Northbrook, IL 60062 -- (SBWIRE) -- 07/18/2023 -- Near infrared imaging Market in terms of revenue was estimated to be worth $1.0 billion in 2023 and is poised to reach $1.9 billion by 2028, growing at a CAGR of 14.0% from 2023 to 2028 according to a new report by MarketsandMarkets™. The major factors driving the growth of this market include rising patient population, various chronic diseases, and technological advancements along with the increasing adoption of hybrid NIR imaging.

In the near future, the near-infrared imaging industry is poised for significant growth and advancements driven by technological innovations and expanding applications in various fields. Near-infrared imaging utilizes light in the near-infrared spectrum to capture images and gather information about tissues and objects that are otherwise not visible to the naked eye. The industry is expected to witness the development of more advanced imaging systems, including high-resolution and real-time imaging devices, enabling improved visualization and analysis of biological structures and processes. Near-infrared imaging will find increasing applications in fields such as healthcare, pharmaceuticals, agriculture, and security. In healthcare, it will play a crucial role in non-invasive diagnostics, surgical guidance, and monitoring therapeutic interventions. Additionally, near-infrared imaging will aid in drug development and formulation by enabling rapid screening of compound distribution and pharmacokinetics. In agriculture, it will facilitate crop monitoring, disease detection, and yield optimization. The near-infrared imaging industry's future will be characterized by continuous technological advancements, expanded applications, and the integration of complementary technologies such as artificial intelligence and machine learning, driving innovation and providing valuable insights across a range of industries.

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Product segment to register significant growth rate over the forecast period of 2023-2028
Based on the product, the global the near-infrared imaging market is segmented into NIR devices, NIR imaging agents/probes and NIR dyes. The NIR device segment is anticipated to register the highest growth rate over the forecast period. The NIR device segment accounted for the highest share of the near infrared imaging market in 2022.

Procedure segment to register significant growth rate over the forecast period of 2023-2028
Based on the procedure, the near-infrared imaging market is segmented into cancer surgeries, gastrointestinal surgeries, cardiovascular surgeries, plastic/reconstructive surgeries, and ob/gyn surgeries and other applications. The cancer surgeries segment is anticipated to register the highest growth rate over the forecast period. The cancer surgeries segment accounted for the highest share of the near infrared imaging market in 2022.

Preclinical segment accounted for the largest share of the near infrared imaging market, by application in 2022.

Based on application, the global the near-infrared imaging market is segmented into preclinical imaging, clinical imaging, and medical imaging. Preclinical applications accounted for the largest share of the market in 2022 and is expected to grow at the highest CAGR during the forecast period.
Factors such as the rising incidence of cancer cases, the growing geriatric population, and the launch of integrated modalities drive the growth of PET products.
The hospital and clinics segment accounted for the largest share of the near infrared imaging market, by end user, in 2022

Based on end user, the near-infrared imaging market is segmented into hospitals & clinics, research laboratories, and pharmaceutical & biotechnology companies. The hospital and clinic segment accounts for the largest share of the market in 2022. Factors attributing to the share of this particular are increasing cancer incidences and increasing number of dermatological surgeries performed in hospitals and clinics are driving the growth of this segment.

The Asia Pacific market to register a significant growth in the market during the forecast period

The Asia Pacific near infrared imaging market is estimated to register a significant growth from 2023 to 2028. The increasing patient population, rising geriatric population, rapid economic growth and increasing disposable income are driving the market growth in APAC countries. This region is having a rise in healthcare investment and expenditure, offering significant growth opportunities for the key players.

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Near infrared imaging Market Dynamics:

Drivers:

1. Increasing number of surgical procedures

Restraints:

1. High Capital and Operational Cost

Opportunities:

1. Use of blockchain in imaging

Challenges:

1. Hospital budget cuts

Key Market Players:

As of 2022, prominent players in the near infrared imaging 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),

Recent Developments:

- 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.

