North America Optical Imaging Market Size (2024 - 2029)

North America Optical Imaging Market Analysis

The North American optical imaging market is expected to register a CAGR of 10.2% during the forecast period. The increased demand for non-invasive procedures, particularly among the elderly, is likely to drive the market.

• Optical imaging is gaining popularity as it employs non-ionizing radiation, such as visible, ultraviolet, and infrared light, which considerably minimizes patient exposure to hazardous radiation. Optical imaging can be used for repeated procedures to monitor the progression of a disease or the results of treatment, as it is far safer than techniques that employ ionizing radiation, such as X-rays.
• The region is also witnessing a rise in investments, R&D activities, and technological advancements in the life sciences sector. For instance, in February 2022, BTR (Boston Technology Research) and SaMD announced raising USD 15 million in a Series A funding round.
• The funding would ensure that customers are prepared for the FDA's anticipated guidance to incentivize a move from traditional methods to new technologies. Such developments are likely to boost the growth of the market studied by accelerating the adoption of new technologies like optical imaging.
• Additionally, in January 2021, CARB-X awarded USD 578,000 to Accelerate Diagnostics, a USA-based biotech company, for developing new fiber optic technology to diagnose sepsis or the risk of sepsis.
• Further, optical imaging is beneficial for determining various soft tissue properties. As different soft tissues absorb and scatter light differently, optical imaging can detect metabolic abnormalities that are early indicators of abnormal organ and tissue functioning. Optical imaging can be combined with other imaging techniques to provide more information to clinicians and researchers working on complex experiments. Such advantages provided by optical imaging are expected to fuel the growth of the market studied.
• However, due to the COVID-19 pandemic, medical practices of all sizes were under tremendous strain as healthcare facilities in the region were overwhelmed by the large number of patients who visited them daily. The pandemic also increased the need for physicians and other healthcare professionals to maintain social distancing. Due to the pandemic, many imaging and diagnostic departments saw a sharp decline in optical imaging case volumes.
• Additionally, stringent regulatory approval procedures, hefty instrument costs, a scarcity of qualified operators, and insufficient reimbursements for optical imaging procedures hinder the growth of the market studied.

North America Optical Imaging Industry Segmentation

Optical imaging is a newly developed non-invasive technique for taking pictures of the body's internal organs. Visible light and photons are combined to obtain a comprehensive image of internal organs and tissues. Additionally, pictures of smaller structures like molecules and cells are taken. Optical imaging, which uses photon properties like absorption and scattering, measures and perceives the characteristics of organs and soft tissues. Although it is still developing, optical imaging technology has several technological advantages over other imaging technologies.

The North American optical imaging market is segmented by Technology (Photoacoustic Tomography, Optical Coherence Tomography, Hyperspectral Imaging, Near-infrared Spectroscopy), Product (Imaging Systems, Illumination Systems, Lenses, Optical Imaging Software, Other Products), Application Area (Ophthalmology, Oncology, Cardiology, Dermatology, Neurology, Dentistry, Other Application Areas), End-user Industry (Hospitals and Clinics, Research and Diagnostic Laboratories, Pharmaceutical Industry, Biotechnology Companies), and Country (United States, Canada). The report also covers the assessment of COVID-19 in the North American optical imaging market. 

The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.