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 the optical imaging 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.
The global optical imaging market size 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.
Carl
Zeiss Meditec AG (Germany), Abbott Laboratories (US), Topcon
Corporation (Japan), Canon Inc. (Japan), PerkinElmer, Inc. (US),
Koninklijke Philips N.V. (Netherlands), and Heidelberg Engineering (US)
are the leading players in the optical imaging system market.
Leica Microsystems (Germany), Headwall Photonics, Inc. (US), Optovue
Inc. (US), Optical Imaging Ltd. (Israel), Optos (Scotland), and Wasatch
Photonics (Utah) are the other prominent players in the market.
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Carl Zeiss Meditec AG
Carl
Zeiss Meditec AG (Germany) held the leading position in the global
optical imaging market in 2020. The company has a diversified product
portfolio of optical imaging systems, majorly (OCT systems) for
ophthalmic applications, which include a wide range of clinical tools
for the diagnosis and treatment of eye diseases. The company was the
first player to introduce time-domain OCT-based products for retinal,
anterior segment/cornea, and optic nerve imaging. Its leading position
in the optical imaging industry can be attributed to
its innovations in OCT systems. Over the years, the company has
developed innovative products for various medical applications. The
company’s products, such as Stratus OCT and Cirrus HD-OCT systems offer
proficiencies and streamlined workflows that enable physicians to gather
and interpret detailed disease information; they are also one of the
most widely adopted clinical tools among ophthalmologists. In April
2019, the company launched the PLEX Elite 2.0, the first dual-speed
swept-source OCT/OCTA that will scan at 200kHz, in addition to 100kHz,
providing doctors a deeper and more detailed view into the retina,
enabling visualization options for various diseases. Furthermore, in
order to strengthen its market position, the company focuses on
increasing its R&D spending in optical technology to develop image
analysis algorithms and to upgrade its software for objective
measurement and subjective clinical evaluation of retinal disease
detection. The company has a strong manufacturing and distribution
footprint across the globe, which enables it to serve customers in the
Americas, Africa, Europe, the Middle East, and the Asia Pacific.
Topcon Corporation
Topcon Medical Systems, Inc. was the second-largest player in the global optical imaging systems market.
The company has maintained its leadership position in the market
through its strong distribution networks across North America, Europe,
and the Asia Pacific (especially Japan and China). It focuses on
acquisitions and partnerships as its key business strategies to ensure
growth in the global optical imaging market. For instance, in April
2018, Topcon acquired KIDE (Finland); this acquisition helped Topcon to
introduce a data management system for centrally managing eye image
files and examination data for each patient.
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.
This study involved four major activities for estimating the current size of the Optical imaging market.
Exhaustive secondary research was conducted to collect information on
the market and its peer and parent markets. The next step focused on
validating these findings, assumptions, and sizing with industry experts
across the value chain through primary research. Revenue Share
Analysis, Parent Market, and top-down approaches were employed to
estimate the complete market size. After that, market breakdown and data
triangulation were used to estimate the sizes of segments and
sub-segments.
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