Optical Imaging Market is Expected to Reach $2.19B by 2020

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Featuring the presence of only a few global and domestic players, the global optical imaging market exhibits a consolidated vendor landscape. With key players looking to gain competitive advantage, the introduction of novel technologies or products could induce competition among the top players in the market, states Transparency Market Research (TMR) in a new study. TMR expects the overall rivalry in the global optical imaging market to remain moderate to high between 2014 and 2020. Some of the leading players operating in the market are St. Jude Medical, Inc., Carl Zeiss AG, Michelson Diagnostics Ltd., Topcon Medical Systems, Inc., Bioptigen, Inc., and Heidelberg Engineering GmbH.

The global optical imaging market is forecast to exhibit an impressive CAGR of 10.8% between 2014 and 2020. The market stood at US$1.06 bn in 2013 and is expected to reach US$2.19 bn by the end of 2020. By application, the oncology segment is expected to rise at a considerably high CAGR of 15.1% CAGR during the forecast period. Regionally, the market was dominated by North America with a share of 46.1% in 2013.

Demand for Optical Imaging to Rise in Response to Increasing Incidence of Lifestyle Diseases  

The market is projected to witness considerable growth in the forthcoming years as the prevalence of disorders related to skin, teeth, eye, and other organs increase. As people grow more accustomed to sedentary lifestyle, extended working hours, and lack of exercise, they facing more number of health problems than ever before. Lifestyle diseases such as hypertension and diabetes have thus become highly prevalent worldwide. This diseases often make people vulnerable to problems related to eyes, skin, teeth, and other vital organs, thus in turn fuelling demand for optical imaging devices.

Rising Geriatric Population to Fuel Demand for Optical Imaging Devices  

"Currently, optical imaging devices such as HIS, OCT, NIRS, and PAT find application across treatment modalities for dentistry, ophthalmology, cardiology, and dermatology," said a lead TMR analyst. The rising aging population will also create opportunities for the optical imaging market as the risk of chronic ailments increases with the increasing age. "Since geriatric population is more prone to dental and visual problems, and cardiovascular diseases, they make a key consumer segment in the global optical imaging market," observes the TMR report's author.

Besides this, the market is also expected to gain impetus from the increasing adoption of optical imaging technologies across diverse applications.

Absence of Well-defined Reimbursement Restrains the Market's Growth  

Despite witness positive opportunities worldwide, the lack of proper reimbursement facilities is inhibiting the growth of optical imaging modalities, particularly in developing countries. A majority of the optical imaging technologies available in the market are novel techniques and are thus not included within the reimbursement policies prevalent in developing nations. Due to this, in emerging economies such as India, Mexico, China, and Brazil, which are highly price-sensitive, only a limited penetration of optical imaging modalities is noted. The lack of well-defined reimbursement policies are proving restraint for the market's penetration across these countries.

Besides this, the lack of clinical data validation is also creating bottlenecks for the market. For instance, there is inadequate data authenticating the use of the Fourier-domain OCT to identify disease progression in glaucoma patients. This may restrain the adoption of OCT across the world.

Application across Diverse Segment to Boost Market's Growth in Forthcoming Years  

Optical imaging is gradually finding applications across oncology, ophthalmology, internal medicine, gastroenterology, gynecology, cardiology, in vivo imaging, dentistry and urology. The technology enables superior tissue penetration with high image resolution. These intrinsic benefits of optical imaging will help key players mitigate the aforementioned concerns in the forthcoming years.

Furthermore, the market is also expected to gain impetus from the presence of the large unmet needs of population residing in emerging economies.

This review is based on the findings published by TMR in a report, titled "Optical Imaging Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020."