Near Infrared Imaging Market
Number of pages: 100 | Report Format: PDF | Published date: May 30, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023 to 2031
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Report Attribute |
Details |
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Market Size Value in 2022 |
US$ 0.92 billion |
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Revenue Forecast in 2031 |
US$ 1.98 billion |
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CAGR |
8.94% |
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Base Year for Estimation |
2022 |
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Forecast Period |
2023 to 2031 |
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Historical Year |
2021 |
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Segments Covered |
Indication, Treatment Regime, Therapy, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global near infrared imaging market was valued at US$ 0.92 billion in 2022 and is expected to register a revenue CAGR of 8.94% to reach US$ 1.98 billion by 2031.
Near Infrared Imaging Market Fundamentals
Near infrared imaging, also known as NIR imaging or NIRI, is a medical imaging technique that uses near infrared light to visualize structures and tissues within the body. It is based on the premise that near infrared light may permeate biological tissues, enabling for non-invasive imaging and abnormality identification. Near infrared imaging offers a variety of medical uses. It can be used in breast imaging to help detect and diagnose breast cancer. The approach uses the fact that near infrared light may penetrate breast tissues, assisting in identifying regions of aberrant vascularization or increased blood flow associated with tumors. Other applications for near infrared imaging include brain imaging, functional imaging, and monitoring tissue oxygenation during surgical procedures.
Near Infrared Imaging Market Dynamics
There are ongoing advancements in near infrared imaging technology, including developing high-resolution imaging systems, improved detectors, and more sensitive imaging probes. For instance, in January 2021, KARL STORZ launched a novel technology called the ‘IMAGE1 S’ Rubina multimode visualization system. This method combines cutting-edge 4K resolution with improved fluorescence-guided imaging (NIR/ICG) utilizing indocyanine green dye. Hence, these technical developments improve the quality, accuracy, and capability of near infrared imaging, making it more appealing for clinical applications. It is being researched for applications such as functional brain imaging, monitoring tissue oxygenation after surgery, measuring tissue perfusion, and discovering malignant tissues in different organs. The expanding range of applications is driving the demand for near infrared imaging systems. Near infrared imaging is gaining attention in the context of personalized medicine, where treatments are tailored to individual patients based on their specific characteristics. The non-invasive nature of near infrared imaging and its ability to provide real-time information on tissue perfusion, oxygenation, and metabolism makes it valuable for guiding personalized treatment decisions. Chronic diseases like cancer, cardiovascular diseases, and neurological disorders are rising globally. For instance, according to ‘American Heart Association,’ in 2020, it was noted that nearly 19.1 million deaths were caused by cardiovascular diseases globally. As the prevalence of chronic diseases continues to increase, the demand for near infrared imaging as a diagnostic and monitoring tool is expected to grow. For instance, according to ‘The American Cancer Society,’ in 2022, approximately 1.9 million new cancer cases were diagnosed, and 609,360 cancer deaths were recorded in the United States. Healthcare expenditure is rising globally, driven by factors such as population growth, aging demographics, and increasing disease burden. The investment in healthcare infrastructure, including medical imaging technologies, is growing accordingly. Furthermore, the ongoing research activities and collaborations between academia, industry, and healthcare institutions further drive the innovation and adoption of near infrared imaging.
However, these near infrared lights have relatively limited tissue penetration depth compared to other imaging modalities such as X-ray or ultrasound. This restricts the application of near infrared imaging to relatively shallow tissues. Deep-seated organs or structures may not be visualized properly, limiting the value of near infrared imaging in specific therapeutic circumstances. It isn’t to standardize near infrared imaging techniques, procedures, and analytic methodologies. Variations in imaging equipment, data collecting, and processing methods might need to be corrected, making findings difficult to compare. Lack of standardization may affect the reliability and reproducibility of near infrared imaging studies, which could impact its widespread adoption and acceptance in clinical practice. Developing and validating specific imaging probes for various diseases and molecular targets is a complex and time-consuming process, which poses a challenge for the broader implementation of near infrared imaging. The cost of near infrared imaging systems and associated imaging probes can hinder widespread adoption, especially in resource-limited healthcare settings. The initial investment, maintenance, and operating costs of near infrared imaging equipment may limit its availability in certain regions or healthcare facilities. Improving the affordability and accessibility of near infrared imaging technologies is essential to overcome this challenge.
Near Infrared Imaging Market Ecosystem
The global near infrared imaging market has been analyzed from the following perspectives: by indication, treatment regime, therapy, and region.
Near Infrared Imaging Market by Product
Based on the product, the global near infrared imaging market is bifurcated into devices and probes/dyes.
