Near-Infrared Imaging Market

Near-Infrared Imaging Market Size (2023 to 2028)

The global near-infrared imaging market is forecasted to grow at a CAGR of 16.2% between 2023 to 2028 and be worth USD 1.18 Billion by 2028 from USD 0.55 billion in 2023.

Impact of COVID-19 on the global near-infrared imaging market:

The COVID-19 pandemic has negatively impacted the near-infrared imaging market as it is used in medical scanning procedures. The COVID-19 epidemic has severely impacted several businesses worldwide. For instance, the healthcare industry suffered greatly from a lack of resources and a backlog of patients. In addition, due to lockdown limitations, halted manufacturing and distribution networks, and closure of physically constructed firms due to strict government regulations, the medical spa market suffered considerable losses during the pandemic. Due to the postponement of surgeries and diagnostic procedures, the need for hospital devices declined, leading to a loss. Additionally, the pandemic made the public skeptical about visiting hospitals and clinics, and the population avoided healthcare centers to avoid contact with covid patients and healthcare professionals. Therefore, the demand for near-infrared devices declined due to the pandemic. 

MARKET DRIVERS:

The growing number of surgical procedures happening regularly is one of the major factors propelling the near-infrared imaging market. The prevalence and incidence of several diseases including cancer, cardiovascular diseases, neurovascular disorders, gastrointestinal diseases and others are growing rapidly worldwide and contributing to increased surgical procedures. The rise in surgical treatments is also fuelled by trauma cases and surgical cosmetic procedures. During various surgical procedures, including plastic and reconstructive surgeries, cancer surgeries, gastrointestinal surgeries, cardiovascular surgeries, cardiothoracic surgeries, and neurovascular surgeries, NIR imaging is employed for intra-operative imaging. NIR imaging is utilized to create positive margins that aid in distinguishing between malignant and healthy tissues.

The growing disposable income and growth potential for near-infrared imaging in developing countries further contribute to the growth rate of the global market. For key market participants in the near-infrared imaging market, emerging economies such as India, China, Brazil, South Korea, Turkey, Russia and South Africa present high-growth potential to grow further. These developing nations' high population densities particularly in India and China provide a long-term market for imaging devices notwithstanding the cost issue. India and China are home to a sizable patient base because they house more than half of the world's population. The market participants in the NIR imaging market are expanding their presence in emerging economies because of the rapid economic development and rising disposable incomes that encourage people in these nations to spend on high-quality healthcare services. Imaging system makers are anticipated to shift their attention to emerging markets because of growing competition in mature areas. The life sciences research industry in these countries has experienced tremendous growth due to the cost benefits, the availability of trained researchers, the expansion of research institutions, and all these factors together. The need for numerous imaging modalities, including NIR imaging, has expanded with the expansion of the life sciences research sector.

MARKET RESTRAINTS:

However, the shortage of trained professionals primarily hampers the market growth. NIR imaging is a specialized imaging method that requires trained operators to use it effectively. A major barrier to the adoption of these systems for clinical applications now is the lack of experienced operators, particularly in poor nations. The technological environment of the market for near-infrared imaging is also continually changing, with an increasing number of cutting-edge products being introduced each year. NIR fluorescence imaging is currently available for laparoscopic, thoracoscopic, and robot-assisted surgeries in addition to devices for open surgery. This forces medical professionals and other healthcare professionals to learn the essential skills to use these cutting-edge NIR imaging technologies effectively. Due to this, medical professionals and healthcare providers are delaying using these imaging technologies, which challenges market growth. On the other hand, organizations like Carl Zeiss conduct various courses and training sessions on intraoperative fluorescence. To better explain the science and application of these gadgets, these businesses show clinical scenarios along with actual surgeries. These manufacturers' initiatives might help to solve this problem in the future. Stringent government policies in approving the use of near-infrared imaging, along with the lack of skilled professionals to use infrared imaging technology further optimally hinder market growth.

REPORT COVERAGE:

This research report on the global near-infrared imaging market has been segmented and sub-segmented based on the product, type, application, end-user, and region.

Global Near-Infrared Imaging Market - By Product:

• Reagents
  • Indocyanine Green
  • Other Reagents
• Devices
  • Near-Infrared Fluorescence Systems
  • Near-Infrared Fluorescence & Bioluminescence Imaging Systems

Based on the product, the reagents segment is expected to dominate the near-infrared imaging market during the forecast period owing to the advantages of using reagents over traditional visible light dyes. The reagents are highly sensitive and accurate in their detection. Additionally, the indocyanine green (ICG) technique is beneficial for extracting real-time angiographic images, leading to its extensive usage in spine surgeries. Therefore, the reagents segment is expected to dominate the market due to its benefits.

On the other hand, the near-infrared fluorescence systems segment is expected to account for a considerable share of the worldwide market during the forecast period. The near-infrared fluorescence imaging systems are in high demand due to their benefits, including high sensitivity, high image resolution, and real-time image guidance during surgeries. The rising prevalence of gastrointestinal, cardiovascular and cancer diseases further fuels the growth rate of the segment.

