Near Infrared Imaging Market

Stryker (US), KARL STORZ SE & Co. KG (Germany) and PerkinElmer, Inc. (US) are top players in Near Infrared Imaging Market

The near-infrared imaging market is projected to reach USD 822 million by 2023 from an estimated USD 416 million in 2018, at a CAGR of 14.6% during the forecast period of 2018 to 2023. Growth in the near-infrared imaging market can primarily be attributed to the increasing number of surgical procedures globally and the advantages of NIR imaging over conventional visualization methods.

Stryker (US), KARL STORZ SE & Co. KG (Germany), Carl Zeiss Meditec AG (Germany), Leica Microsystems (Germany), Olympus (Japan), Fluoptics (France), Hamamatsu Photonics K.K (Japan), Quest Medical Imaging B.V. (Netherlands), Mizuho Medical Co, Ltd. (Japan), Shimadzu Corporation (Japan), Visionsense (Israel), PerkinElmer, Inc. (US), and LI-COR, Inc. (US) are the major players operating in the near-infrared imaging market. These players have adopted various growth strategies, such as product launches and enhancements; agreements, partnerships, mergers, and collaborations; acquisitions; and expansions to strengthen their presence in the global market. From 2015 to 2018, product launches and partnerships have been the most widely adopted strategies by major players. These strategies helped market players to offer innovate products and broaden their customer base.

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Stryker dominated the near-infrared imaging market in 2017. The company offers a wide range of products in orthopedics and other medical specialties. In 2017, Stryker acquired NOVADAQ Technologies Inc., which is a leading provider of the fluorescence imaging technology. This technology enables surgeons to visualize the blood flow in vessels, and related tissue perfusions in cardiovascular, gastrointestinal, plastic, microsurgical, and reconstructive procedures. To maintain its leading position in the market, the company primarily focuses on expanding its product portfolio through product launches. For instance, the company received FDA approval for the Stryker AIM Light Source and SafeLight Cab in 2018 and launched the SPY-PHI open surgery portable handheld fluorescence imaging system in 2017. The company is also focusing on expanding its customer base with expansions and acquisitions. For instance, in 2017, the company opened a new 120,000-square-foot corporate office in Hamilton, Canada and opened a Surgical Innovation Centre in Cork, Ireland. Stryker also acquired Invuity, Inc. (US) in 2018.

KARL STORZ is another major player in the near-infrared imaging market. The company was one of the early introducers of the fluorescence imaging technology. KARL STORZ has a strong geographical reach in the global market and focuses on organic growth through product launches and expansions to enter new geographies. In recent years, the company constructed new manufacturing facilities to enhance its production capabilities and market presence. It launched a 4 mm NIR/ICG Imaging System, which is the only FDA approved indocyanine green (ICG) technology for endoscopic neurosurgery in a 4 mm format. The company’s NIR imaging technology is used for various applications, including general and visceral surgery, thoracic surgery, gynecology, urology, and reconstructive surgery.

PerkinElmer is one of the leading players operating in the near-infrared imaging market. The company offers its NIR imaging instruments and solutions mainly to the life sciences research market. PerkinElmer offers products and services in more than 150 countries, including the US, China, Germany, France, Italy, Japan, and the UK. In order to strengthen its position in the market, PerkinElmer is strategically focusing on the development of new products by investing in research and development. For instance, in 2017, the company invested USD 139 million in R&D and launched IVIS Lumina S5 and IVIS Lumina X5. The strong focus of the company on the development of new and advanced products is expected to help it sustain its strong position in the near-infrared imaging market in the coming years.

Related Reports:

Near Infrared Imaging Market by Product Type (NIR Fluorescence Imaging, Reagents), Application (Cancer surgery, Plastic surgery, Gastrointestinal surgery) End Users (Hospitals & Clinics, Research laboratory, Pharmaceutical companies) - Global Forecast to 2023

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Report Code
MD 4138
Published ON
Feb, 2019
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