The devices segment accounts for a sizeable revenue share in the global market. Near infrared imaging devices have a wide range of applications across various medical fields, including oncology, neurology, cardiology, and vascular imaging. For instance, according to ‘PAHO’ article, in the U.S., nearly 47.39 death per 100,000 population was caused due to neurological disorders in 2019. These devices can be used for imaging, diagnostics, and monitoring physiological parameters such as tissue oxygenation and perfusion. The versatility and applicability of near infrared imaging devices contribute to their dominance in the market. There is a growing demand for non-invasive imaging techniques that provide valuable diagnostic information without the need for invasive procedures. Technological advancements have also led to the development of more advanced and sophisticated near infrared imaging devices. These devices have improved image resolution, faster imaging speed, enhanced sensitivity, and improved signal-to-noise ratios, making them more effective and reliable for clinical applications. The continuous improvement of near infrared imaging device technology contributes to the dominance of the devices segment in the market. The near infrared imaging market has seen significant competition among device manufacturers. Moreover, the leading companies in the medical imaging industry are investing heavily in research and development to improve near infrared imaging devices and gain a competitive edge. This competition and investment drive the development of innovative near infrared imaging devices, strengthening the dominance of the devices segment. Major manufacturers and suppliers have established distribution networks and sales channels, ensuring the availability of near infrared imaging devices across different regions. The wide availability of devices facilitates their widespread adoption in healthcare facilities, contributing to the dominance of the devices segment.
Near Infrared Imaging Market by Application
Based on the application, the global near infrared imaging market is segmented into clinical imaging, pre-clinical imaging, and medical imaging.
Medical imaging accounts for a significant revenue share in the global market. Near infrared imaging devices offer distinct capabilities compared to other medical imaging modalities. They allow for non-invasive imaging of tissues and organs, visualization of functional information like tissue oxygenation and perfusion, and detection of molecular targets. The unique features and applications of near infrared imaging devices contribute to their dominance in the market. Additionally, near infrared imaging devices' versatility and broad applicability drive their prominence in the market. The near infrared imaging field has witnessed significant advancements in device technology, such as the development of high-resolution imaging systems, improved detectors, and advanced imaging probes. These technological advancements have enhanced near infrared imaging devices' performance, accuracy, and image quality, making them more valuable in clinical practice. There is an increasing demand for non-invasive imaging techniques that reduce patient discomfort and provide valuable diagnostic information.
Near Infrared Imaging Market by End User
Based on the end user, the global near infrared imaging market is segmented into pharmaceutical & biotechnology companies, hospitals & clinics, research laboratories, and others.
The hospitals and clinics segment dominates the global market with more than 43.7% of the market share. The segment's income is being driven by an increase in worldwide patient load due to various cancer instances, cranial disorders, and other causes. Near infrared imaging capabilities can detect neoplastic cells and faulty cranial and cardiac tissues. Hospitals are well-equipped with high-end near infrared imaging modalities, which is increasing demand for this market. Most individuals suffering from various diseases prefer to obtain expert consultation in hospitals, expanding the hospitals & clinics sector and boosting the worldwide market.
Near Infrared Imaging Market by Region
Based on the region, the global near infrared imaging market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
North America dominates the global market, with the largest revenue share of nearly 39.95%. The market growth in this region can be attributed to growing cases of chronic diseases with a large demand for near infrared imaging systems. Additionally, the presence of major market players, high healthcare expenditure, and availability of reimbursement policies further contribute to the growth of the near infrared imaging market in North America.
Similarly, Asia Pacific is the fastest-growing region in the global market. Asia Pacific region has experienced significant growth in healthcare expenditure, driven by factors such as population growth, rising income levels, and increasing healthcare awareness. The higher healthcare spending has led to improved infrastructure, access to advanced medical technologies, and increased adoption of innovative imaging techniques like near infrared imaging. The Asia Pacific region is witnessing a rise in the prevalence of chronic diseases such as cancer, cardiovascular diseases, and neurological disorders. Near infrared imaging offers potential benefits in the early detection, monitoring, and management of these diseases. The increasing burden of chronic diseases has created a demand for advanced imaging technologies, including near infrared imaging, contributing to the market growth in the region.
Additionally, governments and private entities in the Asia Pacific region are investing significantly in research and development activities related to medical imaging technologies. These investments aim to foster innovation, enhance local capabilities, and promote the adoption of advanced imaging modalities. Such initiatives have led to the development of indigenous near infrared imaging solutions, supporting the market growth in the region. The Asia Pacific region has a large and rapidly aging population. Aging is associated with a higher incidence of chronic diseases and an increased need for diagnostic imaging. Near infrared imaging, with its non-invasive nature and potential for early disease detection, is well-suited to address the healthcare needs of the aging population. The growing aging demographic is driving the demand for near infrared imaging in the region. Personalized medicine, which tailors’ treatments to individual patients based on their specific characteristics, is gaining traction in Asia. Near infrared imaging's ability to provide real-time information on tissue oxygenation, perfusion, and metabolism supports personalized treatment decisions. The region's growing focus on personalized medicine is driving the adoption of near infrared imaging technologies. Near infrared imaging technology has witnessed advancements in Asia, with manufacturers introducing improved devices and imaging probes. These technological advancements and increased market penetration have made near infrared imaging more accessible to healthcare providers and contributed to the market growth in the region.
Competitive Landscape
The prominent players operating in the global near infrared imaging market are:
Strategic Developments
A near infrared imaging system is a medical imaging technology that utilizes near infrared light to visualize and capture images of tissues and structures within the body.
Stryker Corporation, Olympus Corporation, and KARL STORZ SE & Co. KG are some of the major market players in the global near infrared imaging market.
High cost for the near infrared imaging system and lack of depth of tissue penetration are some of the restraints obstructing the growth of the global market.
The hospitals & clinics segment dominates the global near infrared imaging market.
Growing technological advancement and the increasing prevalence of chronic disease are some of the major factors driving the global market.
*Insights on financial performance are subject to the availability of information in the public domain