Optical Imaging Market Driven by 4 Major Factors

Optical imaging is one of the most popular imaging techniques that use different lights to get a deflection from different materials. This technique has witnessed substantial growth in demand over the last few years. It is one of the most non-evasive techniques of diagnosis used in the medical and healthcare industry. It works similarly to x-rays but provides better results. The two basic types of this technology include ballistic imaging and diffusive imaging. Both these techniques have different approaches. Global optical imaging market is witnessing steady growth since the past few years. This growth is potentially driven by the growing awareness amongst the developing countries and rapid growth in technological advancements.

Segmentation in the Market

The global optical imaging market is segmented on the basis of the types of products, techniques, applications, end-users and geographic regions. The types of products in the market include OCT, optical imaging, imaging lenses, imaging software, cameras, systems, spectral imagers, and other imaging products. Major techniques in the market include near-infrared spectroscopy, optical coherence tomography, photoacoustic tomography, hyperspectral imaging, and such other techniques. Basic applications of the market are categorized into dermatology, ophthalmology, dentistry, oncology, cardiology, neurology and so on. On the basis of end-users, the market is divided into hospitals and clinics, biotechnology and pharmaceuticals and research laboratories.

Major Drivers and Restraints

According to the experts, rapid technological advancements are one of the major drivers for the global optical imaging market. Apart from that, growing need to minimize the use of radiation technologies, widening application areas and strong rise in the demand for safe treatment methods for the elderly population are some of the major driving factors for the market. Experts suggest that stringent regulations, requirement of high costs for launching new products, and lack of skilled operators are some of the major restraining factors for this market. Sustainability issues for the small and medium businesses are also expected to create challenges for the market. However, growth in research and development in biotechnology and pharmaceutical are creating growth prospects for the market.

As per the latest reports, the global optical imaging market is expected to become worth $1,669.2 million by the end of the year 2019. From 2014 to 2019, the market is expected to maintain a steady growth rate, mainly due to the rising demand and technological innovations. Wide range of applications is also expected to attract more players in this market. Emerging markets are also projected to provide growth and investment opportunities for the established players in this industry.