Strategic Acquisition Project Fuel Adoption of Medical Imaging Lens Worldwide
Transparency Market Research delivers key insights on the global medical imaging lens market. In terms of revenue, the global market is estimated to expand at a CAGR of ~11% during the forecast period, owing to numerous factors regarding which, TMR offers thorough insights and forecasts in its report on the global medical imaging lens market.
Medical imaging lenses are used in various product applications such as fiber scope couplers, endoscope couplers, medical X-ray scanning, and diagnostic camera hand pieces to magnify the object to study, diagnose, or perform operations precisely. Among these product applications, medical imaging lenses are largely used in X-ray scanning for medical imaging to scan any kind of soft or hard tissue and treat patients accurately. In the process of studying and diagnosing, highly skilled and trained medical professionals are required to operate microscopes and obtain clear image. Thus, the demand for medical imaging lens is projected to rise across the globe in the near future with growing trend of making novel microscopes and cameras to perform operations precisely, quickly, and safely.
The global medical imaging lens market has been broadly segmented based on product application, functional application, and end use. Based on product application, the market has been divided into fiber scope couplers, endoscope couplers, medical x-ray scanning, diagnostic camera hand pieces, and others. Based on functional application, the market has been segmented into under pathological imaging, and intra-operative imaging. In terms of end use, the market has been segregated into hospitals & clinics, research laboratories, and pharmaceutical & biotechnology industry. Among product applications, the medical x-ray scanning segment holds significant market share and is anticipated to expand at a rapid pace during the forecast period.
Medical Imaging Lens Market: Dynamics
Well-established manufacturers of medical imaging lens are focusing on innovative technologies and software to diagnose patients accurately at greater speed. Physicians view the CT or MRI images outside the operating room and try to confirm the exact position of a cancerous site. The use of a needle-guiding system developed by HORL is helpful, as it angles the position of the needle to be inserted into the chest cavity at the accurate position. Additionally, Canon Inc. is creating a prototype of a needle guiding system by developing motors and sensors that can operate in the MRI environment. The ultra-miniature fiber endoscope and needle guiding system is being developed for commercialization by collaborating with Massachusetts General Hospital, and Brigham and Women’s Hospital. Thus, the development of innovative medical equipment for fast and accurate diagnosis is expected to drive the growth rate of the global medical imaging lens market during the forecast period.
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Moreover, the demand for medical imaging lens in X-ray microscopes 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. Additionally, diagnostic cameras are mainly used in hospitals and clinics to investigate tiny and inner organs of the body closely that helps to perform surgical operations with high precision and accuracy. Furthermore, the increasing inclination of patients toward invasive surgeries is a strong factor that is likely to boost the global medical imaging lens market during the forecast period.
In addition to this, medical imaging lens play a vital role in the healthcare sector, as microscopes are increasingly being used in hospitals & clinics and research laboratories to study individual cells or virus cells. With technological advancements, scientists have developed a specialized microscope that can non-invasively diagnose, treat diseases such as skin cancer, as well as perform precision surgery without making any incisions on the skin, thereby resulting in improved performance of microscopes. Thus, several well-established manufacturers of medical imaging lens are focusing on technological advancements of their products to cater to the changing needs of customers. The use of novel microscopes allows medical professionals to pinpoint the exact location of abnormality, diagnose it, and treat it instantly. The development of technologically advanced microscopes is, thus expected to show significant growth rate during the forecast period, owing to its increasing adoption in hospitals & clinics.
Medical Imaging Lens Market: Prominent Regions
According to the regional analysis, North America is the dominant region of the global medical imaging lens market. The growth of the market in the region can be attributed to significant manufacturing capability of players operating in the North America market to produce medical imaging lenses for hospitals & clinics and research laboratory use. The U.S. has proved to be the most diversified and dynamic market. A majority of medical imaging lens are used in hospitals & clinics for medical X-ray scanning to scan any kind of soft or hard tissue x-rays and convert them into any digital format such as X-rays to PDF, TIFF, DICOM, and JPEG; this is anticipated to drive the medical imaging lens market in North America over the next few years.
The U.S. held a major share of the North America medical imaging lens market, in terms of revenue, followed by Canada in 2019. However, in terms of revenue, the market in Mexico is anticipated to expand at a substantial CAGR during the forecast period. Additionally, Asia Pacific is focusing on the adoption of medical imaging lens to strengthen its healthcare sector. Japan is home to several well-established players that design and offer medical imaging lens. Thus, rising demand for medical imaging lens in hospitals & clinics and in the research laboratory field is anticipated to boost the medical imaging lens market in Asia Pacific during the forecast period. The market in Europe is estimated to witness prominent growth during the forecast period. The medical imaging lens market in Middle East & Africa and South America is expected to witness moderate growth in the near future.