Near Infrared Imaging (NIR) Market: Current Analysis and Forecast (2021-2027)
Near-infrared imaging (NIR) is an emerging technology that monitors the changes in the state of biological tissues using light in the range of 600 to 900 nm. The demand for NIR imaging is increasing on account of the growing number of surgical procedures all over the world, technological advancements in NIR imaging, advantages of NIR imaging over conventional methods of spectroscopy, Furthermore, the rising incidents of Cancer, Cardiovascular diseases, and Gastrointestinal diseases coupled with rising aging population also propels the market growth. As per the International Agency for Research on Cancer (IARC), 1 in 5 people will develop cancer during their lifetime and 1 in 11 women will die from cancer, globally.
However, some of the restraints in the market include the lengthy approval process that further limits the targeted fluorophore's availability.
Based on Product, the market is fragmented into Fluorescence Imaging and Reagents. The Fluorescence Imaging segment holds the largest share in 2020 and is expected to register the highest CAGR in the upcoming period owing to the rise in research activities, high advantages of near-infrared fluorescence imaging systems such as high image resolution, high sensitivity, and real-time image guidance during surgeries. Furthermore, the rising prevalence of cancer, gastrointestinal diseases, and cardiovascular diseases also intensifies the segment growth. As per the Centers for Disease Control and Prevention, there were 14.8 million adults were diagnosed with ulcers in 2018.
Based on Application, the market is fragmented into Preclinical, Clinical, and Medical. The Preclinical segment holds the largest share in 2020 and is expected to register the highest CAGR in the upcoming period owing to the increasing government support in the form of funding for biotech and pharma research. As per IBISWorld, it's evident that biotech is a multi-billion-dollar industry. Even before 2020 came to a close, the industry market size was over $100 billion. Moreover, the increasing focus on the development of new treatments for certain diseases such as cancer, angiogenesis, vascular diseases, and inflammation also drives the segment growth.
Based on Indication, the market is fragmented into Cancer Surgeries, Cardiovascular Surgeries, Gastrointestinal Surgeries, and Plastic/Reconstructive Surgeries. The Cancer Surgeries segment holds the largest share in 2020 and is expected to register the highest CAGR in the upcoming period owing to the rising prevalence of cancer cases all over the world. Cancer cases are continuously increasing on account of the lifestyle changes, rise in the geriatric population, and socioeconomic risk factors. Breast cancer accounts for the highest prevalence in the case of women owing to the genetic mutations in the BRCA1 and BRCA2 gene, radiation exposure, obesity, and postmenopausal hormonal therapy. As per the Centers for Disease Control and Prevention, Breast Cancer is the second most occurring cancer among women in the United States.
Based on End-user, the market is fragmented into Hospital & Clinics, Researchers Laboratories, and Biotechnology and Pharmaceutical Companies. The Hospital & Clinics segment holds the largest share in 2020 and is expected to register the highest CAGR in the upcoming period owing to rising clinical applications of NIR imaging in various therapeutic areas, the increase in demand for NIR imaging among clinicians across the world, and high advantages of NIR imaging systems in comparison to conventional imaging systems CT and MRI, such as high resolution and low cost.
For a better understanding of the market adoption of Near Infrared Imaging, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. North America will dominate the Near Infrared Imaging market on account of the increasing geriatric population coupled with the rising prevalence of target diseases, high healthcare spending, a growing number of cosmetic surgeries, and high adoption of technologically advanced imaging systems. Some of the major players operating in the market include Stryker, KARL STORZ SE & Co. KG, Carl Zeiss Meditec AG, Leica Microsystems, Olympus Corporation, PerkinElmer, Inc., LI-COR, Inc., Medtronic, Hamamatsu Photonics K.K., and Shimadzu Corporation. Several M&As along with partnerships have been undertaken by these players to boost their presence in different regions