Optical Imaging System Market to Grow at USD 3.0 Billion by 2024

Posted by carol miller on January 29th, 2020

The global optical imaging system market is expected to reach USD 3.0 billion by 2024, according to a new report by Grand View Research, Inc. Technological advancements and rising preference for noninvasive technology are anticipated to be the preliminary market catalyst. 

Rising R&D efforts by pharmaceutical and biotechnological companies requiring the use of optical imaging systems are encouraging the market growth. Additionally, veterinary hospitals and educational institutions are utilizing this technology in research and diagnostics, due to its noninvasive nature.

North America and Europe together accounted for the largest market share that was over 60.0% in 2015. Well-developed research infrastructure, availability of skilled professionals, and faster adoption rates of technically advanced devices within the region are certain factors promoting growth. Furthermore, supportive government initiatives in this region are propelling the growth in this sector. The government of Canada invested around USD 750,000 in the Canadian Imaging Research Center to promote research and commercialization opportunities in the imaging sector. 

Asia Pacific is expected to witness the fastest growth rate during the forecast period owing to the easy availability of resources. Favorable environment is encouraging research activities as government funding for R&D is increasing in emerging nations, such as India and China. For instance, Impacting Research Innovation and Technology (IMPRINT), an initiative by the Indian government, promotes R&D in imaging and other technology sectors. This is expected to attract market players to this region, thereby facilitating higher penetration and expansion.

Further Key Findings from the Study Suggest:

• The optical coherence tomography segment is the largest segment over the forecast period. The largest share was attributed to the extensive application in small animal imaging and research projects.
  
  
• North America captured the largest market share of around 35.0% in 2015. The market is expected to maintain its dominance during the forecast period. Technologically advanced research infrastructure and increasing use in medical testing for chronic conditions are some of the factors supporting the growth in this region.
  
  
• Asia Pacific is anticipated to witness a significant growth rate from 2016 to 2024 owing to the government initiatives in this region. For instance, the Asia-Pacific Optical Sensors Conference held every year by the Optical Society helps showcase new products to consumer, thereby increasing awareness regarding the market and its developments.
  
  
• Some key players are PerkinElmer, Inc., St. Jude Medical, Inc., Carl Zeiss Meditec AG, Topcon Corporation, and Koninklijke Philips N.V.
  
  
• In order to curb the competition, key industry players are meticulously involved in the development of new systems that facilitate easy diagnosis. For instance, the Dragonfly Catheter series by St. Jude Medical, Inc. provides data sampling of around 100 MB per second.

Access full research report on global optical imaging system market: www.grandviewresearch.com/industry-analysis/optical-imaging-system-market-analysis