Near Infrared Imaging Market Size, Share & Trends Analysis Report By Product (Devices, Reagents), By Application (Cancer Surgeries, Gastrointestinal Surgeries), By End Use, By Region, And Segment Forecasts, 2021 - 2028

Report Overview

The global near infrared imaging market size was valued at USD 179.5 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 9.3% from 2021 to 2028. Increasing incidence of target diseases, such as cardiovascular diseases, gastrointestinal, neurovascular, and cancer, is likely to boost the demand for near infrared imaging in the coming years. Furthermore, rapidly rising aging population base and technological advancements in the field of near infrared imaging systems are factors expected to enhance market growth. Growing demand for technologically advanced fluorescence imaging systems for deep tissue penetration is anticipated to boost the overall market growth.

The COVID-19 pandemic affected the market for near infrared imaging as these are critical care medical devices and are mainly used during surgical procedures. The restrictions led to a decrease in demand for near infrared imaging devices as the medical settings redirected their sources on essential and life-saving devices. However, increasing funding in research and grants specific to the development of infrared technology for hospital use is anticipated to fuel market growth over the forecast period. For instance, the European Commission funds a project involved in the development of mobile infrared technology to access the microvascular structure of COVID patients admitted in ICU.

Increase in the adoption of surgical interventions has augmented the usage of visualization equipment to perform the surgery. Microsurgery has been chosen by several individuals on large scale due to rising prevalence of chronic diseases caused by stress, work pressure, improper eating habits, sedentary lifestyle, exposure to chemicals, and heredity. In addition, as per the World Bank Data, in 2016, around 10,156 surgical procedures were performed per 100,000 population in Australia. Furthermore, increasing awareness among the population owing to the benefits of treating a medical condition with surgery at the proper stage is boosting the demand for surgical procedures, thereby increasing adoption rate of near infrared imaging. Hence, the rise in surgical procedures is expected to fuel the market for near infrared imaging over the forecast period.

A constant rise in the geriatric population is increasing the financial burden on the healthcare system. According to the Global Health and Aging report by the WHO, the number of people with age 65 and more is anticipated to rise from approximately 524 million in 2010 to nearly 1.5 billion by 2050, especially in developing economies. Such a rise in the elderly population base will subsequently result in the greater application of near infrared imaging, hence supporting market growth.

Near-infrared imaging has a wide range of applications including physiological diagnostics and study of pulse oximetry, blood sugar, sports medicine, urology, and neurology. Besides, there are more than 250 clinical trials to explore potential applications of this technique in other applications. Early detection of Alzheimer’s disease with the help of non-invasive near-infrared spectroscopy is expected to have a significant impact on the usage of the NIR technique in neurology. Functional near-infrared spectroscopy is integrated with optical imaging technology and is increasingly used in the neuroimaging domain.

Near Infrared Imaging Market Trends

Microsurgery has been chosen by several individuals on large scale due to rising prevalence of chronic diseases caused by stress, work pressure, improper eating habits, sedentary lifestyle, exposure to chemicals, and heredity. In addition, as per the World Bank Data, in 2016, around 10,156 surgical procedures were performed per 100,000 population in Australia. Furthermore, increasing awareness among population owing to benefits of treating medical condition with surgery at proper stage is boosting the demand for surgical procedures, thereby increasing adoption rate of near infrared imaging. Hence, rise in surgical procedures is expected to fuel the near infrared imaging market over the forecast period.

Fluorescence imaging has a long history of clinical use, but not precisely in cancer. Fluorescence imaging has better tissue penetration and lower auto fluorescence, making it preferable option among patient population. Advantages of near infrared imaging technique include minimal invasiveness and deep tissue imaging using the non-ionizing method are anticipated to support its applications in emergency departments as well as operating rooms. Also, NIR integrated with nanoparticle-based NIR contrast agent is stable than the organic counterparts and provides resistance to rapid photo-bleaching. 

Minimally invasive surgeries offer numerous benefits as compared to open surgery techniques, anticipating to fuel the near infrared imaging market growth. Minimally invasive surgeries offer several advantages such as faster recovery time, smaller incisions, reduced scarring & pain, increased accuracy, and shorter hospital stays. 

