Medical Imaging Lens Market
Medical Imaging Lens Market (Product Application: Fiber Scope Couplers, Endoscope Couplers, Medical X-ray Scanning, Diagnostic Camera Hand Pieces, and Others; Functional Application: Pathological Imaging and Intra-operative Imaging; and End Use: Hospitals & Clinics, Research Laboratories, and Pharmaceutical and Biotechnology Industry) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 - 2030
- Electronics & Semiconductors
- 197 Pages
AR Increases Flexibility in Interventional Procedures for Treatment of Aortic Aneurysms
Augmented Reality (AR) is revolutionizing the medical imaging lens market. AR is expected to play a pivotal role in challenging applications in the field of image-guided therapy. For instance, leading U.S. multinational technology company Microsoft is using its AR technology in HoloLens 2 holographic computing platform, along with Philips Azurion-a next-gen image-guided therapy platform to address challenges faced by clinicians in interventional procedures.
The AR involved image-guided therapy is anticipated to create incremental opportunities for companies in the medical imaging lens market, since the technology helps to increase flexibility during interventional procedures. With the help of AR, clinicians are able to move around the patient during a procedure while receiving relevant patient information. AR techniques are gaining popularity in procedures involving endovascular repair of aortic aneurysms.
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3D Printed Holographic Lens Help Efficiently Target Brain Regions for Imaging
Ultrasound is a popular technique used for imaging of soft tissues as well as developing fetus. Hence, researchers in the medical imaging lens market are harnessing the advantages of ultrasound to better brain imaging practices. For instance, researchers at the Polytechnic University of Valencia in Spain introduced a 3D (3 Dimensional) printing holographic lens that deploy ultrasonic sound waves in the brain. As such, holographic lens also hold promising potentials in assessing drug delivery for the brain.
The medical imaging lens market is estimated to expand at an astonishing CAGR of ~11% during the forecast period. However, ultrasound is subject to distortion in the brain due to the skull, thus preventing it from focusing on the brain tissues. Hence, companies should collaborate with researchers to innovate in 3D printed holographic lens that are capable of generating complex patterns in beams that reach target brain regions.
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AI Plays Role of Supplemental Lens for Improving Operational Efficiency
AI is predicted to transform the medical imaging lens market and has been dominating titles at imaging conferences. However, limited FDA (Food & Drug Association)-cleared applications associated with AI in delivery rooms (DR) poses a restraint for market growth. As such, AI holds promising potential as supplemental lens for medical imaging that has an advantage of reducing treatment planning time, since the technology analyzes vast amounts of data.
AI helps to improve operational efficiency, as it frees healthcare professionals from mundane tasks associated with data management. Companies in the medical imaging lens market are increasing their R&D efforts to combine the use of AI with 3D imaging and improve operational efficiency for radiologists. On the other hand, the ultrasound technique is being highly publicized as a virtual medical imaging lens, which is playing an instrumental role in assessing difficult-to-access images.
Cornea Dome Lens Detect Pathological Abnormalities of Eyeball Surface
The cornea dome lens is gaining increased popularity in precision imaging for ophthalmology. An alarmingly high number of individuals are suffering from severe diseases of the eyeball surface. This problem is prominent among individuals of western countries who suffer from dryness-related complaints of the ocular surface. Hence, companies in the medical imaging lens market are capitalizing in incremental opportunities with the help of cornea dome lens to document their lens fit photographically on a regular basis.
Companies in the medical imaging lens market are scaling growth opportunities with the help of cornea dome lens, since regular ophthalmological examinations are important for patients. High-resolution color photographic documentation, with the help of medical imaging lens plays a key role in detecting pathological abnormalities.
Strategic Acquisition Project Fuel Adoption of Medical Imaging Lens Worldwide
Inorganic strategies such as mergers and acquisitions are bolstering the growth of the medical imaging lens market, which is estimated to reach a value of ~US$ 1 Bn by 2030. For instance, in December 2019, leading Japanese multinational photography and biotechnology company, Fujifilm Holdings Corporation, announced to acquire Hitachi in order to increase their product portfolio in the company’s diagnostic imaging business. Companies in the medical imaging lens market are entering into strategic collaborations to combine proprietary image processing techniques with AI technologies to improve the quality of medical care.
