Optical Imaging for Oncology Treatment Market Size (2024 – 2030)

According to the report published by Virtue Market Research in Global Optical Imaging for Oncology Treatment Market was valued at USD 542.46 Billion and is projected to reach a market size of USD 1,260.47 Billion by the end of 2030. Over the forecast period of 2024-2030, the market is projected to grow at a CAGR of 12.80%.

Optical imaging is a non-invasive, non-ionizing technology that uses light to look at cellular and molecular activity in living things. Visible light is electromagnetic radiation, which has wave and particle characteristics. Photons may be absorbed, reflected, or dispersed when they go through tissue, depending on their composition. To create distinctive spectral fingerprints that could provide details about the molecular structure of the target tissue, various optical imaging techniques explore these interactions.

For instance, while fluorescence and phosphorescence rely on the emission of light following its absorption, Raman spectroscopy investigates the inelastic scattering of light. Optical imaging may provide real-time and quantitative data and has a very high spatial resolution in the nanometer (nm) range. Fiberoptic endoscopic probes that permit tissue lighting and gather the light emitted from deep inside the body may be able to aid with this to some extent. Additionally, soft tissues behave differently in the near-infrared (NIR) area of the electromagnetic spectrum than they do in the visible band, allowing the probing depth to be increased to a few centimetres when using NIR optical imaging.

In hybrid tomographic systems like advanced fluorescence-mediated tomography/micro-CT, which offers a helpful alternative to conventional PET analysis in drug research, fluorescence imaging is utilised. Wide-field NIR fluorescent molecular endoscopy has been advocated for improving the early identification of oesophagal lesions and colorectal adenomas, among other device designs.

Global Optical Imaging for Oncology Treatment Market Drivers:

Technological advancements in the sector are driving growth in the Optical imaging For Oncology Treatment Market.

Biomedical engineers are working with government financing to create a state-of-the-art optical imaging technique that can spot alterations in the configuration of the collagen fibres in the sclera of the eye. The method makes use of a computer model that connects specific changes in sclera proteins to glaucoma with early onset. The new test will enable continuing non-invasive treatment response monitoring as well as early therapy that maintains vision. To detect brain blood flow and metabolic processes, including oxygen utilisation, engineers are building an optical imaging system. This encourages the expansion of the local market.

Expanding spheres of applicability are bolstering demand in Optical imaging For Oncology Treatment Market.

Raman spectroscopy is based on the Raman scattering of visible, near-infrared, or near-ultraviolet light. The interaction between the material's molecular vibrations and the laser light results in energy shifts that reveal the substance's chemical makeup. Chemical compound identification as well as crystal and material structure are among the uses. The surgery uses Raman gas analyzers to keep an eye on the anaesthetic gas mixture. The widespread use of optical imaging methods for the diagnosis and treatment of different ailments is anticipated to fuel the expansion of the optical imaging market.

Global Optical Imaging for Oncology Treatment Market Challenges:

The operation of healthcare systems depends on health professionals. Their accessibility, acceptance, availability, and quality are all key factors in achieving the right to the best possible level of health and expanding healthcare coverage. The WHO estimates that there will be a ten-million-person labour deficit in the health sector by 2030, primarily in low- and lower-middle-income countries. Governments at all socioeconomic levels face varying degrees of difficulties with the hiring, training, deployment, and performance of their workforces. These factors are promoting market growth in the area.

Global Optical Imaging for Oncology Treatment Market Opportunities:

Players operating in the global market can anticipate finding major growth prospects in emerging nations like India, China, Japan, and Brazil. These nations have among of the world's fastest-developing economies. These emerging economies provided almost one-third of the world's healthcare spending, according to estimates from the World Economic Forum for the year 2020. The ageing population and the disorders that are linked to it are further reasons that present the market with great growth prospects.

COVID-19 Impact on Global Optical Imaging for Oncology Treatment Market:

It is now more crucial than ever for doctors and other healthcare professionals to maintain social distancing due to the COVID-19 outbreak. Several imaging and diagnostic departments have experienced a sharp decline in optical imaging case volumes as a result of COVID-19. The short- and long-term financial stability of all practice settings is significantly impacted by the decline of optical imaging cases. Because of COVID-19, the demand for optical imaging devices has drastically decreased worldwide. The pandemic's widespread cancellation of elective surgeries as well as the shutting of hospitals and diagnostic centres in several countries are principally to blame for the sharp decline in demand for optical imaging equipment. Throughout the forecast period, it is also projected that the drop in outpatient visits will impede market growth.

Global Optical Imaging for Oncology Treatment Market Recent Developments:

• In January 2023, Canon and ScImage, Inc., a cloud-native image management business that provides services to the healthcare sector, partnered. Through this cooperation, Canon will be able to expand its reach in hemodynamics and better serve its clients by utilising Sclmage's cloud-driven image management and PACS technologies.

• Koninklijke Philips N.V. launched an MR suite of smart diagnostic systems based on AI in November 2021. The MR portfolio would include clever integrated solutions like the MR 7700 3.0T system that were created to speed up MR examinations, facilitate workflow, increase diagnostic accuracy, and support the optimisation of radiology operations.

