Owing to the growing relevance of the technology in pharmaceutical and biotechnological industries, along with medical diagnostics and therapeutics, the optical imaging market is poised to witness steady growth over the next five years.

According to a new report added to Research and Markets offerings, the global optical imaging market is projected to reach a value of $2.7 billion by 2023, up from $1.42 billion in 2017, with a strong compound annual rate of growth of 11.35% during the forecast period (2018-2023).

Also expected to drive growth in the market is a “tremendous amount of investments” in optical imaging technology, as the demand for effective solutions and the focus on early diagnoses of diseases are rising. Strong growth in the fiber optics and photonics sectors, both of which are integral to optical imaging technologies, also is expected to increase market activity worldwide.

Further, the development of optical imaging technology has resulted in compact, user-friendly, and low-cost imaging systems with advanced features, making it a more attractive option for healthcare organizations to capture an increasing amount of operational data, according to the report.