Chicago, Aug. 21, 2024 (GLOBE NEWSWIRE) -- The "Optical Imaging Market Size, Share & Trends Product (Cameras, Lenses), Technique (OCT, HIS, NIR, PAT), Therapeutic Area (Ophthalmology, Dermatology, Oncology), Application (Pathological, Intraoperative), End User (Hospital, Research Labs) & Region - Global Forecast to 2027" report highlights substantial growth projections. It anticipates the market to escalate from $1.5 billion in 2022 to $2.9 billion in 2027, at a notable CAGR of 13.5%. The optical imaging market is experiencing growth driven by factors such as the rising prevalence of eye disorders among the elderly, increased use of optical imaging in drug discovery and preclinical research, and a growing geriatric population globally. Key drivers include the higher incidence of eye conditions like glaucoma and cataracts in older adults, with cataract cases expected to rise significantly. However, challenges such as reimbursement issues, particularly in the US, where changes in policies have led to reduced reimbursements, pose restraints. Opportunities exist in emerging economies like India, China, and Brazil, which are seeing increased healthcare spending and rising geriatric populations. The market is also challenged by the sustainability of small and mid-sized players due to high development costs and competitive pressures. Optical coherence tomography (OCT) leads the market by technique due to its non-invasive diagnostic capabilities, while ophthalmology dominates by therapeutic area, driven by a high volume of procedures globally. Imaging systems hold the largest market share by product, thanks to their versatile applications in various medical fields, and hospitals and clinics are the primary end-users. Major players include Carl Zeiss Meditec, Abbott, Topcon Corporation, Canon, and PerkinElmer, among others.
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Carl Zeiss Meditec AG (Germany): Market Leader in Optical Imaging
Carl Zeiss Meditec AG holds a leading position in the global optical imaging market, commanding approximately 24.3% of the market share in 2021. The company boasts a broad portfolio of optical imaging systems, particularly OCT systems, tailored for ophthalmic applications, which include advanced tools for diagnosing and treating eye diseases. Carl Zeiss Meditec was a pioneer in introducing time-domain OCT products for various imaging needs, including retinal, anterior segment, and optic nerve imaging. Its market dominance is driven by continuous innovations in OCT systems and a strong emphasis on R&D to enhance image analysis algorithms and software for accurate retinal disease detection. With a global manufacturing and distribution network, Carl Zeiss Meditec effectively serves customers across the Americas, Africa, Europe, the Middle East, and Asia Pacific.
Topcon Corporation (Japan): Major Player in Optical Imaging
Topcon Corporation secured the second-largest share in the global optical imaging market, with approximately 21.1% of the market in 2021. The company's strong position is supported by an extensive distribution network in North America, Europe, and Asia Pacific, particularly in Japan and China. Topcon's growth strategy includes strategic acquisitions and partnerships, exemplified by its April 2018 acquisition of KIDE (Finland). This acquisition enabled Topcon to enhance its offerings with a data management system designed for centralized management of eye image files and patient examination data.
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Product Segmentation in the Optical Imaging Market
The optical imaging market is categorized into imaging systems, cameras, software, lenses, illuminating systems, and other products. In 2021, imaging systems led the market with the largest share, driven by the need for precise diagnostic techniques and ongoing innovations in advanced systems for various therapeutic applications.
Application Insights for Optical Imaging
The optical imaging market is divided into pathological and intraoperative applications. In 2021, the pathological segment held the largest share, owing to the growing demand for optical imaging systems in diagnosing clinical conditions and the need for efficient imaging tools to reduce the workload of radiologists.
Technique Trends in Optical Imaging
The market is segmented by technique into optical coherence tomography (OCT), near infrared spectroscopy, hyperspectral imaging, and photoacoustic imaging. OCT systems dominated the market in 2021 and are expected to continue leading due to their high demand and continuous advancements by industry players.
Therapeutic Area Insights in Optical Imaging
Optical imaging is applied in ophthalmology, oncology, cardiology, neurology, dermatology, and other therapeutic areas. The ophthalmology segment holds the largest share, driven by the high prevalence of conditions such as diabetic retinopathy and age-related macular degeneration (AMD), which increase the need for early diagnosis of eye disorders.
End User Trends in Optical Imaging
The optical imaging market is segmented into hospitals and clinics, research laboratories, and pharmaceutical biotechnology companies. Hospitals and clinics represent the largest and fastest-growing segment, attributed to the high number of ophthalmologists, the frequent installation of new systems, and the constant demand for advanced diagnostic technology.
Regional Market Dynamics
In 2021, North America led the optical imaging market, thanks to favorable reimbursement policies, a high incidence of glaucoma and cataract cases, and a significant rate of new optical imaging system implementations in hospitals.
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