Near-infrared Imaging Market by Product (Imaging System, Probe, Dye (Organic, Nanoparticle)), Procedure (Cancer, CVD, GI, OB/GYN), Application (Preclinical, Clinical, Medical), End User (Hospital, Pharma, Research Lab) & Region - Global Forecast to 2028
The global near infrared imaging market in terms of revenue was estimated to be worth $1.0 billion in 2023 and is poised to reach $1.6 billion by 2028, growing at a CAGR of 10.2% from 2023 to 2028. The new research study consists of an industry trend analysis of the market. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market. The increasing patient population, rising prevalence of chronic diseases, and rising focus on precision medicine are expected to drive the market during the forecast period.
Global Near Infrared Imaging Market
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e- Estimated; p- Projected
Near Infrared Imaging Market Dynamics
Driver: Increasing number of surgical procedures
Globally, the number of surgical procedures is on the rise owing to the rising prevalence and incidence of various diseases such as cancer, cardiovascular diseases, neurovascular diseases, and gastrointestinal diseases. Surgical cosmetic procedures and trauma cases are also contributing to the increasing number of surgical procedures.
- In 2020, there were an estimated 19.3 million new cancer cases, and this number is estimated to reach 28.4 million cases by 2040, an increase of 47% (Source: GLOBOCAN 2020). It is estimated that nearly 80% of cancer cases require surgery (Source: Lancet Commission on Global Surgery). With the rising incidence of cancer, the number of cancer surgeries is also expected to rise.
- Cardiovascular disease (CVD) is the leading cause of death globally, with an estimated 17.9 million deaths each year, representing 31% of all global deaths. According to the American Heart Association, in the US alone, 102.7 million adults had at least one cardiovascular condition as of 2019. This number is projected to rise to 131.2 million by 2035. Heart disease costs the United States about USD 219 billion each year.
- Globally, ~11.3 million cosmetic procedures were performed in 2019, a 7.4% increase as compared to 2018. Face & head procedures contribute to 13.5% of all plastic surgeries, followed by body & extremities procedures at 6.3% (Source: ISAPS).
- Vascular diseases such as aneurysms are on the rise owing to the increasing burden of blood pressure, high cholesterol, and stress. According to the Brain Aneurysm Foundation, an estimated 6 million people in the US have an unruptured brain aneurysm.
Restraint: High Capital and Operational Cost
The high cost of purchasing and operating NIR systems can limit their availability and use in healthcare settings. The initial capital cost of NIR systems are expensive, ranging from several hundred thousand to over a million dollars, which can be a significant barrier for hospitals and medical centres with limited budgets. Moreover, NIR systems require ongoing maintenance, calibration, and repair, as well as specialized personnel to operate and interpret the results, leading to additional ongoing costs that can be significant and accumulate over time. These factors make NIR systems a costly investment for many healthcare providers. The high cost of NIR imaging equipment can make it difficult for smaller hospitals and medical centres in rural areas to purchase and operate these devices. As a result, patients in this area may have limited access to NIR imaging, which can lead to delayed diagnosis and treatment.
Opportunity: Use of blockchain in imaging
Blockchain technology has the potential to revolutionize various industries, and imaging is no exception. The use of blockchain in imaging can offer several benefits, including data integrity, security, provenance, and decentralized storage. It can ensure the authenticity and origin of images through a tamper-proof and transparent ledger, making it valuable for applications such as medical imaging, art authentication, and copyright protection. Additionally, blockchain enables decentralized storage and sharing, reducing reliance on centralized servers and enhancing accessibility. It can also facilitate licensing and royalty tracking for image usage, while improving the security and privacy of medical imaging data. Overall, blockchain has the capacity to revolutionize the imaging industry by offering trust, transparency, and efficiency in various domains.
Challenge: Hospital budget cuts
In response to increasing government pressure for reducing healthcare costs, several healthcare providers have aligned themselves with group purchasing organizations (GPOs), integrated health networks (IHNs), and integrated delivery networks (IDNs). These organizations aggregate the purchasing volume of their members and bargain for a competitive price with the suppliers and manufacturers of medical devices. GPOs, IHNs, and IDNs negotiate heavily for bulk purchases of imaging devices.
