Near Infrared Imaging Market Size, Share & Trend Analysis Report, By Product (Devices, Reagents), By Application (Cancer, Gastrointestinal), By End-use (Hospitals & Clinics) And Segment Forecasts 2019 - 2026

Industry Insights

The global near infrared imaging market size was estimated at USD 271.0 million in 2018 and is expected to expand at a CAGR of 4.1% over the forecast period. Increasing number of surgical procedures worldwide due to high prevalence of chronic lifestyle associated diseases is majorly driving the near infrared imaging market. Growing prevalence of cardiovascular diseases, gastrointestinal diseases, neurovascular diseases, and cancer is expected to drive the near infrared imaging market. According to WHO, cancer is one of the leading causes of death, presenting a rise of 18.1 million new cases in 2018 and approximate 9.6 million deaths in the same year. Unavailability of effective pharmaceutical treatment and growing preference of minimally invasive surgical procedures are the factors expected to drive the market.

Advantages provided by NIR technique including minimally invasiveness and deep tissue imaging using non non-ionizing method are expected to strengthen its applications in operating rooms as well as emergency departments. NIR integrated with nanoparticle (NP) based NIR contrast agent offers resistance to rapid photo-bleaching and is stable to the organic counterparts. These advantages are expected to broaden the applications of the near infrared imaging with nanoparticles.

Growing advancements in small-molecule near-IR probe domain for bioimaging is expected to enhance its usage in bioimaging. Advent of new contrast agents has amplified the potential of NIR bioimaging for real-time vascular visualization and deep tissue diagnostics for ongoing surgical assistance. Development of new NIR contrast agents have aided the bioimaging of numerous targets with advantages, such as low cytotoxicity, structural tunability, and good cell permeability.

Near infrared imaging has wide range of applications including physiological diagnostics and study of pulse oximetry, blood sugar, sports medicine, urology, and neurology. In addition, 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 NIR technique in neurology. Functional near-infrared spectroscopy is integrated with optical imaging technology and is increasingly used in neuroimaging domain.

Product Insights

By product, near infrared imaging market is categorized into devices and reagents. Devices segment is further categorized into near-infrared fluorescence & bioluminescence imaging systems and near-infrared fluorescence imaging systems. Reagents segment is also categorized as Indocyanine green (ICG) and other reagents. Devices segment dominated the market in 2018 and is expected to dominate the market in future as well, owing to introduction of advanced systems.

Reagents segment is expected to grow considerably during the forecast period owing to benefits offered by Indocyanine green (ICG). Indocyanine green offers real-time angiographic images during brain tumor or vascular surgery. Moreover, it is today increasingly being used for spine surgery. Hence, growing applications of ICG along with its advantages are the major drivers of the segment.

Application Insights

By application, near infrared imaging market is categorized as preclinical imaging, cancer, gastrointestinal, cardiovascular, plastic/reconstructive surgeries, and other applications. Cancer surgeries segment is predicted to grow significantly in the forthcoming years owing to increasing prevalence of cancer on the global scale. Especially in countries such as Australia within Asia Pacific region, where cancer rate is expected to rise at 483 new cases per 100,000 population.

Near infrared imaging offers various advantages in cancer diagnostics, such as high spatial resolution, real-time display, and through molecular reporting with multiplexed use of fluorescent probes, and portability. Especially for gynecological cancer patients, near infrared imaging with the help of sentinel nodes detection is gaining significant popularity. It efficiently identifies solid tumors, such as vulvar cancer, breast cancer, and melanoma. Moreover, it is increasingly preferred for cervical and endometrial cancer.

Cardiovascular surgeries segment is also expected to grow considerably in the near future owing to high prevalence of the disorder, especially in the emerging economies. This can be attributed to the obesity issues, lack of physical exercise, smoking and other bad habits, unhealthy dietary habits, and more. Hence, rising incidences of heart diseases may increase the adoption of NIR imaging in surgeries.

End-use Insights

Hospitals & clinics segment captured the largest market share in 2018 and is expected to lead in future as well, owing to increase in number of admissions of cancer patients in clinics and hospitals and well-established healthcare facilities in developed countries.

The potential application of near infrared imaging are still being studied in research laboratories. Increasing number of clinical trials and their positive results are the factors expected to boost the growth research laboratory segment during the forecast period.

Pharmaceutical and biotechnology companies segment is also anticipated to rise substantially owing to increasing number of in-house research activities and development activities. NIR is widely used in preclinical research activities and drug discovery processes. Moreover, growing funding for R&D activities for cancer is expected to fuel the segment growth in the forecast period.

Regional Insights

North America dominated the market in 2018 and is expected to lead the market in future as well owing to high disposable income of consumers, speedy adoption of technologically advanced medical devices and diagnostic techniques. Rise in numbers of cosmetic and reconstructive surgeries in the region due to growing awareness and increased spending power, and growing geriatric population prone to various lifestyle associated chronic conditions are few other drivers of the near infrared imaging market.

Asia Pacific is also expected to hold considerable share of the market owing to growing cardiovascular disorders, increasing population, and growing medical tourism that offers opportunities to the industry players to expand their business in the developing regions. In addition, improving healthcare facilities in the developing economies is fueling the near infrared imaging market.

Competitive Insights

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, Visionsense, PerkinElmer, Inc., Carl Zeiss Meditec AGLI-COR, Inc., Fluoptics, and SurgVision. These players are focusing on growth strategies, such as new product launches, expansion, collaborations, partnerships, and acquisitions.

On May 15 2019, KPM Analytics, provider of advanced instrumentation solutions successfully acquired Sensortech Systems, Inc. The acquisition is aimed at improving market share with an impeccable NIR experts group to offer quality solutions to customers, worldwide. Sensortech Systems, Inc., a market leader in innovative sensor components sees this acquisition as a great opportunity, especially to add the radiofrequency capabilities in the forthcoming technologies and providing superior products to the patients.

Report Scope

Segments covered in the report

This report forecasts revenue growth at global, regional & country levels and provides an analysis on the industry trends in each of the sub-segments from 2015 to 2026. 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, 2015 - 2026)

  • Devices

    • Near-Infrared Fluorescence Imaging Systems

    • Near-Infrared Fluorescence & Bioluminescence Imaging Systems          

  • Reagents

    • Indocyanine Green (ICG)

    • Other Reagents 

• Application Outlook (Revenue, USD Million, 2015 - 2026)

  • Preclinical Imaging

  • Cancer Surgeries

  • Gastrointestinal Surgeries

  • Cardiovascular Surgeries

  • Plastic/Reconstructive Surgeries

  • Other Applications

• End-user Type Outlook (Revenue, USD Million, 2015 - 2026)

  • Hospitals & Clinics

  • Pharmaceutical & Biotechnology Companies

  • Research Laboratories

• Regional Outlook (Revenue, USD Million, 2015 - 2026)

  • North America

    • U.S.

    • Canada

  • Europe

    • UK

    • 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