The global optical imaging market is expected to demonstrate a compound annual growth rate (CAGR) of 10.8% between 2014 and 2020, according to a new report from Transparency Market Research.
In 2013, the market was $1.06 billion; it is expected to reach $2.19 billion by the end of 2020. The oncology segment is expected to rise at a CAGR of 15.1%.
The market is projected to grow as the prevalence of disorders related to the skin, teeth, eyes, and other organs increases. As lifestyle diseases such as hypertension and diabetes become more common, people often become more vulnerable to problems related to these and other vital organs, fueling demand for optical imaging devices, the firm said.
In addition, the growing geriatric population will also increase the demand for optical imaging devices, the firm added.
