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Global Optical Imaging Market - Future Growth and Global Forecast

A latest market report published by Transparency Market Research is Optical Imaging Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020
Published 02 February 2016

According to a recent market study published by Transparency Market Research (TMR),  the global optical imaging market estimates the market to expand at a healthy CAGR of 10.80% during the period from 2014 to 2020 and reach a market value of US$2.1 bn by the end of the forecast period.

The increasing incidence of skin-, eye-, teeth-, and other organ-related diseases is the key driving force behind the rise of the global optical imaging market, cites the report.The report analyzes the global optical imaging market on the basis of the application and techniques of optical imaging. Ophthalmology, dermatology, dentistry, cardiology, oncology, neurology, and biotechnology and research are the main application areas of optical imaging.
 
The oncology segment is likely to report the fastest growth at a CAGR of 15.10% over the forecast period. Analysts expect this segment to generate US$7.4 mn revenue in the overall optical imaging market by the end of 2020.

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The global optical imaging market has been segmented on the basis of technology into optical coherence tomography (OCT), near infrared spectroscopy (NIRS), photoacoustic tomography (PAT), and hyperspectral imaging (HSI). The OCT segment is further categorized into fill-field OCT, time-domain OCT, and fourier-domain OCT.

Among all the technology segments, in 2013, the OCT segment dominated the global optical imaging market, accounting for 75.7% of the market. The OCT segment is estimated to grow significantly at a 9.7% CAGR between 2014 and 2020. The dominance of the OCT segment can be attributed to its increased use in the areas of dentistry and ophthalmology. Moreover, the benefits of OCT with regard to avoidance of emission of harmful radiation and easy examination of soft tissue using this technology are expected to fuel the OCT market in the near future.On the basis of application, the global optical imaging market has been segmented into ophthalmology, cardiology, neurology, biotechnology and research, oncology, dentistry, and dermatology.

North America dominates the global optical imaging market in 2013 and is followed by Europe. Key factor responsible for the growth of the North American market is the high usage of the optical imaging technologies in several applications like ophthalmology, dentistry and dermatology in the region. This region also comprises huge geriatric population that suffers from several disorders that require the use of optical imaging devices, which in turn will contribute towards the growth of this market. Asia-Pacific is the fastest growing geographic segment in the global optical imaging market during the forecast period 2014 to 2020. Key factors responsible for the rapid growth of this market in the region are presence of high patient population suffering from disorders of eyes, skin, teeth etc. along with high prevalence of chronic diseases that further add to the targeted patient population. Increasing healthcare awareness and developing healthcare infrastructure in the region along with growing purchasing power of the general population will add to the growth of this market in the region.

Bioptigen, Inc., Canon, Inc., Carl Zeiss AG, ChemImage Corporation, Heidelberg Engineering GmbH, Headwall Photonics, Inc., Michelson Diagnostics Ltd., NIDEK CO., LTD., Optovue, Inc., St. Jude Medical, Inc., and Topcon Medical Systems, Inc. are some of the major players operating in the global optical imaging market. Most of these players constantly innovate and develop technologically advanced and/or improved optical imaging devices and systems to maintain their position in the global market.  

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