Near Infrared Imaging Market Size, Share & Trends Analysis Report By Product (Devices, Reagents), By Application (Cancer Surgeries, Gastrointestinal Surgeries), By End-use, By Region- Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2024-2033

The global near-infrared imaging market size was exhibited at USD 2.09 billion in 2023 and is projected to hit around USD 3.09 billion by 2033, growing at a CAGR of 4.0% during the forecast period of 2024 to 2033.

Key Takeaways:

• The reagents segment dominated the market for near-infrared imaging and accounted for the largest revenue share of 56.6% in 2023. 
• The preclinical imaging segment dominated the market for near-infrared imaging and held the largest revenue share of 34.90% in 2023. 
• The hospitals and clinics segment captured the largest revenue share of over 47.0% in 2023 and is expected to grow at a fastest rate during the forecast period.
• North America dominated the market for near-infrared imaging and accounted for the largest revenue share of 42.0% in 2023

Near-Infrared infrared imaging Market: Overview 

Near-infrared imaging technology has emerged as a transformative force across various industries, offering unparalleled capabilities in diagnostics, quality control, and surveillance. This comprehensive overview delves into the key facets of the near-infrared imaging market, exploring its applications, technological advancements, market trends, and potential challenges.

Near-infrared imaging Market Growth

The near-infrared imaging market is experiencing robust growth, driven by several key factors. One primary catalyst is the increasing adoption of this technology in healthcare for precise diagnostics, cancer detection, and neurological studies, propelling demand for advanced medical imaging solutions. Additionally, the agriculture sector is witnessing a surge in the utilization of near-infrared imaging for crop monitoring and quality assessment, empowering farmers to optimize yields. In pharmaceuticals, the demand for stringent quality control measures has led to the integration of near-infrared imaging in drug development processes, contributing to the sector's growth. Technological advancements, including improvements in imaging technologies and the integration of artificial intelligence, further fuel market expansion by enhancing the efficiency and capabilities of near-infrared imaging devices. The market's growth is also sustained by increasing awareness across various industries regarding the diverse applications and benefits of near-infrared imaging technology. As these factors converge, the near-infrared imaging market is poised for sustained expansion and continued innovation.

Near Infrared Imaging Market Report Scope

Market Dynamics

• Technological Advancements Driving Innovation:

The near-infrared imaging market is dynamically influenced by continuous technological advancements. Innovations in imaging technologies, sensor capabilities, and data processing have significantly elevated the capabilities of near-infrared imaging devices. Integration with artificial intelligence (AI) and machine learning (ML) algorithms has further enhanced the analysis and interpretation of imaging data, providing users with more accurate and actionable insights. This dynamic technological landscape not only ensures that near-infrared imaging remains at the forefront of scientific and industrial applications but also stimulates market growth as businesses seek cutting-edge solutions for diagnostics, quality control, and surveillance.

• Expanding Applications Across Industries:

A key dynamic shaping the near-infrared imaging market is the expanding range of applications across diverse industries. Originally gaining prominence in healthcare for medical diagnostics, near-infrared imaging has rapidly diversified its utility. From agriculture, where it aids in crop monitoring and quality assessment, to the pharmaceutical industry, where it plays a crucial role in drug development and quality control, the versatility of near-infrared imaging has propelled its adoption. Industrial applications, including process monitoring and quality assurance, as well as security and surveillance measures, further contribute to the widespread integration of near-infrared imaging. This broad spectrum of applications fosters market growth by catering to a multitude of industry-specific needs and requirements.

Market Restraint

• Cost and Complexity of Equipment:

One significant restraint impacting the near-infrared imaging market is the cost and complexity associated with the equipment. The advanced technologies and precision required for near-infrared imaging devices contribute to higher manufacturing costs, making these systems relatively expensive for end-users. The complexity of the equipment also poses challenges in terms of operation and maintenance, requiring skilled personnel for effective deployment. As a result, the upfront investment and ongoing operational expenses may limit the widespread adoption of near-infrared imaging technologies, particularly in smaller enterprises and sectors with budget constraints.