Near Infrared (NIR) image-guided surgery holds great potential for improved surgical outcomes. Near infrared imaging is a well-known method for real-time and non-contact imaging. However, as per the U.S. Food and Drug Administration, NIR models may change with time as new sources of variability are introduced, requiring significant time for approval. 

Rapid technological changes in the healthcare field have increased the demand for skilled professionals. Effectively implementing and understanding innovative technologies in near infrared imaging is crucial while performing surgeries. Hence, skilled professionals are required. However, there has been a dearth of skilled professionals in several underdeveloped and developing economies, anticipated to restrain the market growth over the analysis period. Scarcity of skilled labor may be responsible for slow growth in such countries.

Product Insights

The reagents segment dominated the market for near infrared imaging and accounted for the largest revenue share of 56.2% in 2020. The segment is expected to witness a significant CAGR 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, growing applications of ICG along with 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 35.5% in 2020. The cancer surgeries segment is predicted to witness a CAGR of 10.4% in the forthcoming years owing to the increasing prevalence of cancer on a global scale. In countries such as Australia within the Asia Pacific region, the cancer rate is expected to rise at 483 new cases per 100,000 population.

Near-infrared (NIR) regents 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 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 44.8% in 2020 and is expected to lead in the future as well. 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 detection of bedsores to prevent surgical errors. Laparoscopic devices integrated with near infrared sensors help surgeons to 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 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 identification of raw materials, verification of the quality of lyophilized materials, monitoring 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 40.4% in 2020 and is expected to witness a growth rate of over 9.4% over the forecast period. This growth is owing to the high disposable income of consumers, 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 the American Cancer Society, around 1685,210 new cancer cases were identified in 2016 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.

Germany accounted for significant market share in 2020. Diagnosis of cancer and other chronic conditions is expensive and not affordable for all individuals. Thus, with the oldest national social health insurance system, Germany’s healthcare system is considered to be one of the pioneers in public health support. Moreover, schemes such as “Statutory Health Insurance” are strengthening country’s healthcare infrastructure, thereby aiding people by providing diagnostic tests using various methods and imaging systems for early detection of diseases.

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.

Increasing geriatric population and growing incidence of chronic diseases in South Korea are major drivers of the market. For instance, as per World Bank, the geriatric population in South Korea accounted for around 13.43% in 2016, whereas in 2017 it accounted for around 13.91%. Furthermore, increasing healthcare expenditure and favorable government policies for approval of products has encouraged several major players to enter into this market. Therefore, South Korea market is expected to witness considerable growth over the forecast period.

Key Companies & Market Share Insights

The key players are focusing on growth strategies, such as new product launches, expansion, collaborations, partnerships, and acquisitions. For instance, in January 2021, KARL STORZ announced the launch of the system named IMAGE1 S Rubina multimode visualization, the latest advancement in endoscopic imaging. This technology combines state-of-the-art 4K resolution with superior fluorescence-guided imaging using indocyanine green dye and near-infrared light and (NIR/ICG). Some of the prominent players in the global 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 AGLI-COR, Inc.

• Fluoptics

• SurgVision

• PERKINELMER INC

Near Infrared Imaging Market Report Scope 

Global Near Infrared Imaging Market Segmentation

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 2016 to 2028. For the purpose of this study, Grand View Research has segmented the global near infrared imaging market report on the basis of product, application, end use, and region:

• Product Outlook (Revenue, USD Million, 2016 - 2028)

  • Devices

    • Near-infrared Fluorescence Imaging Systems

    • Near-infrared Fluorescence & Bioluminescence Imaging Systems 

  • Reagents

    • Indocyanine Green (ICG)

    • Other Reagents

• Application Outlook (Revenue, USD Million, 2016 - 2028)

  • Preclinical Imaging

  • Cancer Surgeries

  • Gastrointestinal Surgeries

  • Cardiovascular Surgeries

  • Plastic/Reconstructive Surgeries

  • Other Applications

• End-use Outlook (Revenue, USD Million, 2016 - 2028)

  • Hospitals & Clinics

  • Pharmaceutical & Biotechnology Companies

  • Research Laboratories

• Regional Outlook (Revenue, USD Million, 2016 - 2028)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

    • Spain

    • Italy

  • Asia Pacific

    • Japan

    • China

    • India

    • Thailand

    • South Korea

  • Latin America

    • Brazil

    • Mexico

    • Argentina

    • Colombia

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • UAE