Optical Imaging Market Growth to be Fuelled at 10.8% CAGR by Advancements in Technology During 2014-2020
A research study on the global optical imaging market, published by Transparency Market Research (TMR), estimates the market to expand at a healthy CAGR of 10.80% during the period from 2014 to 2020 and reach a market value of US$2.1 bn by the end of the forecast period.The research report, titled “Optical Imaging Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020”, states that the global optical imaging market stood at US$1 bn in 2013.
The increasing incidence of skin-, eye-, teeth-, and other organ-related diseases is the key driving force behind the rise of the global optical imaging market, cites the report.The report analyzes the global optical imaging market on the basis of the application and techniques of optical imaging. Ophthalmology, dermatology, dentistry, cardiology, oncology, neurology, and biotechnology and research are the main application areas of optical imaging.
The oncology segment is likely to report the fastest growth at a CAGR of 15.10% over the forecast period. Analysts expect this segment to generate US$7.4 mn revenue in the overall optical imaging market by the end of 2020.
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Optical coherence tomography (OCT), near infrared spectroscopy (NIRS), hyperspectral imaging (HSI), and photoacoustic tomography (PAT) are the major techniques of optical imaging. Among these, the market for OCT dominates the global market. It occupied a share of 75.7% in 2013 and is projected to expand at a CAGR of 9.70% over the forecast period, notes the study.
Asia Pacific, North America, Europe, and the Rest of the World are the major regional markets for optical imaging in the global arena. According to the report, North America is leading the global optical imaging market at present and is closely followed by Europe. The high penetration rate and growing adoption of advanced optical imaging technologies have fueled the market for optical imaging significantly in this region. Analysts expect this market to maintain dominance over the forecast period.
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On the other hand, the optical imaging market in Asia Pacific is likely to rise at the highest CAGR of 14.50% during the forecast period. The presence of a huge pool of patients, together with the soaring demand for innovative as well as advanced diagnostic and treatment technologies, improving healthcare infrastructure, and the rapid rise in the disposable income of consumers in this region, is the prime reason for the extensive growth of the Asia Pacific optical imaging market, says the study.
Bioptigen Inc., Carl Zeiss AG, Canon, Inc., ChemImage Corp., Headwall Photonics Inc., Heidelberg Engineering GmbH, Michelson Diagnostics Ltd., Optovue Inc., NIDEK Co. Ltd., Topcon Medical Systems Inc., and Topcon Medical Systems Inc. are the key players functioning is the global optical imaging market, states the research report.