Company acquisitions help leverage global sales networks. In order to enhance the procedures of diagnostic imaging systems, companies are tapping into opportunities in Information Technology (IT) and electronic health records to improve patient outcomes. As such, the market for medical imaging lens is moderately consolidated with leading players accounting for ~45%-50% share of the market. Hence, emerging companies should enter into agreements with leading market players to acquire a strong global presence.
AI Cameras Assist in Scanning Potential COVID-19 Patients at Crowded Locations
Since healthcare systems in the U.S. are lagging other countries in the distribution of COVID-19 (coronavirus) testing kits, companies in the medical imaging lens market are manufacturing AI (Artificial Intelligence) cameras to detect individuals with fever possibility. For instance, Austin-based company Athena Security is gaining global recognition for its security cameras integrated with the AI technology that helps detect potential COVID-19 patients. The demand for security cameras with thermal imaging and computer vision tech is surging amidst the ongoing coronavirus era.
Lockdown relaxations have increased the stress of staffs at airports, hospitals, grocery stores, and voting locations. This is another key driver, which is generating value-grab opportunities for medical imaging lens manufacturers who should increase their production capacities in security cameras. Security camera detection systems are in high demand for the scanning of larger crowd at various locations.
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Medical imaging lens manufacturers are focusing in photonics equipment that are being pervasively used in laboratory settings to innovate in rapid testing kits for detecting COVID-19. Holographic lenses are playing an instrumental role in brain imaging. However, lens-free imaging solutions involving the use of holographic reconstruction algorithms poses a threat to medical imaging lens manufacturers. Hence, manufacturers should broaden their product portfolio in lens-free imaging solutions and target conventional medical imaging lens to budget-strapped healthcare systems in developing economies of the world. As such, the volume growth of Asia Pacific is predicted for aggressive growth in the medical imaging lens market, whereas the global output is estimated to cross ~39 million units by the end of 2030.
Medical Imaging Lens Market: Overview
- According to Transparency Market Research’s latest research report on the global medical imaging lens market for the historical period 2018–2019 and the forecast period 2020–2030, the adoption of medical imaging lenses is increasing in hospitals & clinics to study, diagnose, and perform operations precisely. Thus, rise in demand for technologically advanced medical imaging lenses in hospitals & clinics for medical applications is expected to drive the global medical imaging lens market.
- In terms of revenue, the global medical imaging lens market is estimated to reach ~US$ 1 Bn by 2030, expanding at a CAGR of ~11% during the forecast period
Growing Adoption of Invasive Surgeries to Fuel Medical Imaging Lens Market: A Key Driver
- Demand for medical imaging lens in X-ray microscope is high across the globe, owing to its ability to produce enlarged images of samples illuminated with X-rays. These lenses are ideal for pathological imaging, and research and development work in laboratories.
- Furthermore, diagnostic cameras are used in hospitals and clinics to investigate tiny and inner organs of the body closely and help to perform surgical operations with high precision and accuracy
- Increasing inclination of patients toward invasive surgeries is a strong factor likely to boost the global medical imaging lens market during the forecast period
- Additionally, surge in the use of medical cameras and microscopes for neurosurgeries and in ophthalmology is another factor anticipated to drive the global medical imaging lens market. Along with this, technological advancement in medical devices is anticipated to have a positive impact on the global medical imaging lens market during the forecast period.
Incorporation of New Technology in Medical Equipment: Latest Market Trend
- Adoption of portable and digital devices in the healthcare sector is considerably increasing in the medical imaging lens market. The healthcare industry is now replacing conventional devices with latest and technologically advanced imaging equipment to streamline the diagnostic imaging process and improve patient experience.
- Thus, with increasing demand for innovative medical equipment, multiple companies are working toward the development of high-tech medical x-ray scanners that not only enable early diagnosis but also deliver faster results
- Demand for technologically advanced medical imaging lens is increasing across the globe as a result of this factor, which is expected to boost the global market during the forecast period
High Cost of Medical Imaging Lens: Major Challenge for Global Market
- Medical imaging lens are used in diagnostic cameras, X-ray microscopes, and other medical equipment. Imaging lens are used in these medical equipment to produce enlarged images of samples.
- Medical cameras and microscopes are expensive equipment, and require substantial investment for their set up in healthcare units. Apart from this, excise tax on medical cameras and microscopes by governments is preventing small and middle level players from adopting these devices.
