Optical Imaging Market - 2021 - 26 - Industry Share, Size, Growth

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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 technology 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 technology 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.

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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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