Near Infrared Imaging Market In-depth Analysis and Key Insights

Near Infrared Imaging Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Product (Device and Reagent); Application (Preclinical Imaging, Cancer Surgeries, Gastrointestinal Surgeries, Cardiovascular Surgeries, Plastic/Reconstructive Surgeries, Other Applications); End User (Hospitals and Clinics, Pharmaceutical and Biotechnology Companies, Research Laboratories) and Geography

Publication Month : Dec 2020

  • Report Code : TIPRE00012147
  • Category : Medical Device
  • Status : Published
  • No. of Pages : 203
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The Near Infrared Imaging Market was valued at US$ 395.14 million in 2019 and is projected to reach US$ 543.24 million by 2027; it is expected to grow at a CAGR of 4.2% from 2020 to 2027.

Near infrared imaging uses light from 650 to 950 nm to detect any caused changes, accidents, or illnesses. It is an effective diagnostic tool for tissue imaging that is minimally invasive and non-ionizing. Blood or water, which are the main components of tissues, do not absorb NIR well thereby increasing the changes in illumination for internal structures. Since it offers faster resolution and is less harmless to patients, it is beneficial over other strategies.

The scope of the Near Infrared Imaging market includes procedure Near Infrared Imaging products, applications, end user and region. The market for Near Infrared Imaging is analyzed based on regions such as North America, Europe, Asia Pacific, Middle East & Africa, and South and Central America. The report offers insights and in-depth analysis of the Near Infrared Imaging market emphasizing on various parameters such as market trends, technological advancements, market dynamics, and competitive landscape analysis of leading market players across the globe.

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Near Infrared Imaging Market: Strategic Insights

near-infrared-imaging-market
Market Size Value inUS$ million 395.14 in 2019
Market Size Value byUS$ 543.24 Million by 2027
Growth rateCAGR of 4.2% from 2020-2027
Forecast Period2020-2027
Base Year2020
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Lucrative Regions for Near Infrared Imaging Market

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Market Insights

Increasing Number of Surgical Procedures across the world.

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.

According to a report published by the Lancet Commission on Global Surgery (2015), ~28–32% of the burden of disease can be attributed to the surgically treatable conditions globally and 143 million additional surgical procedures are required to reduce the mortality every year. Moreover, according to a report of Healthcare Cost and Utilization Project (HCUP), in 2017, 17.2 million patients visited the hospital for various surgeries including invasive and therapeutic surgeries. The increasing awareness among patient population with respect to benefits of treating a medical condition with surgery at appropriate stage is driving the demand of surgical procedures to treat sudden unmet medical conditions.Thus, the increasing number of surgical procedures is likely to enhance the growth of the near infrared imaging market during the forecast years

Near Infrared Imaging Products -Based Insights            

Global near infrared imaging market, based on near infrared imaging products, the near infrared imaging market is segmented into device and reagents. In 2019, the devices segment accounted for the highest share of the market. Growth of this segment is attributed to increasing adoption of near infrared imaging systems in surgical procedures. The same segment is likely to register highest CAGR in the global Near Infrared Imaging market during the forecast period.

Global Near Infrared Imaging Market, by Application – 2019 & 2027

Global Near Infrared Imaging Market, by Application – 2019 & 2027

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Application-Based Insights

Global near infrared imaging market, based on application, the near infrared imaging 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 2019, and same segment is anticipated to register the highest CAGR of 4.7% in the market during the forecast period.  

End User – Based Insights

Global near infrared imaging market, based on end user, the near infrared imaging market is segmented into hospitals and clinics, pharmaceutical and biotechnology companies and research laboratories. The hospitals and clinics segment held the largest share of the market in 2019, and same segment is anticipated to register the highest CAGR of 4.7% in the market during the forecast period.

COVID-19 pandemic has become the most significant challenge across the world. This challenge will be frightening especially in developing countries across the globe as it will lead to reducing imports due to disruptions in global trade. The COVID-19 pandemic affected the pharmaceutical, medical device, R & D, and other businesses across the globe. Near infrared imaging devices are critical care medical devices in several surgical procedures. As the rise of the pandemic crisis was uncertain, there is shortage in supply of various diagnostic imaging devices and consumables. It has been difficult for the hospital to manage the medical devices used for inhouse patients and COVID19 patients. To deal with the situation, the market players focus their business operations towards increasing the production capacities. For instance, US based company Li-Cor, Inc. has accelerated its production lines for Near-infrared (NIR) Western blotting systems and the In-Cell Western Assay consumables which are valuable tools offered by Li COR Inc. and will expedite the research on COVID 19 vaccine development.   

Product launches and expansion strategy are commonly adopted by companies to expand their footprint worldwide and meet the growing demand. These strategies are commonly adopted by the market players in order to expand its product portfolio.

The market players operating in the Near Infrared Imaging Market adopted the strategy of product innovation to cater to changing customer demand across the world, which also permits the players to maintain their brand name globally.

By Product

  • Device
    • Near-Infrared Fluorescence Imaging Systems
    • Near-Infrared Fluorescence and Bioluminescence Imaging Systems
  • Reagent
    • Indocyanine Green (ICG)
    • Other Reagents

By Application     

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

By End User

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

By Geography

  • North America

    • US
    • Canada
    • Mexico
  • Europe

    • France
    • Germany
    • Italy
    • UK
    • Spain
    • Rest of the Europe
  • Asia Pacific(APAC)

    • China
    • India
    • South Korea
    • Japan
    • Australia
    • Rest of Asia Pacific
  • Middle East & Africa (MEA)

    • South Africa
    • Saudi Arabia
    • UAE
    • Rest of Middle East and Africa
  • South America (SAM)

    • Brazil
    • Argentina
    • Rest of South America

Company Profiles

  • KARL STORZ SE AND CO.KG
  • OLYMPUS CORPORATION
  • CARL ZEISS MEDITECH AG
  • LEICA MICROSYSTEMS
  • PERKINELMER, INC.
  • LI-COR, INC.
  • HAMAMATSU PHOTONICS K.K.
  • QUEST MEDICAL IMAGING B.V
  • MIZUHO MEDICAL CO., LTD
  • SHIMADZU CORPORATION
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Product ; Application ; End User and Geography

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States

Frequently Asked Questions


What is Near Infrared Imaging?

Near infrared imaging uses light from 650 to 950 nm to detect any caused changes, accidents, or illnesses. It is an effective diagnostic tool for tissue imaging that is minimally invasive and non-ionizing. Blood or water, which are the main components of tissues, do not absorb NIR well thereby increasing the changes in illumination for internal structures. Since it offers faster resolution and is less harmless to patients, it is beneficial over other strategies.

What are the driving factors for the Near Infrared Imaging market across the globe?

The factors that are driving growth of the market are increasing number of surgical procedures, increasing demand for near infrared (NIR) imaging owing to advantages associated with it such as deeper tissue penetration and high spatial resolution with detailed molecular profiling using multiplexed fluorescent probes are expected to boost the growth of the global Near Infrared Imaging market.

Who are the major players in the Near Infrared Imaging market?

The Near Infrared Imaging market majorly consists of the players such as 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 and among others.

The List of Companies - Near Infrared Imaging Market

  1. KARL STORZ SE & Co. KG
  2. Olympus Corporation
  3. Carl Zeiss Meditec AG
  4. Leica Microsystems Nussloch GmbH (Danaher)
  5. Perkin Elmer, Inc.
  6. LI-COR, Inc.
  7. Hamamatsu Photonics K.K.
  8. Quest Diagnostics Incorporated
  9. Mizuho Medical Co, Ltd.
  10. SHIMADZU CORPORATION

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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