Optical Imaging Market to Grow to 12.7 Percent through 2019

14 November 2014—The global optical imaging market is expected to grow at a hefty 12.7 percent compound annual growth rate (CAGR) for the next five years, reaching $1.67 billion by 2019, according to a new report from market research firm Research and Markets (Dublin, Ireland). Amy Cole, senior manager at Research and Markets, says the growth in the optical imaging market is primarily due to the increase in demand for safer and noninvasive therapeutic and diagnostic imaging techniques that minimize the use of radiation, as well as its increased use in applications such as biotechnology and pharmaceutical research.

The imaging market is comprised of four major techniques: optical coherence tomography, hyperspectral imaging, near-infrared spectroscopy and photoacoustic tomography. These techniques are increasingly used in ophthalmology, neurology, oncology, dentistry, cardiology and dermatology. The report found that the growth in these applications is limited by high initial capital expenditure, reimbursement challenges, stringent government regulation of medical devices, the challenges inherent in handling and validating vast amounts of data, and the lack of skilled operators.