Optical imaging market to hit $1.9B in 2018, says report

A new market research report published by MarketsandMarkets forecasts that the optical imaging technologies market will reach $1.9 billion by 2018, at an estimated compound annual growth rate (CAGR) of 11.37 percent from 2013 to 2018. Technologies covered in the report include optical coherence tomography (OCT), hyperspectral imaging (HSI), near-infrared spectroscopy (NIRS), and photoacoustic tomography (PAT), all of which are expected to grow in the next five years for clinical diagnostics, clinical research, and the life sciences.

Related: Photoacoustic tomography is ready to revolutionize

Optical imaging has the potential to revolutionize clinical diagnostics and drug discovery in healthcare, as it uses light to assess optical properties of tissues noninvasively and, therefore, with fewer side effects. What's more, it doesn't use ionizing radiation and offers significant cost savings over conventional radiological technologies.

Currently, OCT has over 70% of the market share in the optical imaging market, with an expected 4 percent CAGR by the end of 2018. OCT is widely accepted for clinical diagnostics in ophthalmology, dentistry, cardiology, dermatology, and cancer detection. HSI, NIRS, and PAT are emerging technologies in optical imaging market, with a few players. HSI and NIRS are currently used for biomedical research and drug discovery in the areas of dermatology and neurology. These technologies are expected to grow exponentially, with a few units now readily available in the market. PAT recently made its entry into market for cancer detection, and recent advances have made it possible to enhance its ability in recovering both optical and acoustic properties that adds to its potential to better differentiate benign from malignant lesions.

Key players profiled in the report are Michelson Diagnostics, Heidelberg Engineering, Carl Zeiss Meditec, Volcano Corporation, Topcon Medical Systems, St. Jude Medical, Headwall Photonics, Cytoviva, ChemImage Corporation, Bioptigen, Raytheon ELCAN Optical Technologies, Somanetics Corporation, and ASE Optics.

For more information, please visit www.marketsandmarkets.com/Market-Reports/optical-imaging-technologies-market-894.html.

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