Optical imaging market with healthy growth
Owing to technological advancements and an increase in the application areas of optical imaging techniques in the pharmaceutical and biotechnological sectors and medical diagnostics and therapeutics, the optical imaging market recorded a healthy growth rate in the last decade.
Optical imaging is extensively used for several applications including preclinical research, disease diagnosis, and the study of various cellular and molecular processes in vivo such as protein interactions, protein degradation, and protease activity. Thus, increasing research activities in the biopharmaceuticals segment, and the rising applications of optical imaging for therapeutic and diagnostic purposes, has had a positive impact on the growth of this market.
In addition, the adoption of optical imaging, due to its noninvasive modalities, and the ability to integrate different optical imaging techniques into a single platform, is expected to drive the demand for optical imaging products in the coming years. However, the high installation cost, complex regulatory requirements, and the lack of skilled operators is likely to hinder the market growth to a certain extent.
The global optical imaging market was valued at USD 917.1 million in 2014, and is estimated to be worth USD 1,669.2 million in 2019. The market is expected to grow at a CAGR of 12.7 percent during the forecast period of 2014–2019.
In 2013, North America was the major leader, with nearly 43.5 percent share of the global market, followed by Europe, holding 31.8 percent. Greater uptake of optical imaging products and the presence of large number of optical imaging products manufacturers in the North American and European regions has led to their larger market shares. However, the Asia-Pacific region represents substantial growth opportunities during the forecast period of 2014 to 2019. The APAC market is expected to grow at a CAGR of around 15.1 percent during the forecast period, due to an increased focus on healthcare, and rise in research in the biotechnology and pharmaceutical sectors.