Global Near Infrared Imaging Market by Product (Reagents, Devices), by Application (Gastrointestinal Surgeries, Cancer Surgeries) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global near-infrared imaging market was valued at USD 179.5million in 2020. It is expected to grow at a compound annual rate (CAGR of 9.3%) between 2021 and 2028. The demand for near-infrared imaging will rise in the future due to the rising incidence of target diseases such as cancer and gastrointestinal diseases. Market growth will also be influenced by the rapidly growing aging population and technological advances in near-infrared imaging. The overall market growth is expected to be boosted by the growing demand for highly technologically advanced fluorescence imaging system for deep tissue penetration.

Near infrared imaging was affected by the COVID-19 pandemic. These devices are used primarily during surgical procedures and are critical medical devices. Due to restrictions, there was a decline in demand for near-infrared imaging products as medical facilities redirected their resources on life-saving and essential devices. Market growth is expected to be fueled by increased funding for research and grants specifically dedicated to hospital infrared technology development. The European Commission has funded a project that aims to develop mobile infrared technology for accessing the microvascular structure and COVID patients admitted to ICU.

The use of visualization equipment has increased with the increasing popularity of surgical procedures. Many people have chosen microsurgery due to the rising number of chronic diseases that are a result of stress, poor eating habits, lack of exercise, chemical exposure, heredity, and work pressure. According to the World Bank Data, around 10156 procedures were performed for every 100,000 people in Australia in 2016. The demand for near-infrared imaging is increasing due to increased awareness of the health benefits of surgery. The market for near-infrared imaging will continue to grow over the forecast period due to the increase in surgical procedures.

The healthcare system is facing increasing financial pressure due to the constant increase in the number of geriatrics. The WHO's Global Health and Aging Report estimates that the number of people 65 and older will rise from 524 million in 2010, to 1.5 billion in 2050. This is especially true in developing countries. This will lead to a greater use of near-infrared imaging and support market growth.

Near-infrared imaging can be used for a variety of purposes, including the study of blood sugar, physiological diagnostics, and the study of pulse oxygenation, sport medicine and neurology. There are also more than 250 clinical studies that explore the potential uses of this technique in other fields. The use of near-infrared (NIR) spectroscopy to detect Alzheimer's disease early is expected to have a major impact on neurology usage. Functional near-infrared spectrumroscopy can be used with optical imaging technology, and is becoming more popular in the neuroimaging field.

Product Insights

Near infrared imaging was dominated by the reagents market, which accounted for 56.2% of the total revenue share in 2020. This segment is expected to see a significant increase in CAGR over the forecast time. Reagents have many advantages over traditional visible dyes, including high sensitivity and specific detection within biological systems. Indocyanine Green (ICG), and other reagents are sub-categories.

Due to ICG's benefits, the reagents market is expected to expand significantly over the forecast period. Indocyanine green provides real-time images of angiography during brain tumor surgery or vascular surgery. It is also being increasingly used in spine surgery. The segment is driven by the increasing use of ICG and its many benefits.

Point-of-care near-infrared imaging modalities offer the sensitivity and noninvasive imaging of methods. Near infrared imaging systems that can be used in surgical procedures are expected to drive a significant growth in the device market. This segment can be further divided into near-infrared and near-infrared bioluminescence imaging system, and near-infrared fluorescent imaging systems.

Application Insights

The preclinical image segment was the dominant market for near-infrared imaging. It held the largest revenue share at 35.5% in 2020. Due to increasing incidence of cancer worldwide, the cancer surgery segment will see a 10.4% CAGR in the coming years. The cancer rate in countries like Australia, Asia Pacific, is predicted to increase at 483 new cases per 100 000 population.

Preclinical imaging research uses near-infrared regents to study conditions and diseases such as cancer, inflammation and infection. Preclinical research is encouraged by the adoption of advanced NIR agents with enhanced fluorescence, tissue penetration and targeted fluorescence capabilities. PerkinElmer Inc. has developed a targeted NIR dye, COX 2, which detects early-stage cancer cells. This dye is used to speed up the clinical development of oncology medicines and diagnostic devices.

Cardiovascular procedures like valve replacement and coronary surgery can cause neurological complications. To improve surgical outcomes, it is crucial to monitor cerebral oxygenation levels during cardiac surgery. NIR imaging is being promoted by the strong push to implement measures to monitor cerebral dehydration during cardiac surgery.