The rising cost of prescription drugs and a sharp decline in the proposed budget allocations for Health and Human Services in the US have significantly reduced hospital budgets. A study by the American Hospital Association estimates that federal payment cuts to hospitals would amount to USD 218 billion by 2028, forcing hospitals to allocate smaller budgets annually.
In 2020, Nigeria decided to cut its healthcare spending by 40%. Moreover, the Philippines Government, in 2019, further proposed budget cuts in the healthcare segment, which can significantly impede the market for diagnostic imaging. Owing to these budget cuts, most hospitals cannot afford costly imaging devices and prefer lower-priced alternatives, such as refurbished devices or the upgrading of existing devices. To address this challenge, market players have to adopt suitable strategies to meet the needs of these hospitals.
Market Ecosystem
By product, the NIR devices segment accounted for the largest share of the near infrared imaging industry in 2022
Based on product, the global near infrared imaging market is segmented into NIR devices, NIR imaging agents/probes, and NIR dyes. In 2022, the NIR devices system segment accounted for the largest market share. The rising use of advanced instruments in oncology research and the need for better turnaround time, high-image resolution, real-time image guidance during surgeries and enhanced precision is driving the segment growth.
By application, the preclinical applications segment of the near infrared imaging industry to register significant growth in the near future
Based on procedure, the global near infrared imaging market is segmented into preclinical, clinical, and medical. Preclinical applications register the highest growth rate during the forecast period. The major factors responsible for the highest growth rate of this segment are the advanced modalities and increasing surgical procedures at the medical facilities.
By end user, the hospitals and surgical centers companies segment accounted for the largest share of the near infrared imaging industry in 2022
Based on end user, the global near infrared imaging market is segmented into hospitals & clinics, research laboratories, and pharmaceutical & biotechnology companies. In 2022, hospitals and clinics accounted for the largest market share. The rising prevalence of cancer and the growing number of plastic and reconstructive surgeries performed in hospitals and clinics are the key factors driving the market growth.
By procedure, the cancer surgeries segment of the near infrared imaging industry to register significant growth in the near future
Based on procedure, the global near infrared imaging market is segmented into cancer surgeries, gastrointestinal surgeries, cardiovascular surgeries, plastic/reconstructive surgeries, and ob/gyn surgeries and other applications. Cancer surgery applications register the highest growth rate during the forecast period. The rising prevalence of cancer across the globe is the major factor driving the growth of this segment.
By region, North America is expected to be the largest region of the near infrared imaging industry during the forecast period
North America, comprising the US and Canada, accounted for the largest share of the near infrared imaging market in 2022. The large share of this market can primarily be attributed to the high healthcare spending, rising geriatric population, the rising prevalence of target diseases, growing number of cosmetic surgeries, ongoing research activities, and rapid adoption of technologically advanced imaging systems.
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As of 2021, prominent players in the market are Stryker (US), KARL STORZ SE & Co. KG (Germany), Carl Zeiss Meditec AG (Germany), Leica Microsystems (US), Olympus Corporation (Japan), PerkinElmer, Inc. (US), LI-COR, Inc. (US), and Medtronic (Ireland)
Scope of the Near Infrared Imaging Industry
|
Report Metric |
Details |
|
Market Revenue in 2023 |
$1.0 billion |
|
Projected Revenue by 2028 |
$1.9 billion |
|
Revenue Rate |
Poised to Grow at a CAGR of 14.0% |
|
Market Driver |
Increasing number of surgical procedures |
|
Market Opportunity |
Use of blockchain in imaging |
This report has segmented the global near infrared imaging market to forecast revenue and analyze trends in each of the following submarkets:
By Product
-
Device
- Fluorescence Imaging Systems
- Fluorescence & Bioluminescence Imaging Systems High Slice Scanners
-
NIR Imaging Agents/Probes
- Indocyanine Green
- Other Reagents
-
NIR Dyes
- Organic Dyes
- Nanoparticle Dyes
By Application
- Preclinical
- Clinical
- Medical
By Procedure
-
Cancer Surgeries
- Brain Cancer/Tumor Surgeries
- Other Cancer Surgeries
-
GIT Surgeries
- Colorectal Surgeries
- Other GIT Surgeries
- Cardiovascular Surgeries
- Plastic/Reconstructive Surgeries
- OB/GYN Surgeries
- Other Applications
By End User
- Hospitals and Surgical Clinics
- Pharmaceutical and Biotechnology Companies
- Research Labs and Academic Institutes
- Other End Users
By Region
-
North America
- US
- Canada
-
Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
-
Asia Pacific
- Japan
- China
- India
- Australia
- South Korea
- Rest of Asia Pacific
-
Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East and Africa
Recent Developments of Near Infrared Imaging Industry
- As of 2020, in Sao Paulo, Brazil, there were ten radiologists for every 100,000 inhabitants, while in the northern part of the country, there were less than three radiologists for every 100,000 inhabitants.