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Near infrared imaging Market Advantages:

- Non-invasive Imaging: Near-infrared imaging allows for non-invasive visualization of tissues and objects. It utilizes light in the near-infrared spectrum, which can penetrate biological materials more deeply than visible light. This non-invasive nature minimizes patient discomfort, reduces the risk of complications, and enables repeated imaging without causing harm or disruption to the subject.

- Real-time and Dynamic Imaging: Near-infrared imaging provides real-time imaging capabilities, allowing for the visualization of dynamic processes within tissues or objects. This is particularly beneficial in fields such as healthcare and biomedical research, where real-time monitoring of physiological changes, drug distribution, or tissue perfusion is essential for diagnostic and therapeutic purposes.

- Molecular and Functional Imaging: Near-infrared imaging can be combined with specific contrast agents or probes to enable molecular imaging. By targeting specific molecules or biological markers, it allows for the visualization of molecular events and functional processes in living organisms. This ability enhances the understanding of disease mechanisms, facilitates drug development, and aids in personalized medicine approaches.

- High Sensitivity and Specificity: Near-infrared imaging offers high sensitivity and specificity in detecting and differentiating various tissue characteristics. It can reveal differences in tissue composition, blood flow, oxygenation levels, and metabolic activity, aiding in the identification of disease states, tumor detection, and characterization. The ability to differentiate between healthy and diseased tissues enhances diagnostic accuracy and supports treatment planning.

- Wide Range of Applications: The near-infrared imaging market finds applications across multiple industries, including healthcare, pharmaceuticals, agriculture, food safety, and security. In healthcare, it assists in areas such as cancer diagnosis, brain imaging, cardiovascular assessment, and wound healing monitoring. In agriculture, it aids in crop monitoring, disease detection, and quality assessment. The versatility of near-infrared imaging allows it to be applied to diverse fields and challenges, making it a valuable tool in various industries.

- Advancements in Technology and Data Analysis: Technological advancements and improvements in near-infrared imaging systems, detectors, and data analysis techniques contribute to the growth of the market. These advancements result in higher image resolution, improved image quality, and faster data processing, enabling more accurate and detailed insights. The integration of complementary technologies like artificial intelligence and machine learning further enhances data analysis, pattern recognition, and image interpretation.

- Cost-effectiveness and Accessibility: Near-infrared imaging techniques are relatively cost-effective compared to other imaging modalities, such as MRI or PET scans. The equipment is often portable and user-friendly, making it accessible in various settings, including clinics, research laboratories, and field applications. The cost-effectiveness and accessibility of near-infrared imaging broaden its potential user base and foster its integration into routine clinical practice and industrial applications.

These advantages underscore the significance of the near-infrared imaging market, enabling non-invasive, real-time, and molecular visualization of tissues and objects. With its wide range of applications, high sensitivity, and continuous technological advancements, near-infrared imaging plays a vital role in diagnostics, research, and quality control across various industries.

Near infrared imaging Market – Report Highlights:

- In this report, near infrared imaging are considered, along with NIR devices, NIR agents/probes, and NIR dyes, used for healthcare applications and diagnostic application.

- The study consists of the average selling price (ASP) analysis for different products in the near-infrared imaging market.

- The research study comprises the patent analysis of technologies/solutions used in the near-infrared imaging market.

- The new market study consists of the trends/disruptions impacting customers' businesses.

- The new market study consists of information on key conferences & events in 2020–2023.

- The new market study consists of the region-wise regulatory landscape.

- The new market study consists of Porter's Five Forces Analysis

- The new market study provides details of the strategies of the top 25 players operating in the market.

- The competitive landscape chapter has been updated with the market evaluation matrix. The competitive landscape also includes the market share analysis of major global players (as of 2022), updated competitive leadership mapping, and competitive situations and trends.

- The new market study comprises 25 players. These companies have emerged as key market players in recent years due to their products and various strategic investments undertaken in the protein A resin market space.
- Updated financial information/product portfolio of players: The new edition of the report provides updated financial information in the context of the Near Infrared Imaging market from 2020 to May 2023 (depending on availability) for each listed company in graphical representation.

- Updated market developments of profiled players: The current report includes the market developments from January 2020 to May 2023