(PharmaNewsWire.Com, February 27, 2021 ) According to a new market research report Optical Imaging Market is expected to reach USD 1,749.2 Million by 2021. The market was valued at USD 888.6 Million in 2015 and is expected to grow at a CAGR of 12.1%
The growing demand for noninvasive and radiation-free imaging modalities in the end-user markets, and an increase in R&D activities involving optical imaging technology in the pharmaceutical and biotechnology sector are fuelling the growth of this market. Moreover, the increasing focus towards the development of biopharmaceuticals and the widening applications of optical imaging techniques in this industry are also contributing to the growth of the optical imaging market.
In the techniques segment, optical coherence tomography (OCT) accounted for the largest market share—84.5%. This can be attributed to the successful application of OCT in variety of medical diagnostics procedures, especially in the field of ophthalmology and cardiology. Moreover, the growing application of optical imaging techniques for preclinical research is expected to boost its adoption during the forecast period.
Geographically, the global optical imaging market was dominated by North America, primarily due to the presence of a number of optical imaging manufacturers in the U.S. and the high adoption of optical imaging techniques for medical diagnostics applications in the North American region. By 2019, North America will continue to dominate the market.
Asia-Pacific region represents one of the fastest growing markets for optical imaging technologies during the forecast period. A majority of the growth in this market will be driven by the growing health awareness in the region, rising need for safer imaging modalities, growth in the pharmaceutical and biotechnology sectors, and the increase in number of research laboratories in Asia, especially in Japan and India. Countries like China, Singapore, Malaysia are also witnessing rapid technological growth, which is expected to boost the Asian optical imaging market.
Asia-Pacific region represents one of the fastest growing markets for optical imaging technologies during the forecast period. A majority of the growth in this market will be driven by the growing health awareness in the region, rising need for safer imaging modalities, growth in the pharmaceutical and biotechnology sectors, and the increase in number of research laboratories in Asia, especially in Japan and India. Countries like China, Singapore, and Malaysia are also witnessing rapid technological growth, which is expected to boost the Asian optical imaging market during the forecast period
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