According to Nova one advisor, the global Near Infrared Imaging market size was valued at USD 2.9 billion in 2021 and is predicted to hit USD 3.1 billion by 2030 with a registered CAGR of 4.11% during the forecast period 2022 to 2030.
Key Takeaways:
- The reagents product segment dominated the industry in 2021 owing to the development of novel reagents to identify various types of cancer
- The reagents segment is projected to expand further at the fastest CAGR retaining its leading position over the forecast years due to benefits offered by Indocyanine Green (ICG), such as real-time angiographic images during brain tumor or vascular surgery
- The cancer surgeries application segment is expected to grow at the fastest CAGR during the forecast period owing to the high prevalence of the disorder, especially in the emerging economies
- The hospitals & clinics end-use segment dominated the industry in 2021 owing to a rise in the number of admissions of cancer patients in clinics and hospitals
Growing usage of NIR fluorescence imaging due to the advantages, such as minimally invasiveness and high efficiency in diagnosing various conditions, is anticipated to drive the industry growth significantly during the forecast period. Moreover, growing incidences of chronic disorders, especially among the geriatric population, are fueling industry growth. Alzheimer’s disease, dementia, arthritis, chronic kidney disease, cancer, Cardiovascular Diseases (CVDs), and diabetes are some of the commonly prevalent diseases that require NIR imaging for better diagnosis and further decision-making for effective treatment.
For instance, according to the 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. Expanding applications of the NIR technique in the early diagnosis of various neurological conditions are expected to play a significant role in the overall industry development. As per the National Research University’s Higher School of Economics, neurological disorders are one of the leading causes of disability and death today. They were reported as the leading cause group of Disability Adjusted Life Years, which comprised 16.8% of global deaths.
Strategic initiatives, such as the introduction of technologically advanced fluorescence imaging systems, acquisitions, collaborations, and government approvals, by major companies, are expected to have a significant impact on the industry growth. For instance, in January 2021, Olympus Corp. entered into an agreement to acquire Quest Photonic Devices B.V. for EUR 50 million, to improve its surgical endoscopy capabilities. NIR is preferred as a process monitoring tool, especially in the pharmaceutical industry. Growing applications of NIR in commercial operations & research activities in biopharmaceutical companies as well as academic institutes are expected to drive the demand for advanced NIR systems in the coming years.
Report Scope of the Near Infrared Imaging Market
Product Insights
The reagents segment dominated the global industry in 2021 and accounted for the largest share of more than 57.00% of the overall revenue. The segment is further categorized into Indocyanine Green (ICG) and other reagents and is likely to expand further at the fastest CAGR retaining its leading position throughout the forecast period. This is owing to the benefits offered by ICG. Moreover, reagents offer several advantages over traditional visible light dyes including high sensitivity and specific detection in biological systems. Indocyanine green offers real-time angiographic images during brain tumor or vascular surgery.
Moreover, it is increasingly being used for spine surgery. Hence, growing applications of ICG along with its advantages are the major drivers of the segment. The novel point-of-care (PoC) NIR imaging modalities provide the sensitivity of nuclear medicine techniques and offer radiation-free and noninvasive imaging. The device segment is also expected to witness lucrative growth over the forecast years owing to the launch and approval of NIR imaging systems for use in surgical procedures. The segment is further classified into NIR fluorescence & bioluminescence imaging systems and NIR fluorescence imaging systems.
Application Insights
The preclinical imaging application segment dominated the industry in 2021 and accounted for the largest share of more than 36.10% of the overall revenue. On the other hand, the cancer surgeries segment is expected to witness the fastest CAGR 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. NIR reagents are used in preclinical imaging research to study diseases and conditions, such as cancer, inflammation, infection, vascular, 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 & 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 end-use segment captured the largest share of more than 46.00% of the overall revenue in 2021. It is projected to expand further at the fastest CAGR during the forecast period. This growth is owing to an increase in the number of admissions of cancer patients in clinics and hospitals and well-established healthcare facilities in developed countries. Near infrared technologies are widely used in hospitals and clinics for the 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 stays 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 companies 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 the identification of raw materials, verification of the quality of lyophilized materials, monitoring coating and content of tablets, monitoring fermentation & cell culture, and various in-line & on-line process monitoring.
Regional Insights
North America dominated the global industry in 2021 and accounted for the maximum share of more than 40.45% of the overall revenue. It is expected to witness a significant growth rate over the forecast period owing to the high disposable income of consumers, and the 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, a 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.
The Asia Pacific region 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 region’s growth. Moreover, a large target population pool with low per capita income levels has led to high demand for affordable treatment options. Multinational companies are keen to invest in developing countries, such as Japan, India, and South Korea. Thus, many industry players are entering into strategic alliances with local players. This is anticipated to further augment the regional market growth in the years to come.
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 Corp.
- 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 2017 to 2030. For this study, Nova one advisor, Inc. has segmented the global Near Infrared Imaging market
- 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 Geography
North America
Europe
- Germany
- France
- United Kingdom
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Rest of Latin America
Middle East & Africa (MEA)
- GCC
- North Africa
- South Africa
- Rest of Middle East & Africa
Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the global Near Infrared Imaging industry analysis from 2022 to 2030 to identify the prevailing Near Infrared Imaging industry opportunity.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the global Near Infrared Imaging industry segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global Near Infrared Imaging industry trends, key players, market segments, application areas, and market growth strategies.
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