Optical Imaging Market Size to Reach USD 3,865.7 Million by 2030 at a CAGR of 10.8% | Valuates Reports

Optical Imaging Market Size to Reach USD 3,865.7 Million by 2030 at a CAGR of 10.8% | Valuates Reports

PR Newswire

BANGALORE, India, Dec. 17, 2021

BANGALORE, India, Dec. 17, 2021 /PRNewswire/ -- The Global Optical Imaging Market is Segmented by Product Type (Imaging Systems, Illumination Systems, Camera, Software, and Lenses), Therapeutic Area (Ophthalmology, Oncology, Cardiology, Neurology, and Others), and End User (Hospitals & Clinics, Research Laboratories, and Pharmaceuticals & Biotechnology Companies): Global Opportunity Analysis and Industry Forecast, 2021–2030.  It is published in Valuates Reports under the Medical Devices & Equipment Category.

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The global optical imaging market was valued at USD 1,386.8 Million in 2020 and is projected to reach USD 3,865.7 Million by 2030 registering a CAGR of 10.8% from 2021 to 2030. 

Major factors driving the growth of the optical imaging market are:

The rise in government initiatives to control visual impairment and the increase in the geriatric population, which is more susceptible to a wide range of diseases such as neurology disorders, ophthalmic conditions, and cardiovascular conditions, are driving the growth of the optical imaging market.

Developing countries' optical imaging market is expected to grow rapidly during the forecast period, owing to increased investments in healthcare infrastructure and increased knowledge of optical imaging.

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TRENDS INFLUENCING THE GROWTH OF THE OPTICAL IMAGING MARKET

Non-ionizing radiation, such as visible, ultraviolet, and infrared light, is used in optical imaging to dramatically limit patient exposure to hazardous radiation. Optical imaging can be used for repeated procedures to monitor the progression of the disease or the results of treatment and it is far safer than techniques that involve ionizing radiation, such as x-rays. This feature is in turn is expected to drive the growth of the optical imaging market.

Furthermore, Optical imaging is particularly effective for determining a variety of soft tissue qualities. Optical imaging can detect metabolic abnormalities that are early indicators of aberrant organ and tissue functioning due to the enormous range of how various soft tissues absorb and scatter light. Optical imaging can be integrated with other imaging techniques, such as MRI or x-rays, to provide clinicians and researchers working on complex experiments with more information. Such advantages offered by optical imaging are expected to further drive the Optical Imaging Market growth. 

Various optical imaging technologies are utilized in ophthalmology procedures for diagnostic purposes. One of the primary reasons driving the growth of the optical imaging market is the increased prevalence of eye problems due to the growing global elderly population. In the age, the tear layer loses its integrity and dissolves more quickly, rendering them more susceptible to eye problems. As a result, the chance of developing severe eye problems rises dramatically with age, especially after the age of 60.

Emerging markets like India, China, Japan, and Brazil are likely to provide considerable growth potential for optical imaging market participants. These countries are among the world's fastest-growing economies. According to predictions from the World Economic Forum, emerging nations would account for roughly one-third of global healthcare spending by 2020.

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OPTICAL IMAGING MARKET SHARE ANALYSIS:

Based on product type, in 2020, the Imaging Systems segment is expected to hold the largest market share during the forecast period. This might be ascribed to an increase in demand for imaging systems, which can be linked to the advantages that imaging systems have over other imaging modalities, such as their noninvasive nature. Furthermore, optical imaging techniques greatly limit the amount of hazardous radiation that patients are exposed to.

Based on the therapeutic area, Ophthalmology is expected to hold the largest market share during the forecast period. This is due to the widespread use of optical imaging in the field of ophthalmology, as well as a growth in the prevalence of ocular disorders that necessitate the use of optical imaging, such as macular degeneration and glaucoma.

Based on end-users, the Hospitals and Clinics segment is expected to be one of the most lucrative. This is due to an increase in the use of optical imaging services by hospitals and clinics, which aid in the diagnosis of a variety of diseases.

Based on region, North America is predicted to increase at the fastest rate, with a compound annual growth rate (CAGR) of 9.80 percent throughout the projection period. because of the presence of significant important companies in the region, which leads to simple availability of optical imaging systems, causing the market to grow.

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SIMILAR REPORTS:

-  In 2020, the global Optical Lens market size was USD 11160 Million and it is expected to reach USD 18780 Million by the end of 2027, with a CAGR of 7.7% during 2021-2027.

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