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.
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.
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.
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.
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.
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.
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.
The regional trends and factors influencing the Near Infrared Imaging Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Near Infrared Imaging Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| 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 |
The Near Infrared Imaging Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Near Infrared Imaging Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
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: