Expected to grow from $1.0 billion in 2023 to $1.6 billion by 2028 at a CAGR of 10.2%, the global NIR imaging market is being propelled by an expanding patient population, the increase in chronic disease cases, cutting-edge technology, and a rising preference for hybrid NIR imaging.
Rising numbers of surgeries, driven by the growing incidence of chronic diseases like cancer and cardiovascular ailments, and an increasing focus on precision medicine, are major market drivers. Challenges arise from the high cost of NIR systems, which can reduce their accessibility, especially in underfunded regions. However, there are opportunities in implementing blockchain technology to boost data security and integrity. The market is broken down by product, application, procedure, end user, and region, with North America leading in market share due to its significant healthcare investment and technological advancements.
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.
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),
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.
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