Overview and Scope
Optical instruments and lens refer to the devices that process light waves to enhance an image for a clearer view. The use of optical instruments, such as a magnifying lens or any complicated device like a microscope or telescope, usually makes things bigger and helps us see in a more detailed manner.
Sizing and Forecast
The optical instrument and lens market size has grown strongly in recent years. It will grow from $48.59 billion in 2023 to $51.67 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to rise of e-commerce, increasing healthcare expenditure, consumer electronics boom, globalization and trade liberalization, r&d in material science.
The optical instrument and lens market size is expected to see strong growth in the next few years. It will grow to $64.39 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to healthcare and medical imaging innovations, rising importance of autonomous vehicles, environmental sensing and monitoring, growing demand for augmented reality (ar) and virtual reality (vr), economic growth in emerging markets. Major trends in the forecast period include advancements in technology, emerging technologies, rapid advancements in optical technology, integration of artificial intelligence (ai), increasing applications in medical imaging.
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Segmentation & Regional Insights
The optical instrument and lens market covered in this report is segmented –
1) By Product: Binoculars, Microscopes (Except Electron, Proton), Telescopes, Other Products
2) By Category: Optical Instruments, Interchangeable Camera Lenses
3) By Application: Medical, Astronomy, Commercial, Defense, Other Applications
Top 5 Major Players:
- Johnson & Johnson Services Inc.,
- Abbott Laboratories,
- 3M Company,
- Danaher Corporation
- Canon Inc
Asia-Pacific was the largest region in the optical instrument and lens market in 2023. Western Europe was the second-largest region in the global optical instrument and lens market. The regions covered in the optical instrument and lens market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
Global demand for optical instruments and lenses from the medical sector has contributed to the growth of the optical instrument and lens market. Medical optics, which is used in endoscopy among others have been and will continue to be a proven technology to further the advancement of medicine. According to a national survey of sedation for gastrointestinal endoscopy in 2758 Chinese hospitals, the number of gastrointestinal endoscopy surgery (GIES) in China was high and due to growth in the aging population, it is expected to reach 51 million by 2030. GI endoscopy uses optical fibers and a camera to produce inside images of the body for better diagnosis. Moreover, most medical practitioners are using these instruments for reducing the number of incisions on the body. The increase in the use of medical optics to cut down incisions over the body contributed to the growth of the optical instruments and lenses market.
Key Industry Players
Major companies operating in the optical instrument and lens market report are Johnson & Johnson Services Inc., Abbott Laboratories, 3M Company, Danaher Corporation, Canon Inc., EssilorLuxottica SA, Fujifilm Corporation, Asia Optical Co. Inc., Novartis AG, Becton Dickinson and Company, Luxottica Group SpA, ZEISS International, Carl Zeiss AG, Alcon Inc., Bausch Health Companies Inc., Hoya Corp., Sunny Optical Technology Company Limited, Seiko Holdings Corporation, Nikon Corp., CooperVision Inc., Coherent Corp., Topcon Corporation, Accelink Technologies Co. Ltd., Menicon Co. Ltd., Shamir Optical Industry Ltd., Tamron Co. Ltd., Rodenstock GmbH, Largan Precision Company Limited, Optel Vision India Private Limited, Anandjyot Engineering Private Limited
The optical instrument and lens market report table of contents includes:
1. Executive Summary
2. Optical Instrument And Lens Market Characteristics
3. Optical Instrument And Lens Market Trends And Strategies
4. Optical Instrument And Lens Market – Macro Economic Scenario
5. Global Optical Instrument And Lens Market Size and Growth
….
32. Global Optical Instrument And Lens Market Competitive Benchmarking
33. Global Optical Instrument And Lens Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Optical Instrument And Lens Market
35. Optical Instrument And Lens Market Future Outlook and Potential Analysis
36. Appendix
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