Optical Imaging Market Size, Share and Industry Report 2031

Global optical imaging market is projected to witness a CAGR of 12.12% during the forecast period 2024–2031F, growing from USD 2.07 billion in 2023 to USD 5.18 billion in 2031F. Various factors shape the global optical imaging market. These include increased investments, increased focus on developing innovative products, rising demand for imaging software, increasing popularity of optical imaging systems, the dominance of North America, and increased mergers and acquisitions.

The global optical imaging market is driven by several factors, such as increased investments. The amount of money allocated to optical imaging research and development has increased significantly. As a result, the market has grown overall, novel items have been developed, and technology has advanced. To satisfy the changing needs of end customers, manufacturers in the optical imaging market are putting a lot of effort into creating fresh, cutting-edge goods. This involves the release of cutting-edge imaging hardware, software, and accessories with enhanced usability, accuracy, and performance.

The increasing need for enhanced data analysis, visualization, and interpretation tools among researchers and healthcare professionals has led to a surge in the need for sophisticated imaging software. Software vendors now have the chance to produce innovative products that meet the demands of the optical imaging industry. Optical imaging methods, including diffuse optical tomography, hyperspectral imaging, and optical coherence tomography (OCT), have become increasingly popular because they are non-invasive, have a high resolution, and can offer detailed insights into various medical disorders. This has accelerated the use of optical imaging devices in a range of medical and scientific settings.

For example, through a successful technology transfer of the Optical Imaging System (OIS), Optimized Electrotech Pvt Ltd (OEPL), a well-known imaging surveillance technology business, reached a critical milestone in increasing surveillance capabilities in October 2023. Working with NewSpace India Limited (NSIL), a division of the Indian Space Research Organisation (ISRO), allowed for the transfer. This system uses a single sensor and a consistent setup to work well in twilight and midday illumination settings. This invention has much potential, particularly in desert and coastal areas, and for other uses where accurate monitoring is critical.

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Increased Investments Positively Impact the Market

In the last few years, companies have increased their investments in the industry, driving growth in the global optical imaging market. Businesses are spending money on these integrated solutions to offer diagnostic data that is more precise and thorough. Companies are increasingly interested in investing in the optical imaging industry because of the increasing need for remote and point-of-care diagnostic facilities. These needs can be fulfilled by the development of lightweight and compact products. Companies are also focusing on developing multimodal optical imaging systems that are comprised of optical coherence tomography and fluorescence.

For example, Chao Zhou, a biomedical engineering professor at Washington University in St. Louis’s McKelvey School of Engineering, received a USD 20 million grant from the Advanced Research Projects Agency for Health (ARPA-H) in February 2024 to aid in the creation of a portable OCT device. Many more patients could receive improved eye tests thanks to the affordable solution. Furthermore, technology may find further uses in the fields of cardiology, dermatology, dentistry, endoscopy, and urology. Zhou intends to use a PIC-based design and specially created electronic integrated circuits (ICs) to construct the portable system. As a result, OCT will be more affordable and easier to assemble for a larger spectrum of healthcare facilities and patients.

Increased Focus on Developing Innovative Products is Driving the Market

The global optical imaging market is observing an increased focus on developing new and innovative solutions to satisfy the changing demands of consumers. There is a growing need for non-invasive methods of diagnosis as preferred by the elderly population and patients undergoing treatment for chronic diseases. The increasing need for precise and comprehensive diagnostic data has led to a rise in the market for high-resolution imaging equipment. For instance, cellular-resolution images of the front and posterior eye can be obtained using non-contact full-field OCT, and the resolution can be improved by reducing the constraints imposed by intrinsic eye aberrations by integrating adaptive optics with conventional optical imaging methods.

For example, Researchers Jane Crowley and George Gordon from the University of Nottingham created a novel spatial frequency domain imaging (SFDI) tool in February 2024, and it appears to have potential uses in gastrointestinal endoscopy. Their research, which was published in the Journal of Biomedical Optics, may contribute to the general public’s increased access to GC screening. SFDI is a technology that shows promise in distinguishing between malignant and benign tissue. A 2D pattern of light that repeats are projected onto a target area in SFDI. The presence of malignant lesions can be detected by measuring the intensity of the reflected light patterns, which can provide information about the optical characteristics of the tissue under study.

