VANCOUVER, BC, April 28, 2022 /PRNewswire/ -- The global near infrared imaging market size reached USD 950.1 Million in 2021 and is expected to register a significantly rapid revenue CAGR during the forecast period, according to latest analysis by Emergen Research. The market growth is attributed to increase in number of various surgical procedures across the globe and rise in prevalence of target diseases, such as colon cancer, breast cancer, and lung cancer.
Drivers:
Increasing number of cancer cases and rising number of private diagnostic laboratories are driving growth of near infrared imaging market. According to the World Health Organization (WHO), cancer has been a major cause for mortality worldwide, with nearly 10 million deaths in 2020. Health concerns among geriatric population is expected to be high, which will subsequently result in increasing use of near infrared imaging solutions.
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According to the "Global Health and Aging 2019" report by the WHO, the number of people aged 65 and more is expected to rise from nearly 524 million in 2010 to nearly 1.5 billion by 2050, particularly in developing countries. Due to increasing medical treatment for geriatric population is expected to drive adoption of near infrared imaging solutions. Near-Infrared imaging is used to establish positive margins that help demarcate cancerous tissues from normal tissues in cancer surgeries. Therefore, increase in number of surgical procedures is expected to drive growth of near-infrared imaging market in the upcoming years.
Restraints:
Lengthy approval processes limit the availability of targeted fluorophores. This is one of the main restraints for growth of global near-infrared imaging market. Another factor limiting the market growth is increasing use of other alternative imaging methods, which has led to rise in prices of infrared detectors as well as cost of research and development activities. Rise in prices of infrared cameras as compared to other possible substitute technologies has limited their widespread acceptance. Medium wavelength infrared (MWIR) and long wavelength infrared (LWIR) cameras are typically less expensive than short wavelength infrared (SWIR) cameras.
Growth Projections:
Global near infrared imaging market is expected to register a CAGR of 10.1% over the forecast period and market revenue growth is projected to increase from USD 950.1 Million in 2021 to USD 2,252.5 Million in 2030. Technological advancements in near-infrared spectroscopy (NIR) devices due to adoption of technologically advanced tools in healthcare settings and diagnostic centers are projected to drive market growth significantly in the near future.
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COVID-19 Impact Analysis:
Near-infrared imaging market growth is expected to be adversely affected by temporary delays in various elective surgeries due to increase in number of COVID-19 cases. Shutdown of manufacturing facilities due to lockdowns have also disrupted supply chains and reduced recruitments for clinical trials. These factors further impacted overall near-infrared imaging market growth in 2020.
Current Trends and Innovations:
Developing countries, such as India, China, South Korea, Brazil, Turkey, and South Africa, provide high-growth opportunities for prominent players in near-infrared imaging market. Due to rising disposable income in developing countries, patients are willing to spend on high-quality healthcare services. Key players in near-infrared imaging market are developing near infrared imaging solutions to meet the needs of patients and expand their presence in developing economies. However, due to limited growth in mature markets, imaging system manufacturers are focusing on expanding their presence in developing countries. These factors are expected to drive demand for near infrared imaging solutions.
Geographical Outlook:
North America is expected to be a lucrative market for near infrared imaging solutions during the forecast period due to increasing healthcare expenditures, which drive adoption of near infrared imaging products. Healthcare expenditure in the U.S. is expected to reach USD 6.2 Trillion by 2028, expanding at a 5.4% annual rate from 2019 to 2028, according to the statistics of National Health Expenditure. Increase in cancer cases in the region is also expected to drive adoption of near infrared imaging devices for disease diagnostics.
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Strategic Initiatives:
Major companies included in the market report are Stryker (U.S.), Carl Zeiss Meditec AG , Olympus Corporation , PerkinElmer, Inc. (U.S.), Shimadzu Corporation , Merck & Co., Inc. (U.S.), Thermo Fisher Scientific (U.S.), Leica Microsystems (U.S.), LI-COR, Inc. (U.S.), Fluoptics , Quest Medical Imaging B.V. (Netherlands), and Cayman Chemical (U.S.).
- On 29 September 2020, Leica Microsystems announced that it has received Class II medical device licenses from Health Canada for two surgical microscope accessories. Leica Microsystem's augmented reality (AR) GLOW800 surgical fluorescence microscope accessory is used for viewing intra-operative blood flow in the brain as well as blood flow following plastic and reconstructive surgeries and coronary artery bypass grafting (CABG).
- On 26 August 2019, Stryker launched Fluorescence Imaging (FI) technology, Spy-Phi, for mapping lymphatics, identification of lymph nodes, and confirming adequate tissue perfusion for safe breast reconstruction. This new technology uses near infrared technology and indocyanine green (ICG) dye.
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Emergen Research has segmented global near infrared imaging market on the basis of product type, application, end-use, and region:
- Product Type Outlook (Revenue, USD Million; 2019–2030)
a. Near-Infrared Fluorescene Imaging Systems
b. Near-Infrared Fluorescene and Bioluminescene Imaging Systems
- Application Outlook (Revenue, USD Million; 2019–2030)
- Preclinical Imaging
- Cancer Surgeries
- Gastrointestinal Surgeries
- Cardiovascular Surgeries
- Plastic/Reconstructive Surgeries
- Other Applications
- End-use Outlook (Revenue, USD Million; 2019–2030)
- Hospitals & Clinics
- Research Laboratories
- Other End-users
- Regional Outlook (Revenue, USD Million; 2019–2030)
a. U.S.
b. Canada
a. Germany
b. France
c. U.K.
d. Italy
e. Spain
f. Rest of Europe
a. China
b. India
c. Japan
d. South Korea
e. Australia
f. Rest of APAC
a. Brazil
b. Mexico
c. Rest of LATAM
a. Saudi Arabia
b. UAE
c. Africa
d. Rest of MEA
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Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trend's existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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