North America Optical Imaging Market Size

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.