Near Infrared Imaging Market Size, Share & Trends Analysis Report By Product (Devices, Reagents), By Application (Cancer Surgeries, Preclinical Imaging), By End-use (Hospitals & Clinics, Research Labs), And Segment Forecasts, 2022 - 2030

Report Overview

The global near infrared imaging market size was valued at USD 1.99 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 4.0% from 2022 to 2030. Increasing incidence of target diseases, such as cardiovascular, gastrointestinal, neurovascular, and cancer, is likely to boost the demand for Near-infrared (NIR) imaging in the coming years. According to the WHO, CVDs account for about 17.9 million deaths each year, globally. Moreover, the growing demand for technologically advanced fluorescence imaging systems and various initiatives undertaken by key players are anticipated to boost overall industry growth. For instance, in September 2022, Sony, Olympus, and Sony Olympus Medical Solutions collaborated to develop a surgical endoscopy system that supports 4K, 3D, and infrared imaging features.

The COVID-19 pandemic affected the industry as these are critical care medical devices and are mainly used during surgical procedures. The restrictions led to a decrease in demand for NIR imaging devices as the medical settings redirected their sources to essential and life-saving devices. However, since the pandemic restrictions have been lifted, the industry is expected to grow at a significant rate over the forecast period. According to the annual report published by Olympus, recovery from COVID-19’s effects led to positive growth from the previous fiscal year in the surgical endoscopes market.

Sales of the surgical endoscopic system VISERA ELITE II were especially robust in North America and Europe. An 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 a large scale due to the rising prevalence of chronic diseases caused by stress, work pressure, improper eating habits, a sedentary lifestyle, exposure to chemicals, and heredity. Furthermore, increasing awareness levels among the population about the benefits of treating a medical condition with surgery at the proper stage are boosting the demand for surgical procedures, thereby increasing the adoption rate of NIR imaging.

According to a report published by the American Society of Plastic Surgeons (ASPS), in 2020, around USD 16.7 billion were spent on cosmetic procedures in the U.S. These factors are expected to positively impact the overall industry growth. Hence, a rise in the volume of surgical procedures is expected to fuel the industry growth over the forecast period. A constant rise in the geriatric population is boosting the financial burden on the healthcare system. According to the Global Health and Aging report by the WHO, the number of people aged 65 years and above 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 NIR imaging, hence supporting market growth. NIR imaging has a wide range of applications in physiological diagnostics and the 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. The early detection of Alzheimer’s disease with the help of non-invasive Near-Infrared Spectroscopy (NIRS) is expected to have a significant impact on the usage of the NIR technique in neurology. Functional NIRS is integrated with optical imaging technology and is increasingly being used in the neuroimaging domain.

Product Insights

The reagents segment dominated the global industry in 2021 and accounted for the largest share of more than 56.00% 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 35.10% 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 45.00% 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.

Key Companies & Market Share Insights

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 (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 Corp.

• Leica Microsystems

• Medtronic (Visionsense)

• PerkinElmer, Inc.

• Carl Zeiss Meditec

• Fluoptics

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 2018 to 2030. 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, 2018 - 2030)

  • Devices

    • Near-infrared Fluorescence Imaging Systems

    • Near-infrared Fluorescence & Bioluminescence Imaging Systems

  • Reagents

    • Indocyanine Green (ICG)

    • Other Reagents

• Application Outlook (Revenue, USD Million, 2018 - 2030)

  • Preclinical Imaging

  • Cancer Surgeries

  • Gastrointestinal Surgeries

  • Cardiovascular Surgeries

  • Plastic/Reconstructive Surgeries

  • Other Applications

• End-use Outlook (Revenue, USD Million, 2018 - 2030)

  • Hospitals & Clinics

  • Pharmaceutical & Biotechnology Companies

  • Research Laboratories

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • 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