- According to the report “The Value of Radiology” by the Canadian Association of Radiologists (CAR), there is a need for an estimated 1,700 new radiologists between 2019 and 2040. The report identified the inadequate distribution of medical imaging equipment and radiologists across the country, as well as ageing imaging equipment unable to keep up with demand. In addition, lost work time and wages from patients who take temporary leave from their jobs waiting for imaging diagnoses are estimated to cost the economy an average of USD 3.4 billion per year.
- In 2023, the American Society for Photobiology (ASP) published a report that found that there is a growing demand for NIR imaging professionals, but that the supply of trained professionals is not keeping pace. The report also found that many NIR imaging companies are struggling to find qualified employees.
Frequently Asked Questions (FAQ):
What is the projected market revenue value of the global near infrared imaging market?
The global near infrared imaging market boasts a total revenue value of $1.6 billion by 2028.
What is the estimated growth rate (CAGR) of the global near infrared imaging market?
The global near infrared imaging market has an estimated compound annual growth rate (CAGR) of 10.2% and a revenue size in the region of $1.0 billion in 2023.
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The study involved four major activities in estimating the current size of the near infrared imaging market. Exhaustive secondary research was done to collect information on the market, peer, and parent markets. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation were used to estimate the market size of segments and subsegments.
Secondary Research
The secondary research process involves the widespread use of secondary sources, directories, databases (such as Bloomberg Businessweek, Factiva, and D&B Hoovers), white papers, annual reports, company house documents, investor presentations, and SEC filings of companies. Secondary research was used to identify and collect information useful for the extensive, technical, market-oriented, and commercial near infrared imaging market study. It was also used to obtain important information about the key players and market classification & segmentation according to industry trends to the bottom-most level, and key developments related to market and technology perspectives. A database of the key industry leaders was also prepared using secondary research.
Primary Research
In the primary research process, various supply and demand sources were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include industry experts such as CEOs, vice presidents, marketing and sales directors, technology & innovation directors, and related key executives from various key companies and organizations in the near infrared imaging market. The primary sources from the demand side include hospitals, clinics, research labs, and pharmaceutical and biotechnology companies. Primary research was conducted to validate the market segmentation, identify key players, and gather insights on key industry trends & key market dynamics.
A breakdown of the primary respondents is provided below:
*Others include sales managers, marketing managers, business development managers, product managers, distributors, and suppliers.
Note: Companies are classified into tiers based on their total revenue. As of 2022, Tier 1 = >USD 10 billion, Tier 2 = USD 10 billion to USD 1 billion, Tier 3 = <USD 500 million to USD 1 billion
To know about the assumptions considered for the study, download the pdf brochure
Market Estimation Methodology
In this report, the near infrared imaging market’s size was determined using the revenue share analysis of leading players. For this purpose, key players in the market were identified, and their revenues from the market business were determined through various insights gathered during the primary and secondary research phases. Secondary research included the study of the annual and financial reports of the top market players. In contrast, primary research included extensive interviews with key opinion leaders, such as CEOs, directors, and key marketing executives.
Segmental revenues were calculated based on the revenue mapping of major solution/service providers to calculate the global market value. This process involved the following steps:
- Generating a list of major global players operating in the near infrared imaging market.
- Mapping annual revenues generated by major global players from the product segment (or nearest reported business unit/product category)
- Revenue mapping of major players to cover a major share of the global market share, as of 2022
- Extrapolating the global value of the near infrared imaging market industry
Bottom-up approach
In this report, the size of the global near infrared imaging market was determined using the revenue share analysis of leading players. For this purpose, key players in the market were identified, and their revenues from the near infrared imaging business were determined through various insights gathered during the primary and secondary research phases. Secondary research included the study of the annual and financial reports of the top market players. In contrast, primary research included extensive interviews with key opinion leaders, such as CEOs, directors, and marketing executives.
