The Near Infrared Imaging Market size was estimated to be US$ 423.02 million in 2021 and US$ XX million in 2023 and is expected to reach US$ 672.45 million by 2031; it is estimated to record a CAGR of 5.1% by 2031. Consolidation are likely to remain key near infrared imaging market trends.

Near Infrared Imaging Market Analysis

The demand for near infrared (NIR) imaging is increasing across the world, majorly as a replacement for thermal or far-infrared (FIR) vision used for night vision. The near infrared imaging is considered a powerful approach for several agronomical applications. Additionally, the near infrared imaging is advantageous over thermal vision as the thermal vision only helps to absorb heat and does not produce clear images. Further, the near infrared fluorescence cancer imaging is one of the emerging technique for clinical as well as pre-clinical applications for the management of cancer patients as the NIR offers high spatial resolution, real-time display, portability, and detailed molecular profiling using multiplexed fluorescent probes.

Moreover, light in the near infrared range with a wavelength of 650–900 nm has several advantages over visible-range light that include deeper tissue penetration due to less absorption by hemoglobin and water as well as less auto fluorescence from surrounding tissues.

NIR fluorescence-imaging applications are useful in various medical procedures including cancer and neurological imaging. The NIR applications do not just act as an alternative to the traditional imaging methods, but are also compensatory for various limitations of the conventional imaging techniques by employing unique features such as NIR fluorescence. Thus, the benefits offered by near infrared imaging are also expected to be a prominent factor propelling the market growth during the forecast period.

Near Infrared Imaging Market Overview

The growth of the near infrared imaging market is expected to be responsible due to factors such as increasing number of surgical procedures and advantages offered by near infrared imaging. However, shortage of skilled professionals is expected to hinder the growth of the market to a certain extent. Global near infrared imaging market is segmented by region into North America, Europe, Asia-Pacific, Middle East & Africa and South & Central America. In North America, the US holds a significant share of the near infrared imaging market. Innovations in the NIR imaging systems primarily drive the growth of the market in the country. Countries in the region focus on development of advanced technology-based products that assist in improving the quality of patient lives.

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Near Infrared Imaging Market: Strategic Insights

Near Infrared Imaging Market

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  CAGR (2023 - 2031)

  5.1%
• Market Size 2021
  US$ 423.02 Million
• Market Size 2031
  US$ 672.45 Million

Market Dynamics

GROWTH DRIVERS

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FUTURE TRENDS

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OPPORTUNITIES

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Key Players

• KARL STORZ SE & Co. KG
• Olympus Corporation
• Carl Zeiss Meditec AG
• Leica Microsystem Nussloch GmbH (Danaher)
• Perkin Elmer Inc.
• LI-COR, Inc.
• Hamamatsu Photonics K.K.
• Quest Diagnostics Incorporated
• Mizuho Medical Co, Ltd.
• SHIMADZU CORPORATION

Regional Overview

• North America
• Europe
• Asia-Pacific
• South and Central America
• Middle East and Africa

Market Segmentation

Product

• Device
• Reagent

Application

• Preclinical Imaging
• Cancer Surgeries
• Gastrointestinal Surgeries
• Cardiovascular Surgeries
• Plastic/Reconstructive Surgeries
• Other Applications

End User

• Hospitals & Clinics
• Pharmaceutical & Biotechnology Companies
• Research Laboratories

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Near Infrared Imaging Market Drivers and Opportunities

Increasing Number of Surgical Procedures to Favor Market

The annual Global Survey on Aesthetic/Cosmetic Procedures report in 2022, by the International Society of Aesthetic Plastic Surgery (ISAPS) reported that there was an 11.2% increase in the total number of procedures performed by plastic surgeons in 2022. The report also shows that more than 14.9 million surgical procedures were performed globally. Additionally, the survey indicates a consistent increase in aesthetic surgery with a 41.3% rise over the last four years. 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.

