography level, America is the dominant player in the present market with 39% of market share. The large position is held due to U.S. and Canada. The America market gained revenue of $676.5 million in 2017. Findings say the present market will grow at a CAGR of 17.1% to reach revenue of $1640.31 million by 2023. The U.S. biggest market for hospitality and adoption of research in terms of changing the market with new and effective products across the region is the main reason behind the growth. Europe is the second leading region, which is predicted to grow at a CAGR of 10.9% to reach revenue of $731.01 million by 2023. Regions like Germany, U.K, France and Italy has increased their adoption rate in hospitals, clinics, awareness of ophthalmological disorders and insurance coverage, which are the driving factors behind the growth of the European market. Asia-Pacific market is the primary target for the companies towards investments to drive the growth of optical imaging market.
Selected Fluid Formulation done in the full Report:
Optical imaging can be segmented into Optical Coherence Tomography, Hyper Spectral Imaging and Photo Acoustic Tomography. Among all, OCT systems accounted maximum revenue in the global optical imaging market. The market accounted for a value of $1259 million in 2017, and is expected to grow at a CAGR of 10.5% to reach a value of $2319.38 million by 2023. Growing awareness of retina camera in facial aesthetics and insurance coverage for ophthalmic procedures makes this market to grow at a higher rate. HIS systems market is seen to be growing at a faster rate with a CAGR of 22.2%. The HIS systems market accounted to the value of $73 million in 2017, and is estimated to reach $211.51 million by 2023. In recent years, hyperspectral imaging has developed a tool for applications for terrain and vegetation characterizations, target discrimination and even non-invasive medical optical spectrometer. Hyperspectral imaging provides means of classifying sands, identifying dissimilar elements of scene that normally exists in standard three color imagery. The utility in remote sensing is restricting the utility of other applications that are finding to prolong in the market. PAT systems will grow at a CAGR of 15.16% which is lower than OCT and HIS systems, but the segment is expected to reach a value of $2280 million by 2023. Increasing production and lower rate operational costs and faster model is fueling the growth of the market.
Excerpts on Market Growth Factors
- Growing number of start-ups have fluorescence imaging developing innovation and technologically advanced optical image processing systems. This is due to increase in the demand of identical devices across the industry. This will outgrow the collaboration of key players to drive the innovation and provide standard devices to users.
- Europe has the highest percentage in senior population more prone to cardiac challenges due to altered cardiac physiology are providing ample of opportunities to investment in the innovation of optical imaging devices.
- Currently, development in third generation imaging device and its launch into the market will help to reduce death rates which will drive the growth of the market. But system requires huge cost for installation which might be a reason for slowing the growth rate. Changes like lowering cost will actually play a vital role towards leading the adoption in the market.
Key players of the Optical Imaging Market
Topcon Corporation is the leading company, holding 66% of the total share in the optical imaging market. Other major players are Heidelberg Engineering GmBH, Inc, Carl Zeiss Meditec AG, and Nidek. Topcon Corporation is the leading company in North America and European regions with patents like Optical Coherence Tomography with product name Swept Source OCT DRI OCT Triton, Swept Source OCT DRI OCT-1 Atlantis, 3D OCT-1 Maestro and 3D OCT-2000 Series. Heidelberg Engineering, holds product portfolio of Spectralis, Heidelberg Edge Perimeter, Heidelberg Eye Explorer and Heidelberg Retina Tomograph. Carl Zeiss Meditec AG lauched its patents in the year of 2013-2014.The Products includes Fluorescence Microscopy devices, OCT’s, Surgical equipment, and Intraocular lenses used for diagnosing Cataract, Glaucoma, Retina and Cornea. New companies ongoing process on innovation to compete with the market leaders will drive the market. The key players will maintain its dominance for the forecast period.
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