Near-Infrared Imaging Market – By Type:

• Manual Devices
• Automated Devices

Near-Infrared Imaging Market – By Application:

• Cancer Surgeries
• Plastic/Reconstructive Surgeries
• Gastrointestinal Surgeries
• Cardiovascular Surgeries
• Preclinical Imaging
• Other Applications

The preclinical imaging segment dominated the market in 2022, and the cancer segment is expected to grow lucratively due to increasing cancer cases. However, the preclinical imaging segment is expected to dominate the market due to the need for preclinical imaging in various vascular, inflammation, infection, cancers and others; the procedure helps detect complications during cardiovascular systems. It avoids the addition of seeing cerebral oxygenation levels. Therefore, the benefits of the segment help it dominate the market.

Near-Infrared Imaging Market – By End-User:

• Hospitals & Clinics
• Research Laboratories
• Pharmaceutical & Biotechnology Companies

Based on the end-user, the hospitals and clinics segment is expected to lead the market during the forecast period, mainly due to the number of surgeries performed at hospitals and the need to eradicate surgical complications and errors with the help of near-infrared imaging techniques. Additionally, the credibility of hospitals and the presence of skilled professionals make the segment dominate the market.

The pharmaceutical and biotechnological companies segment is expected to grow lucratively during the forecast period due to its applications in biotechnology.

Near-Infrared Imaging Market – By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

North America led the near-infrared imaging market in 2022 and is anticipated to continue dominating the global market during the forecast period owing to the growing healthcare spending, and rapid adoption of cutting-edge medical technology and diagnostic methods. In addition, the U.S. market is anticipated to grow promisingly and account for the major share of the North American market during the forecast period owing to the growing patient population suffering from cancer. The American Cancer Society estimates there were around 1685,210 new cancer cases in the United States in 2016. The growing number of reconstructive and cosmetic procedures, growing spending on healthcare by the U.S. population and increasing awareness of early diagnosis drive the U.S. market growth. Canada is another noteworthy regional market for near-infrared imaging in the North American region.

Europe is estimated to account for a notable share of the global market in 2022 and is predicted to capture a substantial share of the worldwide market during the forecast period. In 2022, Germany led the near-infrared imaging market in the European region. The growing geriatric population, increasing prevalence of age-related diseases, a growing number of initiatives from the governments of European countries to promote advanced medical imaging technologies and rising focus on non-invasive diagnostic techniques drive the European market growth. Advancements in research and development activities, favorable reimbursement scenarios for medical imaging procedures and rising demand for minimally invasive surgeries contribute to the growth rate of the European near-infrared imaging market. Germany is predicted to capture the leading share of the European market during the forecast period owing to the increasing aging population and the growing patient population suffering from chronic diseases.

APAC is the most lucrative regional market worldwide for near-infrared imaging and is expected to witness the fastest CAGR during the forecast period. The growing healthcare expenditure, increasing patient population, rising awareness about early disease detection, improvements in the healthcare insurance coverage and reimbursement policies, technological advancements and increasing adoption of innovative imaging techniques majorly drive the near-infrared imaging market in the Asia-Pacific region. The growing medical tourism industry, increasing demand for aesthetic procedures and initiatives from the governments of APAC countries to enhance healthcare facilities and services contributes to the APAC market growth. China led the market in the Asia-Pacific region in 2022, followed by India and the same trend is expected to continue throughout the forecast period owing to rising healthcare expenditure and increasing adoption of advanced medical imaging technologies in China and India.

Latin America is predicted to occupy a considerable share of the worldwide market during the forecast period. Factors such as the growing prevalence of chronic diseases and demand for diagnostic imaging, the expansion of the private healthcare sector and medical tourism, improvements in the reimbursement policies for medical imaging procedures and collaborations and partnerships between local and international players drive the Latin American market growth. Brazil held the major share of the Latin American market in 2022.

MEA is anticipated to register a steady growth rate in the coming years.

KEY MARKET PLAYERS:

Companies such as Stryker, Karl Storz Se & Co. KG, Carl Zeiss Meditech AG, Leica Microsystems, Olympus Corporation, Perkin Elmer, Inc., Li-Cor, Inc., Hamamatsu Photonics K.K., Quest Medical Imaging B.V., Mizuho Medical Co., Ltd., Fluoptics, Shimadzu Corporation, and Medtronic are playing a dominating role in the global near-infrared imaging market.

RECENT HAPPENINGS IN THE MARKET:

• In 2021, Leica Microsystems and Imperial College London collaborated on optical imaging research and innovation projects.
• In 2019, the US Food and Drug Administration (FDA) permitted Leica Microsystems to market its FL400 surgical microscope filter there.
• In 2019, Mobius Imaging, LLC and GYS Tech, LLC (US) were purchased by Stryker. The acquisition strengthened Stryker's orthopedic, spine, and neurotechnology device range.