Demand for consumer electronics to help optical imaging market reach €2.72 billion valuation by 2027
A recently-published report has cast light on how the optical imaging market, valued at approximately €1.41 billion (US $1.5 billion) in terms of revenue, will experience more growth in the years to come.
The optical imaging market is predicted to reach a valuation of €2.72 billion ($2.9 billion) by 2027, which would mean the industry having a compound annual growth rate of 13.5%.
Drivers of the optical imaging market include rising demand for consumer electronics
The report from MarketsAndMarkets lists many drivers of the optical imaging market, including increasing demand for consumer electronics across the globe. It is thought that the widespread demand for products such as cameras, tablets and smartphones will help drive the market forward, as said devices feature advanced optical imaging systems that can take high definition photos.
Contributing factors to optical imaging market growth include the emergence of new innovations and advancements, such as miniature cameras.
The growing demand for medical imaging is also seen as a key driver for market growth in this industry, with an increasing demand for optical imaging in medical applications like the diagnosis and treatment of ailments and diseases. Optical coherence tomography was one optical imaging technology that was cited as helping to drive growth, as it is being adopted more and more by the medical industry.
Furthermore, macro factors like an ageing population have been cited as drivers for the optical imaging market. Beyond that, research and development efforts in the life sciences has apparently led to increased expectations of patients to have “quick and simple diagnosis and treatment.”
Other factors noted in the report include the increasing amount of information regarding healthcare in rapidly-developing economies.
It is thought that the widespread demand for products such as cameras, tablets and smartphones will help drive the optical imaging market forward | Credit: Unsplash
Which segment is predicted to dominate the optical imaging market based on product?
MarketsAndMarkets says that based on product, the imaging systems segment is expected to have the largest share. Demand for high-quality technologies continues to increase, with development observed from players in the industry.
Furthermore, it has been observed that increased competition among said players “calls for new improved systems and devices to be introduced in this market.”
Another driver of the imaging systems market is the demand for “non-invasive, non-contact optical imaging modality with no harmful radiation,” the report notes.
The camera segment is predicted to have the second-largest share of the optical imaging market, with portability, high sensitivity and high resolution capability listed as reasons why cameras are predicted to be used more and more for medical diagnostic applications.
Which segment is predicted to dominate based on application?
The pathological segment of the optical imaging market is expected to have the highest share based on application. This is due to growing demand for optical imaging systems to diagnose ailments such as tumours, eye disorders and cardiovascular diseases, according to the report.
Optical imaging systems are said to be regarded for being non-intrusive, as well having high definition images, and this has led to apparent market growth. Pathological imaging is regarded by MarketsAndMarkets as easy to use and not expensive to operate, which makes it widely-adopted by clinicians.
Rising funding of private healthcare leads to growing adoption of optical imaging
As a result of rising funding for private healthcare, more and more hospitals are adopting optical imaging technology, the report states. This means that based on end users, the hospitals segment is expected to have the highest market share in the forecasted period.
Optical imaging-based treatments, such as fluorescence imaging, are being increasingly adopted for testing and some technologies are used to detect cancers, as well as other illnesses.