This article presents a promising dual-wavelength continuous wave (CW) diffuse optical tomography (DOT) system for direct estimation of concentrations and hemodynamic parameters for potential application in detection of rheumatoid arthritis (RA). The generalized curved-beam reconstruction technique is modified for direct estimation of hemodynamic parameters. The Rosenbrock’s function is fit to estimate the photon path as curved one followed by majority photons that enabled the use of modified Beer–Lambert law (MBLL) in differential form with assumption that unknown absorption coefficient ( $\mu _{a}$ ) varies from one path to another. The $\mu _{a}$ values are calculated and back-projected along the photon paths for image reconstruction without solving the inverse problem. Thus, stability is not an issue in image reconstruction. Also, there is no need for baseline measurement and prior information on perturbation, unlike the iterative methods used for dynamic imaging. The reconstructed images of the distal interphalangeal (DIP) and proximal interphalangeal (PIP) joints of a healthy male volunteer showed good consistency and are used for direct optical estimation of the physiological parameters. A novel application of optical imaging beyond biomedical applications is demonstrated by imaging the gradual dispersion of viscous Indian ink and glycerin mixture in turbid water with encouraging results.