- As a result, growth of the medical imaging lens market is expected to be hampered in regions with poor medical infrastructure
- Thus, high cost of various medical equipment is projected to have a moderately negative impact on the global medical imaging lens market during the forecast period
Medical Imaging Lens Market: Competition Landscape
- Detailed profiles of providers of medical imaging lens have been given in the report to evaluate their financials, key product offerings, recent developments, and strategies
- Key players operating in the global medical imaging lens market are
- Canon, Inc
- Eastman Kodak Company
- Edmund Optics
- Fujifilm Holdings Corporation
- National Instruments
- Nikon Instruments, Inc.
- Leica Microsystems
- Panasonic Corporation,
- Olympus Corporation
Medical Imaging Lens Market: Key Developments
- Key providers of medical imaging lens, such as Fujifilm Holdings Corporation and Leica Microsystems are focusing on the development of innovative and reliable medical imaging lens. Some other key developments in the global medical imaging lens market are as follows:
- In December 2019, Fujifilm Holdings Corporation announced that it had signed an agreement with Hitachi, Ltd. to acquire Hitachi’s Diagnostic Imaging-related business to further expand its healthcare business
- In May 2020, Canon Inc. partnered with Surfacide to offer Helios, a rapid decontamination tool for its imaging equipment
- In the report on the global medical imaging lens market, we have discussed individual strategies, followed by company profiles of providers of objective lenses. The ‘Competition Landscape’ section has been included in the report to provide readers with a dashboard view and company market share analysis of key players operating in the global medical imaging lens market.
Medical Imaging Lens Market – Scope of the Report
A new study on the global medical imaging lens market is published by Transparency Market Research (TMR). It presents detailed information on key market dynamics, including drivers, trends, and challenges for the global medical imaging lens market as well as its structure. TMR’s study offers valuable information on the global medical imaging lens market in order to illustrate how the market is expected to expand during the forecast period i.e. 2020–2030.
Key indicators of market growth, which include value chain analysis and Compound Annual Growth Rate (CAGR), have been elucidated in TMR’s study in a comprehensive manner. This data can help readers interpret the quantitative growth aspects of the global medical imaging lens market.
An extensive analysis of business strategies adopted by leading market players has also been featured in the TMR’s study on the global medical imaging lens market. This can help readers understand key factors responsible for the growth of the global medical imaging lens market. In this study, readers can also find specific data on avenues for qualitative and quantitative growth of the global medical imaging lens market. This data would guide market players in making apt decisions in the near future.
Key Questions Answered in TMR’s Study of Medical Imaging Lens Market
- What would be the Y-o-Y growth trend of the global medical imaging lens market between 2020 and 2030?
- What is the influence of the changing trend in product application on the global medical imaging lens market?
- Would North America continue to be the most dominant regional market for providers of medical imaging lens in the next few years?
- Which factors would hinder the global medical imaging lens market during the forecast period?
- Which are the leading companies operating in the global medical imaging lens market?
A unique research methodology has been utilized by TMR to conduct a comprehensive research on the global medical imaging lens market and arrive at conclusions on future growth prospects for the market. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the conclusions drawn.
Secondary research sources referred to by analysts during production of the report on the global medical imaging lens market include statistics from company annual reports, SEC filings, company websites, World Bank database, investor presentations, regulatory databases, government publications, and market white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who have contributed to production of TMR’s study on the global medical imaging lens market as a primary research source.
These primary and secondary sources provided exclusive information during interviews, which served as a validation from leading players operating in the global medical imaging lens market. Access to an extensive internal repository as well as external proprietary databases allowed this report to address specific details and questions about the global medical imaging lens market with accuracy. The study also uses a top-down approach to assess the numbers for each segment and a bottom-up approach to counter-validate them. This has helped in making TMR’s estimates on future prospects for the global medical imaging lens market more reliable and accurate.
Medical Imaging Lens Market – Segmentation
TMR’s study of the global medical imaging lens market segments the market based on product application, functional application, end use, and region. Changing market trends and other crucial market dynamics associated with segments of the global medical imaging lens market have been discussed in detail in TMR’s study.
Fiber Scope Couplers
Medical X-ray Scanning
Diagnostic Camera Hand Pieces
Hospitals & Clinics
Pharmaceutical and Biotechnology Industry
Middle East & Africa