The global optical imaging system market is expected to reach $3 billion U.S. (2.71 billion euros) by 2024, according to a new report from Grand View Research.
Technological advancements and rising preference for noninvasive technology are expected to be a market catalyst. Also, rising R&D efforts by pharmaceutical and biotechnological companies requiring the use of optical imaging systems are encouraging market growth. Veterinary hospitals and educational institutions are using the technology in research and diagnostics due to its noninvasive nature, which is also contributing to market growth.
North America and Europe together accounted for the largest share of the optical imaging market, more than 60% in 2015. Well-developed research infrastructure, availability of skilled professionals, and faster adoption rates of technically advanced devices within the region are factors promoting growth. Also, supportive government initiatives are propelling growth. For instance, the government of Canada invested about $750,000 U.S. (677,000 euros) in the Canadian Imaging Research Center to promote research and commercialization opportunities in the imaging sector.
Asia-Pacific is expected to have the fastest growth rate during the forecast period owing to the easy availability of resources. Government funding for R&D is increasing in emerging nations, such as India and China. For instance, Impacting Research Innovation and Technology (IMPRINT), an initiative by the Indian government, promotes research and development in imaging and other technology sectors.
The full report may be viewed here.
