(PharmaNewsWire.Com, November 16, 2021 ) According to the market research report Optical Imaging Market is projected to reach USD 3.3 billion by 2026 from USD 1.6 billion in 2021, at a CAGR of 14.8% during the forecast period.
Factors such as the rising aging population, increasing research & development activities in the life sciences sector, and increasing applications of optical imaging techniques in drug discovery processes and preclinical research are fueling the growth of this market. However, high costs of instruments, stringent regulatory approval procedures, a dearth of skilled operators, and insufficient reimbursements for optical imaging procedures are factors posing several challenges to the overall growth of the market during the forecast period.
Based on application, the optical imaging technologies market is divided into pathological imaging and intra operative imaging. The pathological imaging segment dominated the market in 2020. The large share of this segment is mainly attributed to the high-resolution imaging capabilities of optical imaging technologies, its non-invasive nature, and the increasing use of optical imaging in clinical applications.
Based on products, the optical imaging market is divided into imaging systems, cameras, software, lenses, illumination systems, and others. The imaging systems segment dominated the market in 2020. The large share of this segment is mainly attributed to its wide applications in ophthalmology and rising adoption in medical diagnostics & clinical research.
Opportunities: Lucrative growth opportunities in emerging markets
Emerging countries such as India, China, Japan, and Brazil are expected to provide significant growth opportunities for players operating in the optical imaging 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.
Challenges: High cost of optical imaging procedures and extensive data requirements
The development of imaging systems is extremely cost-intensive. It takes significant investments from manufacturers (in terms of R&D expenditure) to develop new products that effectively cater to the evolving market needs. In addition, the approval processes implemented by regulatory authorities such as the FDA are very stringent and time-consuming, causing delays in launching new technologies in the market. The FDA demands extensive data related to the safety and efficacy of a product under approval, which results in additional investments in R&D for respective companies. Owing to the abovementioned factors, many small and start-up companies do not engage in launching new innovative products in the market. Such companies are pressured to re-evaluate the timelines and budgets required in product development, which ultimately affects market survival.
The market is dominated by a few globally established players such as Abbott Laboratories (US), Carl Zeiss Meditec AG (Germany), Canon (Japan), Topcon Corporation (Japan) and Koninklijke Philips (Netherlands)
The APAC region is expected to grow at the highest CAGR of 16.7% during the forecast period, largely driven by rapid growth in the pharmaceutical & biotechnology industries in developing countries such as India and China, rising demand for biopharmaceuticals, and increasing applications of optical imaging techniques in research & clinical diagnostics applications.
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