The near-infrared imaging market size is expected to grow from an estimated USD 0.8 billion in 2021 to USD 1.6 billion by 2026, at a CAGR of 14.0%. The growing number of surgical procedures performed globally, advantages of NIR imaging over conventional visualization methods, and technological advancements in NIR imaging modalities. However, the lengthy approval process, which limits the availability of targeted fluorophores, is expected to restrain market growth to a certain extent during the forecast period.
A few major players that have an extensive geographic presence dominate the near-infrared imaging industry globally. The leading players in the near-infrared imaging market include 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), Medtronic (US), Hamamatsu Photonics K.K. (Japan), Shimadzu Corporation (Japan), Mizuho Medical Co., Ltd. (Japan), Fluoptics (France), Quest Medical Imaging B.V. (Netherlands), Sigma-Aldrich (Germany), and Teledyne Princeton Instruments (US), among others.
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The major strategies adopted by these players include new product launches, collaborations & agreements, mergers, investments & expansions. New product launches was the most commonly adopted strategy from January 2018 to March 2021.
In 2020, Stryker Corporation (US) was the largest player in the near-infrared imaging market, owing to its wide portfolio of imaging products and strong geographical presence across the globe. The company primarily focuses on developing technologically advanced products for imaging. The company has a strong presence across North America, Europe, the Middle East, Africa, Asia Pacific, and other countries. The company has more than 30 manufacturing facilities in countries such as the US, China, Turkey, Germany, Ireland, Switzerland, and France. It primarily focuses on inorganic business growth strategies such as product development & commercialization, acquisitions, and market expansions. As a part of its long-term growth strategy, the company invests in fast-growing markets as well as new markets by strengthening its position in the global healthcare market.
In 2020, Carl Zeiss (Germany) was the second-largest player in the near-infrared imaging market. The company has a strong presence across the globe through a diversified distribution network. The European region, especially Germany, contributed to the largest share of the company’s overall revenue in 2020. Carl Zeiss focuses on further strengthening its position in the market by enhancing its visibility and training medical professionals. In line with this, the company conducted intraoperative fluorescence workshops in Germany and Italy. Additionally, the company focuses on expanding its geographic presence in emerging economies and recently set up the Center for Application and Research (CARIn) in Bangalore (India) and the Carl Zeiss Innovations Center for Research and Development in Shanghai (China). With R&D centers located in developing economies, the company is trying to gain a comprehensive understanding of the market and developing products that are specifically tailored to market requirements.
PerkinElmer (US) is one of the key players in the near-infrared imaging market. PerkinElmer is one of the leading suppliers of 2D and 3D small animal optical imaging solutions. The company has a large customer base and a strong sales network, which enables it to serve customers in more than 150 countries. PerkinElmer’s leading position can primarily be attributed to its innovative and advanced product offerings. The company focuses on organic growth strategies and has invested a significant amount in various R&D activities.
Near Infrared Imaging/NIR Market by Product (Fluorescence Imaging, Reagents), Application (Preclinical, Clinical, Medical), Procedure (Cancer, GIT, Plastic surgery), Enduser (Hospital, Clinics, Researchers, Pharma-biotech) - Global Forecast to 2026
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