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%
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Market Size 2021
US$ 423.02 Million
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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
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Near Infrared Imaging Market: Strategic Insights
-
CAGR (2023 - 2031)5.1% -
Market Size 2021
US$ 423.02 Million -
Market Size 2031
US$ 672.45 Million
Market Dynamics
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- XXXXXXX
- XXXXXXX
- XXXXXXX
- XXXXXXX
- XXXXXXX
- XXXXXXX
- XXXXXXX
- XXXXXXX
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
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 423.02 Million |
| Market Size by 2031 | US$ 672.45 Million |
| Global CAGR (2023 - 2031) | 5.1% |
| Historical Data | 2021-2022 |
| Forecast period | 2023-2031 |
| Segments Covered |
By Product
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product ; Application ; End User and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
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
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- 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.
- 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:
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.
- 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.
- 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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