End-use Insights

Hospitals and clinics accounted for the largest revenue share at 44.8% in 2020. It is expected to continue leading in the future. This is due to an increase in cancer patients being admitted to hospitals and clinics, as well as established healthcare facilities in developed nations.

Near infrared technology is widely used in hospitals and clinics to detect bedsores and prevent surgical mistakes. Near infrared sensors and laparoscopic devices help surgeons avoid the accidental cutting of blood vessels. These devices can be used to reduce surgical errors, minimize hospital stays and lower healthcare costs. Near infrared products will be more sought after due to patient demand for efficient and minimally invasive surgical procedures.

A significant CAGR is expected to be seen in the biotechnology and pharmaceutical companies sector during the forecast period. Near infrared imaging can be used by pharmaceutical companies to determine the product's critical attributes. These devices are used by pharmaceutical and biotechnology companies to identify raw materials, verify the quality of lyophilized material, monitor coating and content of tablets, monitor fermentation and cell cultivation, as well as various other in-line and off-line monitoring.

Regional Insights

North America was the dominant market for near-infrared imaging. It accounted for 40.4% of the total revenue in 2020. The forecast period will see a growth rate over 9.4%. This is due to high disposable income, rapid adoption of medical devices and diagnostic techniques, as well as the speed with which they are used. The U.S. market is expected to grow due to the large number of cases of cancer reported in the country. The American Cancer Society estimates that there were 1685,210 new cases of cancer in 2016, according to the U.S. Additionally, robust growth opportunities are expected to be created by the increase in reconstructive and cosmetic surgery in the country due to rising awareness and increased spending.

The fastest expected CAGR in Asia Pacific is for near-infrared imaging. The market is expected to grow due to the presence of developing countries like Japan, India, China, and India. There is a large population with low per-capita incomes in the Asia Pacific region, which has resulted in high demand for affordable treatment options. Multinational corporations are eager to invest in developing nations such as South Korea, India, Japan, and others. Many market players have formed strategic alliances with local counterparts. This will boost the growth of the near-infrared imaging market.

Market Share Insights & Key Companies

The major players are focusing their growth strategies on new product launches, expansions, collaborations and partnerships. In January 2021, KARL STORZ launched the IMAGE1 S Rubina multimode imaging system, which is the most recent advancement in endoscopic image. This technology combines high-quality 4K resolution with fluorescence-guided imaging using near-infrared light (NIR/ICG) and indocyanine blue dye. The following are some of the major players in the global near-infrared imaging market:

• Quest Medical Imaging B.V.

• Stryker

• KARL STORZ SE & Co. KG

• Olympus

• Hamamatsu Photonics K.K

• Mizuho Medical Co, Ltd.

• Shimadzu Corporation

• Leica Microsystems

• Medtronic (Visionsense).

• PerkinElmer, Inc.

• Carl Zeiss Meditec AGLI-COR, Inc.

• Fluoptics

• SurgVision

• PERKINELMER INC

Up Market Research published a new report titled “Near Infrared Imaging Market research report which is segmented by Product (Reagents, Devices), by Application (Gastrointestinal Surgeries, Cancer Surgeries), By Players/Companies Olympus, Carl Zeiss Meditec AGLI-COR Inc, Stryker, SurgVision, Hamamatsu Photonics KK, PerkinElmer Inc, Quest Medical Imaging BV, KARL STORZ SE & Co KG, Mizuho Medical Co Ltd, PERKINELMER INC, Fluoptics, Medtronic (Visionsense), Shimadzu Corporation, Leica Microsystems”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Near Infrared Imaging Market Report Segments:

The market is segmented by Product (Reagents, Devices), by Application (Gastrointestinal Surgeries, Cancer Surgeries).

Near Infrared Imaging Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Near Infrared Imaging Market

Overview of the regional outlook of the Near Infrared Imaging Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Near Infrared Imaging Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Near Infrared Imaging Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Reagents

                2. Devices

                1. Gastrointestinal Surgeries

                2. Cancer Surgeries

8. Market scenario by region, sub-region, and country.
9. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
10. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
11. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Near Infrared Imaging Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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Reasons to Purchase the Near Infrared Imaging Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.