Near Infrared Imaging Market Worth $543.24 Million, Globally, by 2027 at 4.2% CAGR - Exclusive Report by The Insight Partners

The Near Infrared Imaging Market Size and Growth is driven by increasing number of surgical procedures, increasing demand for near infrared (NIR) imaging owing to advantages associated with it such as deeper tissue penetration and high spatial resolution with detailed molecular profiling using multiplexed fluorescent probes. The cancer surgeries segment is anticipated to register the highest CAGR of 4.7% in the market during 2020–2027.

NEW YORK, Dec. 13, 2021 /PRNewswire/ -- According to the new market research report "Near Infrared Imaging Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Product (Device and Reagent); Application (Preclinical Imaging, Cancer Surgeries, Gastrointestinal Surgeries, Cardiovascular Surgeries, Plastic/Reconstructive Surgeries, Other Applications); End User (Hospitals and Clinics, Pharmaceutical and Biotechnology Companies, Research Laboratories) and Geography", published by The Insight Partners, the global near infrared imaging market was valued at US$ million 395.14 in 2019 and is projected to reach US$ 543.24 million by 2027; it is expected to grow at a CAGR of 4.2% from 2020 to 2027. Get the Latest COVID-19 Analysis on near infrared imaging market at https://www.theinsightpartners.com/covid-analysis-sample/TIPRE00012147

Near Infrared Imaging Market: Competition Landscape and Key Developments

KARL STORZ SE & Co. KG, Olympus Corporation, Carl Zeiss Meditec AG, Leica Biosystems Nussloch GmbH (Danaher), Perkin Elmer, Inc., LI-COR, Inc., Hamamatsu Photonics K.K., Quest Diagnostics Incorporated, Mizuho Medical Co, Ltd., and SHIMADZU CORPORATION are among the key companies operating in the near infrared imaging  market. These players are focusing on the expansion and diversification of their market presence and the acquisition of a new customer base, thereby tapping prevailing business opportunities.

• In June 2018  KARL STORZ launched Near Infrared ICG Fluorescence Imaging technology called as IMAGE1 S technology. The KARL STORZ NIR / ICG Imaging System helps surgeons to make important choices which helps to decrease the incidence of expensive complications and is also creating new standards for minimally invasive neurosurgery.
• In March 2017, Olympus Corporation has launched the VISERA ELITE II, a surgical endoscope system with an infra-red (IR) imaging capability in Japan, Europe and Asia. It is used in a wide variety of clinical applications, including not only gastrointestinal surgery but also thoracic surgery, urology and gynecology.
• In April 2017, Leica Microsystems Launched new GLOW800 augmented reality imaging technologies for surgical microscopes. GLOW800 augmented reality fluorescence will combine the high contrast of Near Infrared (NIR) fluorescence imaging with the full visual spectrum of white light into a single, real-time image.

North America held the largest share of the near infrared imaging market. The US held the largest market for near infrared imaging, which attributes to increasing number of surgical procedures, advancements in near infrared imaging systems and presence of leading market players in the region. Moreover, increasing advent of cosmetic surgeries as well as rising number of lifestyle diseases requiring surgical interventions are also some of the factors contributing to the growth of the North American near infrared imaging market during the coming years. The country has experienced and is experiencing significant growth in the healthcare industry through rising numbers of market players. The rising numbers of players are responsible for growing patent applications across the country. Thus, owing to the above-mentioned factors, it is expected that the near infrared market is likely to propel exponentially during the forecast years.

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The country also has headquarters of some of the leading market players. These players are consistent with the launch of new and advanced products in the market place. For instance, in May 2019, PerkinElmer introduced a new DA 6200 Near IR analyzer for food quality analysis. This is likely to help meat and olive processors to conduct quality and process control more accurately, easily and quickly. Moreover, in August 2017, PerkinElmer, Inc. launched near infrared spectrometer for qualitative, quantitative and adulterant screening applications. This near infrared spectrometer instrument will assist technical and non-technical laboratory professionals to analyze samples for quality assurance. Thus, owing to above-mentioned factors, the market in the US is expected to propel during the forecast years.