Emphasis on Medical Tourism – An Opportunity in Near Infrared Imaging Market

Medical tourism is one of the major factors propelling the adoption of medical imaging, including NIR. The medical tourism is rising in Latin America and Asia Pacific. Along with these regions, the Middle East region is also focusing on the medical tourism. The countries in these regions are offering best quality services at the low price. With increasing costs of manufacturing against their practices, the medical device manufacturers are struggling to generate enough revenues in order to please their investors. The emerging markets in the developing economies are expected to be the crucial factor offering better and lucrative growth opportunities for the major market players to expand their business and geographic reach.

The patients travel to other countries to obtain quality treatment with the use of sophisticated and advanced medical technology products, devices, and equipment. Moreover, the domestic medical tourism is also rising in the developing nations.

Additionally, government authorities in Asia Pacific are focusing on strengthening their medical tourism sector, thereby maximizing the flow of revenue. Poland has slowly arisen as the best medical tourism destination in Europe. For instance, in Poland, the costs of medical treatments are lower by 60–80% compared to the costs in rest of the EU countries. The major reason for the growth of the tourism is Poland's recognition and acceptance to the European Union. The rising medical tourism in the emerging nations such as Poland is anticipated to provide significant growth opportunities to the players operating in the market during the forecast period.

Near Infrared Imaging Market Report Segmentation Analysis

Key segments that contributed to the derivation of the Near Infrared Imaging Market analysis are product and end user.

Based on product, the Near Infrared Imaging Market is bifurcated into device and reagent. The device segment held a larger market share in 2023. The device segment is further bifurcated into near-infrared fluorescence imaging systems and near-infrared fluorescence and bioluminescence imaging systems. The reagent segment is further bifurcated into Indocyanine Green (ICG) and other reagents.

• By application, the 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 2023.
• In terms of end user, the market is segmented into hospitals & clinics, pharmaceutical & biotechnology companies, and research laboratories. The hospitals & clinics segment dominated the market in 2023.

Near Infrared Imaging Market Share Analysis by Geography

The geographic scope of the Near Infrared Imaging Market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.

North America is the largest market for near infrared imaging, with the US holding the largest market share, followed by Canada. The US near infrared imaging market is expected to grow due to the well-established pharmaceutical and biotechnology market. The growth is also attributed due to the growing research and development and increasing clinical and diagnostics research. Therefore, drug development activities have increased drastically across the country. Thus the demand for near infrared imaging is growing in the country.

Further, the US 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 2021, Teledyne Technologies Incorporated acquired FLIR Systems, Inc. FLIR is operating under the name Teledyne FLIR as part of Teledyne's Digital Imaging segment. Asia Pacific is anticipated to grow with the highest CAGR in the coming years.

Near Infrared Imaging Market Report Scope

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Near Infrared Imaging Market News and Recent Developments

The Near Infrared Imaging Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for Near Infrared Imaging and strategies:

• In March 2024, Artience Co., Ltd. has launched the Sciforiem FI Series, a high-sensitivity near-infrared fluorescence probe that will be manufactured and sold by TOYOCOLOR CO., LTD. (Source: Artience Co., Ltd., Press Release, 2024)
• In July 2023, Nikon Corporation launched the AX R MP with NSPARC super-resolution multiphoton confocal microscope, which enables extremely sensitive array detection and super-resolution in deep areas within large living organism specimens. (Source: Nikon Corporation, 2023)[AT9] 
• In August 2022, Shimadzu, a Japan-based company, introduced the LuminousQuester NI near-infrared imaging system. This system comprises a camera capable of imaging near-infrared light and visible light simultaneously and dedicated software. It is designed for non-clinical research applications and supports drug discovery research by combining a highly flexible camera that can be used in a wide range of environments with software that has a high degree of usability. (Source: Shimadzu, Press Release, 2022)
• In June 2022, The Stryker Endoscopy Latam Franchise launched the +FOCO Campaign. The +FOCO campaign provided more knowledge and information about INDOCIANINE GREEN FLUORESCENCE (ICG)*, a way of visualizing blood flow and tissue perfusion by using a green pigment, which is activated by near-infrared light and turns fluorescent (green) when using advanced imaging modules such as STRYKER AIM cameras. (Source: Stryker, Press Release, 2022)

Near Infrared Imaging Market Report Coverage and Deliverables

The “Near Infrared Imaging Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Market dynamics such as drivers, restraints, and key opportunities
• Key future trends
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
• Detailed company profiles