Approach 1: Company revenue estimation approach
To calculate the global market value, segmental revenues were calculated based on the revenue mapping of major solution/product providers. This process involved the following steps:
- Generating a list of major global players operating in the near infrared imaging market
- Mapping the annual revenues generated by major global players from the near infrared imaging segment (or the nearest reported business unit/product category)
- Mapping the revenues of major players to cover at least 80–85% of the global market share as of 2022
- Extrapolating the global value of the near infrared imaging industry
Approach 2: Customer-based market estimation
During preliminary secondary research, the total sales revenue of near infrared imaging was estimated and validated at the regional and country level, triangulated, and validated to estimate the global market value. This process involved the following steps:
- Generating a list of major customer facilities across each region and country
- Identifying the average number of near infrared imaging product supplies used by major customer facilities across each product type at the regional/country level, annually
- Identifying the percentage contribution of major customer facilities to the overall near infrared imaging expenditure and usage at the regional/country level, annually
- Extrapolating the annual usage patterns for various products across major customer facilities to estimate the size of each product segment at the regional/country level, annually
- Identifying the percentage contributions of individual market segments and subsegments to the overall near infrared imaging market at the regional/country level
Near Infrared Imaging Market Size Estimation: Bottom-Up Approach
Source: MarketsandMarkets Analysis
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Data Triangulation
After arriving at the overall market size from the market size estimation process explained above, the global near infrared imaging market was split into segments and subsegments. Data triangulation and market breakdown procedures were employed to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. The data was triangulated by studying various factors and trends from both the demand and supply sides. Additionally, the near infrared imaging market was validated using top-down and bottom-up approaches.
Market Definition
NIR imaging is a non-invasive imaging technique that utilizes near-infrared light to capture images and gather information about tissues and structures within the human body or other subjects. NIR light has wavelengths ranging from approximately 700 to 2500 nanometers, which lies just beyond the visible light spectrum. NIR imaging has several applications in fields such as preclinical research and uses, medical, and clinical. It provides valuable insights into functional brain imaging, tumor detection, vascular imaging, and drug delivery monitoring. NIR imaging offers advantages such as deeper tissue penetration, non-ionizing nature, and the ability to capture functional and structural information. Its versatility makes it a valuable tool in various research, diagnostic, and quality control applications.
Key Stakeholders
- Near-infrared imaging product manufacturers
- Original equipment manufacturers (OEMs)
- Suppliers, distributors, and channel partners
- Healthcare service providers
- Hospitals and academic medical centers
- Pharmaceutical and biotechnology companies
- Research laboratories
- Health insurance providers
- Government bodies/organizations
- Regulatory bodies
- Medical research institutes
- Business research and consulting service providers
- Venture capitalists and other public-private funding agencies
- Market research and consulting firms
Objectives of the Study
- To define, describe, and forecast the near infrared imaging market based on product, procedure, application, enduser, and region
- To provide detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges)
- To strategically analyze micromarkets with respect to individual growth trends, prospects, and contributions to the total market
- To analyze opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders
- To forecast the revenue of the market segments with respect to four regions, namely, North America, Europe, the Asia Pacific, Latin America, Middle East and Africa
- To profile the key players and comprehensively analyze their market ranking and core competencies
- To benchmark players within the market using a proprietary competitive leadership mapping framework, which analyzes market players on various parameters within the broad categories of market share and product footprint
Available Customizations
With the given market data, MarketsandMarkets offers customizations per the company’s specific needs. The following customization options are available for the present global near infrared imaging market report:
Product Analysis
- Product matrix, which gives a detailed comparison of the product portfolios of the top five companies
Company Information
- Detailed analysis and profiling of additional market players (up to five)
Geographic Analysis
- Further breakdown of the Rest of Europe near infrared imaging market into Russia, Belgium, the Netherlands, Switzerland, Austria, Finland, Sweden, Poland, and Portugal, among others
- Further breakdown of the Rest of Asia Pacific near infrared imaging market into Singapore, Taiwan, New Zealand, Philippines, Malaysia, and other APAC countries
- Further breakdown of the Rest of Latin America (RoLATAM), which comprises Argentina, Chile, Peru, Colombia, and Cuba
- Further breakdown of the RoW market into Latin America and MEA regions
Generating Response ...
Growth opportunities and latent adjacency in Near-infrared Imaging Market