• Need for Skilled Personnel:

Another notable restraint in the near-infrared imaging market is the demand for skilled personnel for effective utilization of the technology. Interpreting near-infrared imaging data, maintaining equipment, and troubleshooting issues require a level of expertise that may not be readily available in all settings. The need for specialized training and knowledge can be a barrier for certain industries or regions, hindering the seamless integration of near-infrared imaging solutions. This constraint emphasizes the importance of investing in education and training programs to bridge the skills gap and unlock the full potential of near-infrared imaging technologies across diverse applications.

Market Opportunity

• Rising Demand for Portable and Compact Devices:

A significant opportunity in the near-infrared imaging market lies in the growing demand for portable and compact devices. The market is witnessing an increasing trend towards the development and adoption of smaller, more mobile near-infrared imaging solutions. These devices offer flexibility and accessibility in various applications, such as point-of-care diagnostics in healthcare or on-field crop monitoring in agriculture. The surge in demand for portable devices creates an opportunity for manufacturers to cater to diverse industries seeking agile and convenient near-infrared imaging solutions, thereby expanding their market presence.

• Integration with Internet of Things (IoT) and Big Data Analytics:

The integration of near-infrared imaging with Internet of Things (IoT) and big data analytics presents a promising opportunity for market growth. By connecting near-infrared imaging devices to IoT networks, real-time data collection and analysis become more efficient. This connectivity allows for seamless integration into smart systems, enabling applications like predictive maintenance in industrial settings or continuous monitoring in healthcare. The incorporation of big data analytics further enhances the value proposition by extracting meaningful insights from the vast amount of data generated. This opportunity positions near-infrared imaging as a key player in the era of interconnected technologies, offering innovative solutions across multiple industries.

Market Challenges

• High Initial Investment and Equipment Costs:

One of the primary challenges confronting the near-infrared imaging market is the high initial investment and associated equipment costs. The advanced technology and precision required for near-infrared imaging devices contribute to elevated manufacturing expenses, making these systems relatively costly. This financial barrier can pose a challenge for businesses, especially smaller enterprises or those operating within budget constraints. The need for a substantial upfront investment may deter potential adopters, limiting the market penetration of near-infrared imaging technologies across various industries.

• Complex Data Interpretation and Integration:

The complex nature of near-infrared imaging data presents a significant challenge, requiring sophisticated interpretation and integration methods. Analyzing and extracting meaningful insights from the vast amount of data generated by near-infrared imaging devices demand specialized expertise. Integrating this technology into existing systems, particularly in industries with diverse applications such as healthcare and agriculture, can be a complex process. Addressing the challenge of data interpretation and integration is crucial for ensuring the seamless adoption of near-infrared imaging across industries and unlocking its full potential in various applications.

Segments Insights:

Product Insights

The reagents segment dominated the market for near-infrared imaging and accounted for the largest revenue share of 56.6% in 2023. The segment is expected to witness significant growth over the forecast period as reagents offer several advantages over traditional visible light dyes, including high sensitivity and specific detection in biological systems. Reagents are sub-categorized as Indocyanine Green (ICG) and other reagents. The reagents segment is expected to grow considerably during the forecast period owing to the benefits offered by ICG. Indocyanine green offers real-time angiographic images during brain tumor or vascular surgery. Moreover, it is increasingly being used for spine surgery. Hence, the growing applications of ICG and its advantages are the major drivers of the segment.

The novel point-of-care near-infrared imaging modalities provide the sensitivity of nuclear medicine techniques and offer radiation-free and noninvasive imaging. The device segment is expected to witness lucrative growth owing to the launch and approval of near-infrared imaging systems for use in surgical procedures. The segment is further classified into near-infrared fluorescence imaging systems and near-infrared fluorescence and bioluminescence imaging systems.

