The global optical imaging system market is predicted to reach US$ 3 billion by 2024. It is expected to grow at a stable rate and will post a CAGR of more than 8% in the coming years. The growing market infiltration of digital technologies in the optical imaging and medical imaging capacities will propel the growth forecasts for the global optical imaging market over the next few years. As per the global market research, the application of laser technology comprises medical imaging, optical imaging, and microscopy. Furthermore, to upsurge the process competence, the optics and photonics technology is combined to improve advanced optical imaging systems. Additionally, the radiation-free Optical Coherence Tomography (OCT) technology is used for dental diagnosis and treatment, while, the sound navigation and ranging (SONAR) technology are used for apprehending images as a part of digital technology in the medical imaging process.
The Americas made for the maximum market share during 2016 and is anticipated to continue dominating the market until the end of 2021. One of the foremost elements liable for the swelling number of setting up of optical imaging systems is the constant demand from North America that grips the biggest market share in the region. Also, the implementation rate of optical imaging systems in the US hospitals and operating rooms is observed to be very high. Furthermore, the rate of implementation of these devices is high because they are economical and non-invasive. In addition, the emerging public-private enterprises would decrease the total healthcare expenditure, which would lift the inflow of end users and hasten the market’s growth prospects in the coming years.
Asia Pacific is predictable to observe the firmest growth rate in the near future due to the easy accessibility of resources. Positive setting is promising research undertakings as government subsidy for R&D is growing in developing nations, such as India and China. This is anticipated to lure market players to this region, thereby aiding higher penetration and development.
The global optical imaging market is yet in its embryonic stage, and the competitive environment of the market is highly concentrated. The competition in the market is projected to toughen further as a result of the existence of numerous software and accessories supplying businesses. Also, these dealers contend against each other founded on aspects like product diversity, technology and imaging software up gradation, competitive pricing, online and on-site overhauling.
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