The global optical imaging market produced $1.06 billion in revenues in 2013 and is projected to grow at a 10.8% compound annual growth rate (CAGR) to reach $2.19 billion in 2020, according to a new report from Transparency Market Research.
Of the major optical imaging technologies of optical coherence tomography (OCT), hyperspectral imaging, photoacoustic tomography, and near-infrared spectroscopy, OCT held the largest share (75.7%) in 2013 and is expected to grow at a CAGR of 9.7% from 2014 to 2020, due to widespread use in ophthalmology and dentistry, according to Transparency. Additional growth factors driving the OCT market include benefits such as avoiding the emission of harmful radiation and easier ability to examine soft tissue, Transparency said.
Ophthalmology, dentistry, dermatology, cardiology, neurology, oncology, and biotechnology and research represent the major application areas for optical imaging technologies, according to the firm. Of these, oncology will experience the fastest growth, projected to climb at a CAGR of 15.1% to reach $7.4 million by 2020.
Overall, the optical imaging market is expected to be driven by factors such as the increasing prevalence of disorders related to various anatomical areas, changing lifestyle, aging populations, the increased prevalence of chronic disease such as diabetes and hypertension, and rising demand for advanced diagnostics and treatment techniques. On the downside, limiting factors for the market include the lack of reimbursement and insufficient clinical data validation for these technologies, Transparency said.