In 2019, Asia Pacific was registered as the fastest-growing region in the global near infrared imaging market. The growth of the market is attributed to increasing number of people suffering with chronic cardiovascular diseases and cancer. Furthermore, low sanitation and hygiene in Asian countries are also responsible for causing high number of gastrointestinal diseases in the region. The treatment of these diseases involve various surgical procedures that involve the use of near infrared imaging system for visualization of target organs and tissues with high clarity, resolution and better surgical outcome. Furthermore, increasing medical tourism in the region also provides growth opportunity for the market players to expand their operations in Asian economies. In addition, the rapidly developing healthcare infrastructure in countries such as India, Thailand, Bangladesh and others is also a significant factor contributing to the rapid growth of the market over the coming years.

Increasing Number of Surgical Procedures in Near Infrared Imaging Market Growth:

A rise in surgical procedures has increased the use of visualization equipment to perform the surgery. Microsurgery has been opted by population on a large scale owing to increasing chronic diseases caused by work pressure, stress, improper eating habits, heredity, and exposure to chemicals. Additionally, according to American Society of Plastic Surgeons, an increase in number of several cosmetic surgeries has become one of the major factors for the market growth. Thus growing surgical procedures and rise in the awareness are expected to boost the near infrared imaging market in the coming years. Given below is list of some of the cosmetic procedures:

As per the American Society of Plastic Surgeons (ASPS) in 2018, there were 1,811,740 cosmetic surgical procedure and 15,909,931 minimally invasive cosmetic procedures performed in the US, with a 2% rise over 2017. In 2018, top five cosmetic procedure in the US was breast augmentation, liposuction, nose reshaping, eyelid surgery and tummy tuck. In 2018, 313,735 breast augmentation procedures were performed. As per the British Association of Aesthetic Plastic Surgeons (BAAPS), in UK, breast augmentation, blepharoplasty, breast reduction, face/neck lift, liposuction, abdominoplasty, rhinoplasty, fat transfer, otoplasty and brow lift are the top most procedures performed in 2019.  In 2019, 7,727 breast augmentation procedures were performed in UK.

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Since the last 25 years, the number of cardiovascular cases has increased in Europe and in the European Union. As per the European Cardiovascular Disease Statics in 2015, ~85 million people in Europe and 49 million people in EU were suffering with cardiovascular diseases.

According to a report published by the Lancet Commission on Global Surgery (2015), ~28–32% of the burden of disease can be attributed to the surgically treatable conditions globally and 143 million additional surgical procedures are required to reduce the mortality every year. Moreover, according to a report of Healthcare Cost and Utilization Project (HCUP), in 2017, 17.2 million patients visited the hospital for various surgeries including invasive and therapeutic surgeries. The increasing awareness among patient population with respect to benefits of treating a medical condition with surgery at appropriate stage is driving the demand of surgical procedures to treat sudden unmet medical conditions. Along with the cardiovascular surgeries, surge in total number of surgeries is contributed through rise in the number gynecological surgeries and increase in the number of the orthopedic surgeries that are likely to drive the growth for the near infrared imaging market during the forecast period. According to the European Union, a selection of surgical operations and procedures has become more frequent in the European countries.

According to Europa, 17 out of 18 EU Member States have reported a rise in the number of hysterectomies between 2010 and 2015. Thus, the increasing number of surgical procedures is likely to enhance the growth of the near infrared imaging market during the forecast years.

Near Infrared Imaging Market: Segmental Overview

Based on product, the near infrared imaging market is segmented into devices and reagents. The device segmen accounted for more than 67.03% of the market share in 2019. In terms of application, the near infrared imaging market is segmented into pre-clinical imaging, cancer surgeries, gastrointestinal surgeries, cardiovascular surgeries, plastic/reconstructive surgeries, and other applications. The cancer surgeries segment held the largest share of the market in 2019.

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The COVID-19 outbreak has disturbed various trades and businesses across the world. The COVID-19 pandemic affected the pharmaceutical, medical device, R & D, and other businesses in the North American region. Near infrared imaging devices are critical care medical devices in several surgical procedures. As the rise of the pandemic crisis was uncertain, there is shortage in supply of various diagnostic imaging devices and consumables. It has been difficult for the hospital to manage the medical devices used for inhouse patients and COVID19 patients. To deal with the situation, the market players focus their business operations towards increasing the production capacities. For instance, US based company Li-Cor, Inc. has accelerated its production lines for Near-infrared (NIR) Western blotting systems and the In-Cell Western Assay consumables which are valuable tools offered by Li COR Inc. and will expedite the research on COVID 19 vaccine development.

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