(I-BusinessNews.Com, July 12, 2021 ) According to the market research report Optical Imaging Market is projected to reach USD 3.3 billion by 2026 from USD 1.6 billion in 2021, at a CAGR of 14.8% during the forecast period.
Factors such as the rising aging population, increasing research & development activities in the life sciences sector, and increasing applications of optical imaging techniques in drug discovery processes and preclinical research are fueling the growth of this market. However, high costs of instruments, stringent regulatory approval procedures, a dearth of skilled operators, and insufficient reimbursements for optical imaging procedures are factors posing several challenges to the overall growth of the market during the forecast period.
Carl Zeiss Meditec AG (Germany), Abbott Laboratories (US), Topcon Corporation (Japan), Canon Inc. (Japan), PerkinElmer, Inc. (US), Koninklijke Philips N.V. (Netherlands), and Heidelberg Engineering (US) are the leading players in the optical imaging market. Leica Microsystems (Germany), Headwall Photonics, Inc. (US), Optovue Inc. (US), Optical Imaging Ltd. (Israel), Optos (Scotland), and Wasatch Photonics (Utah) are the other prominent players in the market.
Carl Zeiss Meditec AG
Carl Zeiss Meditec AG (Germany) held the leading position in the global optical imaging market in 2020. The company has a diversified product portfolio of optical imaging systems, majorly (OCT systems) for ophthalmic applications, which include a wide range of clinical tools for the diagnosis and treatment of eye diseases. The company was the first player to introduce time-domain OCT-based products for retinal, anterior segment/cornea, and optic nerve imaging. Its leading position in the optical imaging market can be attributed to its innovations in OCT systems.
Over the years, the company has developed innovative products for various medical applications. The company’s products, such as Stratus OCT and Cirrus HD-OCT systems offer proficiencies and streamlined workflows that enable physicians to gather and interpret detailed disease information; they are also one of the most widely adopted clinical tools among ophthalmologists. In April 2019, the company launched the PLEX Elite 2.0, the first dual-speed swept-source OCT/OCTA that will scan at 200kHz, in addition to 100kHz, providing doctors a deeper and more detailed view into the retina, enabling visualization options for various diseases.
Furthermore, in order to strengthen its market position, the company focuses on increasing its R&D spending in optical technology to develop image analysis algorithms and to upgrade its software for objective measurement and subjective clinical evaluation of retinal disease detection. The company has a strong manufacturing and distribution footprint across the globe, which enables it to serve customers in the Americas, Africa, Europe, the Middle East, and the Asia Pacific.
Topcon Medical Systems, Inc. was the second-largest player in the global optical imaging market. The company has maintained its leadership position in the market through its strong distribution networks across North America, Europe, and the Asia Pacific (especially Japan and China). It focuses on acquisitions and partnerships as its key business strategies to ensure growth in the global optical imaging market. For instance, in April 2018, Topcon acquired KIDE (Finland); this acquisition helped Topcon to introduce a data management system for centrally managing eye image files and examination data for each patient.
Canon, Inc. was the third-largest player in the global optical imaging market. To maintain its position in the market, the company focuses on the strategies of expansions, acquisitions, and new product launches. It strives to develop new products and solutions for the optical imaging market and hence actively invests in R&D activities. In November 2020, Canon partnered with Spurs Sports & Entertainment. This partnership between the Spurs and Canon Medical will see the two working together on advancing medical imaging innovation. The company also emphasizes establishing a strong sales force to widen its presence in the global arena and cater to the increasing demand for optical imaging products across the world.
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