Application Insights

The preclinical imaging segment dominated the market for near-infrared imaging and held the largest revenue share of 34.90% in 2023. The cancer surgery segment is expected to witness a CAGR of 4.9% during the forecast period owing to the increasing prevalence of cancer on a global scale. For instance, according to International Agency for Research on Cancer, in 2020, there were about 19,292,789 new cancer cases globally. The same source states that the number is expected to reach 50,550,287 by 2025.

Near-infrared (NIR) regents are used in preclinical imaging research to study diseases and conditions such as cancer, inflammation, infection, vascular disease, and others. The development of advanced NIR reagents with improved fluorescence, tissue penetration, and targeted fluorescence capabilities promotes its adoption into preclinical research. For instance, COX 2 probe- a targeted NIR dye developed by PerkinElmer Inc. detects cyclooxygenase-2, produced in early-stage cancer Such dyes are used in faster clinical development of oncology drugs and diagnostic devices.

Neurological complications are common during cardiovascular procedures such as coronary surgery and valve replacement. Thereby, it is important to monitor the cerebral oxygenation level during cardiac surgeries to improve surgical outcomes. The strong impetus of implementing measures to monitor cerebral desaturation during cardiac surgery is a key factor promoting the adoption of NIR imaging.

End-use Insights

The hospitals and clinics segment captured the largest revenue share of over 47.0% in 2023 and is expected to grow at the fastest rate during the forecast period. This growth is owing to an increase in the number of cancer patients admitted to clinics, hospitals, and well-established healthcare facilities in developed countries. Near-infrared technologies are widely used in hospitals and clinics for detection of bedsores to prevent surgical errors. Laparoscopic devices integrated with near-infrared sensors help surgeons avoid accidental cutting of blood vessels. The adoption of these devices helps in reducing surgical errors and minimizing the duration of hospital stay and healthcare costs for patients. The increasing patient demand for minimally invasive and efficient surgical methods is expected to boost the demand for near-infrared products.

The pharmaceutical and biotechnology company segment is also anticipated to witness a significant CAGR over the forecast period. Near-infrared imaging is used in pharmaceutical companies to measure the critical material attributes of a product. They are used in pharmaceutical and biotechnology companies for identification of raw materials, verification of the quality of lyophilized materials, monitoring the coating and content of tablets, monitoring fermentation and cell culture, and various in-line and on-line process monitoring.

Regional Insights

North America dominated the market for near-infrared imaging and accounted for the largest revenue share of 42.0% in 2023. It is expected to witness a growth rate of over 4.0% over the forecast period. This growth is owing to the high disposable income of consumers, the speedy adoption of technologically advanced medical devices, and diagnostic techniques. A large number of cancer cases reported in the country are expected to boost the market in the U.S. According to International Agency for Research on Cancer, around 2,281,658 new cancer cases were identified in 2020 in the U.S. In addition, rise in the number of reconstructive and cosmetic surgeries in the country owing to increased spending and rising awareness regarding early diagnosis is expected to create robust growth opportunities.

In Asia Pacific, the market for near-infrared imaging is anticipated to witness the fastest CAGR over the forecast period. The presence of developing countries such as China, India, and Japan is anticipated to boost the growth of the market in the region. The presence of a huge population base with low per capita income in the Asia-Pacific region has led to high demand for affordable treatment options. Multinational companies are keen to invest in developing countries, such as Japan, India, South Korea, and more. Thus, many market players are entering into strategic alliances with local players. This is anticipated to augment the near-infrared imaging market growth.

Some of the prominent players in the near-infrared imaging market include:

• 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
• Fluoptics

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Nova one advisor, Inc. has segmented the global near infrared imaging market.

Product

• Devices

• • Near-infrared Fluorescence Imaging Systems
  • Near-infrared Fluorescence & Bioluminescence Imaging Systems

• Reagents

• • Indocyanine Green (ICG)
  • Other Reagents

Application

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

End-use

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

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)