• In July 2021, Canon announced the release of the cutting-edge Wide-field Swept Source Optical Coherence Tomography system, Xephilio OCT-S1. Customers could scan simply once using the Xephilio OCT-S1 to obtain high-resolution images up to 23 x 20 mm. Additionally, it would provide OCTA images with improved visibility and let customers employ its wide-angle OCT Imaging Angiography capability.

OPTICAL IMAGING FOR ONCOLOGY TREATMENT MARKET REPORT COVERAGE:

Global Optical Imaging for Oncology Treatment Market Segmentation: By Technology

• Photoacoustic Tomography

• Optical Coherence Tomography

• Hyperspectral Imaging

• Near-infrared Spectroscopy

In 2021, the optical coherence tomography market sector was the dominant one. This is because optical imaging technologies are increasingly being used in diagnostic settings for intravascular imaging. Recent developments in optical coherence tomography technology are predicted to support market expansion. To improve their market positions, several significant market companies are concentrating on creating cutting-edge optical coherence tomography equipment.

During the prediction period, photoacoustic tomography is predicted to grow at the quickest rate. A hybrid noninvasive imaging technique for both molecular and functional imaging is photoacoustic tomography. The preference for noninvasive technology is growing, and optical tomography performs better in biomedical imaging than its traditional optical imaging competitors. These factors are all contributing to the technology's explosive expansion.

Global Optical Imaging for Oncology Treatment Market Segmentation: By Product

• Imaging Systems

• Optical Imaging Software

• Illumination Systems

• Other

Due to the growing usage of imaging systems in a variety of applications for the diagnosis of diseases, the imaging systems category held the highest share with more than 34% of the market. The capacity of optical imaging to transcend broad spatial imaging scales spanning from cells to organ systems has rekindled interest in the application of this technology for medical imaging. Additionally, optical imaging is capable of differentiating between diseased and normal processes and tissues because of its contrast mechanisms. During the anticipated term, it is predicted that the other sections will grow the fastest. This is because preclinical and clinical research are using catheters and probes more frequently. It is also projected that increased government and private investment in R&D by pharmaceutical and biotechnology companies would contribute to the segment's rapid growth.

Global Optical Imaging for Oncology Treatment Market Segmentation: By Application

• Pathological

• Intraoperative

In 2021, the pathological sector held a revenue share of more than 71%, dominating the market. This is brought on by the growth in chronic illnesses brought on by an increase in sedentary lifestyles resulting in unhealthy eating habits and lack of exercise, a rise in the population of elderly people, and an increase in the consumption of processed foods.

The National Cancer Institute estimates that there were 19.6 million cancer survivors in the United States in January 2019. By 2030, it is anticipated that this number will reach 22.2 million. Thus, the pathogenic segment will continue to dominate during the forecast period as a result of the rising prevalence of chronic disorders.

Global Optical Imaging for Oncology Treatment Market Segmentation: By End-Use

• Research Labs

• Hospitals & Clinics

• Pharmaceutical and biotechnological companies

Due to the increased emphasis on R&D operations to create various new applications of optical imaging, the research labs segment had the largest share in 2021. The market is expected to develop as more optical imaging techniques are used in preclinical research and drug discovery processes. It is projected that increasing R&D efforts in the life sciences industry will further boost market expansion.

Due to the increased usage of optical imaging systems in these organisations' preclinical and clinical investigations, the pharmaceutical and biotechnology industries will see tremendous growth. Additionally, it is anticipated that throughout the projection period, strategic initiatives to develop innovative and technologically sophisticated goods by organisations with significant investments in the R&D sector will fuel the segment's expansion. For instance, the pharmaceutical industry spent $83 billion on research and development in the United States in 2019, according to the Information Technology Innovation Foundation.

Global Optical Imaging for Oncology Treatment Market Segmentation: By Region

• North America

• Europe

• Asia Pacific

• South America

• Middle East and Africa

With a market share of almost 35% in 2021, North America led the market and had the biggest percentage of it. The market in this area is expanding as a result of elements like the availability of qualified people, a strong research infrastructure, and government attempts to support technical improvement in the sector by providing investments and money. Additionally, it is anticipated that faster adoption of technologically improved items in the area will further accelerate market expansion.

With a CAGR of 14.0%, the Asia Pacific region is anticipated to grow at the fastest rate during the forecast period. This is because conducting research is not expensive, there are good regulatory rules in place, and there are more elderly people who are more likely to get chronic illnesses. Another element influencing the category growth during the predicted period is the government's growing attention to the healthcare industry.

Global Optical Imaging for Oncology Treatment Market Key Players:

1. St. Jude Medical Inc.

2. PerkinElmer, Inc.

3. Carl Zeiss Meditec AG

4. Koninklijke Philips

5. Topcon Corporation

6. Bioptigen Inc.

7. Canon, Inc.

8. Heidelberg Engineering, Inc.

9. Optovue Inc.

10. Headwall Photonics, Inc.