Rise in Demand for Optical Imaging Software Boosts Market Growth

Major companies in the industry are highly interested in developing software for optical imaging devices, which is becoming a crucial factor in the steady growth of the global optical imaging market. More advanced image processing and analysis capabilities than could be achieved with hardware alone are made feasible by optical imaging software. Elements like image enhancement, segmentation, 3D reconstruction, and quantitative analysis are included to derive significant insights from optical imaging data. Beyond what is feasible with hardware alone, optical imaging software provides advanced picture processing and analysis capabilities. Features essential for deriving significant insights from optical imaging data include image enhancement, segmentation, 3D reconstruction, and quantitative analysis.

For instance, Abbott India Limited released Ultreon 1.0, a coronary imaging program, in India in October 2023. By combining artificial intelligence (AI) and optical coherence tomography (OCT), this program gives doctors an insight into coronary artery blockages and blood flow. The software can measure vessel diameter, identify the degree of calcium-based obstructions, and distinguish between calcified and non-calcified blockages. Additionally, it helps doctors ensure proper stent expansion and guide stent deployment. Abbott’s OCT technology provides imaging from inside a blood vessel using near-infrared light, in contrast to traditional angiography. The program makes a procedure that improves decision-making and lessens ambiguities possible.

Optical Imaging Systems are Highly Popular in the Market

Several factors are responsible for the increased preference for Optical imaging systems over spectral imaging systems in the global optical imaging market. Optical imaging systems are typically less expensive and easier to install than spectral imaging systems, which need specific gear and software to capture and handle spectral data. The number of spectral bands and the sensor’s spectral resolution can impact on how much spatial resolution is possible with optical imaging systems compared to spectral imaging systems. The data from optical imaging devices is usually displayed as a two-dimensional image, making analysis and processing simpler. In contrast, spectral imaging systems need more intricate data processing and analysis to glean useful information from the spectrum data.

For instance, a pioneer in preclinical in-vivo optical imaging systems, Spectral Instruments Imaging LLC, was acquired by Bruker Corporation in February 2024. With this acquisition, the Bruker BioSpin Preclinical Imaging (PCI) division’s offering of preclinical solutions for disease research is expanded, and a gap in its technology and product portfolio is filled. Lago X, the SII flagship system, is engineered for high-volume in-vivo imaging studies with improved sensitivity. Using a benchtop setup, the SII high-efficiency AMI HTX system enables BLI, FLI, and X-ray imaging. The software SII Aura offers a smooth workflow to increase productivity.

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North America Shows Dominance in the Optical Imaging Market

North America is dominating the global optical imaging market. The region’s aging population is the main driver of the market’s growth, while there are other factors as well. The population of both the United States and Canada is aging significantly; by 2030, there will be 15% more persons in Canada and 20% more in the United States who are 65 years of age or older. Chronic diseases like cancer, heart disease, and neurological disorders are more common in the aging population and call for sophisticated diagnostic methods and therapies. The rising demand for cutting-edge imaging technologies like optical imaging, which are necessary for precise diagnosis and treatment, is the primary cause of the increased healthcare costs associated with chronic diseases and their diagnosis.

For example, SVision Imaging, a developer of cutting-edge ophthalmic technology, rebranded in November 2022 as Intalight Inc. and announced its growing leadership position in Optical Coherence Tomography (OCT). The company’s aim and growth plan, which focus on developing the most cutting-edge ophthalmic technologies to address unmet needs in OCT imaging, are highlighted by the rebranding, as is its dedication to launching these products in the United States.

Future Market Scenario (2024–2031F)

1. Advancements in photoacoustic tomography will drive the global optical imaging market. This noninvasive imaging method is becoming increasingly popular because it can produce biological tissue images with excellent resolution.

2. Cancer biomarkers are found via hyperspectral imaging, which collects fine-grained spectral data. This technology is gaining traction in the optical imaging market.

3. Optical imaging devices are used in numerous therapeutic fields, including ophthalmology, cardiology, oncology, dermatology, and neurology. Because of this expansion of applications, the global optical imaging market is anticipated to increase.

4. The adoption in the global optical imaging market is driven by the significance of early diagnosis and detection in improving patient outcomes.

Report Scope

“Optical Imaging Market Assessment, Opportunities, and Forecast, 2017–2031F”, is a comprehensive report by Markets and Data, that provides an in-depth analysis and qualitative and quantitative assessment of the current state of the global optical imaging market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecasts between 2024 and 2031F. Additionally, the report profiles the leading players in the industry, mentioning their respective market share, business models, competitive intelligence, etc.

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