Emphasis on Product (Imaging Systems, Optical Imaging Software, Illumination Systems, Others); Therapeutic Area (Ophthalmology, Cardiology, Oncology, Dermatology, Neurology); Application (Pathological, Intraoperative); End-Users (Research Labs, Hospitals & Clinics, Pharmaceutical & Biotechnological Companies); Region and Country
Global Optical Imaging Systems Market is anticipated to grow with an elevated CAGR of around 14% over the forecast period (2021-2027). Optical imaging is an emerging technique used to assess the optical properties of tissues. Optical imaging systems have great potential in the healthcare sector for improving disease prevention, diagnosis, and treatment in the operating room.
The optical imaging market is expected can be attributed to the rising prevalence of various chronic diseases coupled with a rapidly growing geriatric population. According to the United Nations, the 60+ aged population was 962 million in 2017 which is more than twice that it was in 1980 at 382 million. The number of elderly is expected to double again by 2050 and reach nearly 2.1 billion worldwide. Also, according to the Centers for Disease Control and Prevention, approximately 85% of older adults have at least one chronic health condition, and 60% have at least two chronic conditions. Owing to these facts, there is a growing demand for various optical imaging technologies for effective solutions and a focus on the early diagnosis of diseases. Thereby, boosting the optical imaging systems market.
Furthermore, the rising prevalence of various neurological and ophthalmological disorders, among the population is also expected to foster the demand for imaging diagnosis, which in turn may augment the market growth. For instance, According to the WHO report on vision 2020, 196 million people suffer from age-related macular degeneration and according to the same report the number of people aged 60 years and over is estimated to increase by 54%: from 962 million in 2017, and to 1.4 billion in 2030.
PerkinElmer, Inc., Koninklijke Philips NV, Carl Zeiss Meditec AG, Topcon Corporation, Leica Microsystems, Canon, Inc., Heidelberg Engineering, Inc., Abbott Laboratories, Agfa-Gevaert NV, Optovue Inc., are some of the prominent players operating in the optical imaging systems market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with optical imaging systems.
Insights Presented in the Report
“Amongst Product, imaging systems segment holds the major share”
Based on product, the optical imaging systems market is segmented into imaging systems, optical imaging software, illumination systems, and others. The imaging systems segment accounted for the largest market share in 2020 and it is estimated that it will exhibit a significant CAGR during the forecast period owing to the increasing use of imaging systems across a wide range of applications for the diagnosis of disease.
“Amongst Therapeutic Area, oncology segment holds the major share”
Based on the therapeutic area, the optical imaging systems market is segmented into ophthalmology, cardiology, oncology, dermatology, and neurology. The oncology segment occupied a substantial share of the optical imaging systems market in 2020 and it is expected to grow considerably in the upcoming years owing to the growing prevalence of cancer across the globe and several benefits offered by optical imaging in the early detection of cancer. However, the ophthalmology segment is expected to grow with the lucrative CAGR in the coming years as this technology plays a vital role in the treatment of cataracts and other ophthalmic disorders.
“Amongst Application, pathological segment holds the major share”
Based on application, the market is fragmented into pathological and intraoperative. In 2020, the pathological application segment grabbed a considerable market share, and it is expected to grow at a significant CAGR during the forecast period as there is an increase in the number of people adopting sedentary lifestyle, unhealthy eating habits, and lack of exercise leading to surge in chronic diseases incidences globally. For instance, as per the National Cancer Institute, in the United States, an estimated 19.6 million cancer survivors were there in January 2019. Further, this number is anticipated to increase to 22.2 million by 2030.
“Amongst End-Users, research labs segment holds the major share”
Based on end-users, the market is fragmented into research labs, hospitals & clinics, and pharmaceutical & biotechnological companies. In 2020, the research labs segment grabbed a considerable market share, and it is expected to grow at a significant CAGR during the forecast period. The growth of this segment is attributed to the growing focus on R&D activities for developing various new applications of optical imaging. However, the pharmaceutical & biotechnological companies segment is expected to grow at the highest CAGR over the projected timeframe due to the increasing use of optical imaging systems in the preclinical and clinical studies conducted by these companies and the development of new and technologically advanced products by them.
“Asia-Pacific represents one of the largest markets of optical imaging systems market”
For a better understanding of the market dynamics of the optical imaging systems market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom, Italy, and Rest of Europe), Asia-Pacific (China, India, Australia, Japan, and Rest of APAC), Rest of World has been conducted. Asia-Pacific constitutes a significant share in the optical imaging systems market industry and generated revenue of USD XX Million in 2020 owing to growing healthcare expenditure and an increase in elderly population in the region.
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1. Market Introduction
2. Research Methodology Or Assumption
3. Market Synopsis
4. Executive Summary
5. Covid-19 Impact
6. Global Optical Imaging Systems Market Revenue
7. Market Insights By Product
8. Market Insights By Therapeutic Area
9. Market Insights By Application
10. Market Insights By End-users
11. Market Insights By Region
12. Optical Imaging Systems Market Dynamics
13. Optical Imaging Systems Market Opportunities
14. Optical Imaging Systems Market Trends & Insights
15. Legal & Regulatory Framework
16. Demand And Supply Side Analysis
17. Value Chain Analysis
18. Competitive Scenario
19. Company Profiled
20. Disclaimer
Analyzing the historical market, estimation of the current market, and forecasting the future market of the global optical imaging systems market were the three major steps undertaken to create and analyze the adoption of optical imaging systems in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global optical imaging systems market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:
Seek More Details About Research Methodology
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the optical imaging systems through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the optical imaging systems market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as product, therapeutic area, application, and end-users. Further country-level analyses were conducted to evaluate the overall adoption of optical imaging systems across the globe.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the optical imaging systems. Further, we conducted factor analysis using dependent and independent variables such as the rising prevalence of various opthalomatic and neurology disorders. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the optical imaging systems sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the optical imaging systems market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the optical imaging systems market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of product, applications, therapeutic area and end-users of the optical imaging systems market.
The main objective of the Optical Imaging Systems Market Study
The current & future market trends of optical imaging systems were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
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