Near infrared Imaging Market: Growth, Size, Share, and Trends

Market Growth Outlook Summary

The global near infrared imaging market growth forecasted to transform from USD 1.0 billion in 2023 to USD 1.6 billion by 2028, driven by a CAGR of 10.2%. Technological advancements and an increasing number of surgical procedures, coupled with the adoption of hybrid NIR imaging technologies, are the key factors driving the growth of this market. In medicine, NIR imaging is used for functional brain imaging, tumor detection, vascular imaging, and drug delivery monitoring. The food industry benefits from NIR imaging for quality control and inspection of food products. Industrial applications include quality control, defect detection, and material characterization. Additionally, NIR imaging aids in forensic analysis, assisting in material identification and evidence examination. The versatility of NIR imaging enables its widespread use in understanding and improving various processes and systems across multiple disciplines.

Near Infrared Imaging Market Trends

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e- Estimated; p- Projected

Near Infrared Imaging Market Dynamics

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.

Challenge: Hospital budget cuts

In response to increasing government pressure for reducing healthcare costs, several healthcare providers have aligned themselves with group purchasing organizations (GPOs), integrated health networks (IHNs), and integrated delivery networks (IDNs). These organizations aggregate the purchasing volume of their members and bargain for a competitive price with the suppliers and manufacturers of medical devices. GPOs, IHNs, and IDNs negotiate heavily for bulk purchases of imaging devices.

The rising cost of prescription drugs and a sharp decline in the proposed budget allocations for Health and Human Services in the US have significantly reduced hospital budgets. A study by the American Hospital Association estimates that federal payment cuts to hospitals would amount to USD 218 billion by 2028, forcing hospitals to allocate smaller budgets annually.

In 2020, Nigeria decided to cut its healthcare spending by 40%. Moreover, the Philippines Government, in 2019, further proposed budget cuts in the healthcare segment, which can significantly impede the market for diagnostic imaging. Owing to these budget cuts, most hospitals cannot afford costly imaging devices and prefer lower-priced alternatives, such as refurbished devices or the upgrading of existing devices. To address this challenge, market players have to adopt suitable strategies to meet the needs of these hospitals.

Near Infrared Imaging Market Ecosystem

By product, the NIR devices segment accounted for the largest share of the near infrared imaging industry in 2022

Based on product, the global near infrared imaging market is segmented into NIR devices, NIR imaging agents/probes, and NIR dyes. In 2022, the NIR devices system segment accounted for the largest market share. The rising use of advanced instruments in oncology research and the need for better turnaround time, high-image resolution, real-time image guidance during surgeries and enhanced precision is driving the segment growth.

By application, the preclinical applications segment of the near infrared imaging industry to register significant growth in the near future

Based on procedure, the global near infrared imaging market is segmented into preclinical, clinical, and medical. Preclinical applications register the highest growth rate during the forecast period. The major factors responsible for the highest growth rate of this segment are the advanced modalities and increasing surgical procedures at the medical facilities.

By end user, the hospitals and surgical centers companies segment accounted for the largest share of the near infrared imaging industry in 2022

Based on end user, the global near infrared imaging market is segmented into hospitals & clinics, research laboratories, and pharmaceutical & biotechnology companies. In 2022, hospitals and clinics accounted for the largest market share. The rising prevalence of cancer and the growing number of plastic and reconstructive surgeries performed in hospitals and clinics are the key factors driving the market growth.

By procedure, the cancer surgeries segment of the near infrared imaging industry to register significant growth in the near future

Based on procedure, the global near infrared imaging market is segmented into cancer surgeries, gastrointestinal surgeries, cardiovascular surgeries, plastic/reconstructive surgeries, and ob/gyn surgeries and other applications. Cancer surgery applications register the highest growth rate during the forecast period. The rising prevalence of cancer across the globe is the major factor driving the growth of this segment.

By region, North America is expected to be the largest region of the near infrared imaging industry during the forecast period

North America, comprising the US and Canada, accounted for the largest share of the near infrared imaging market in 2022. The large share of this market can primarily be attributed to the high healthcare spending, rising geriatric population, the rising prevalence of target diseases, growing number of cosmetic surgeries, ongoing research activities, and rapid adoption of technologically advanced imaging systems.

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As of 2021, prominent players in the 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)

Near Infrared Imaging Market Report Scope

This report has segmented the global near infrared imaging market to forecast revenue and analyze trends in each of the following submarkets:

By Product

• Device
  • Fluorescence Imaging Systems
  • Fluorescence & Bioluminescence Imaging Systems High Slice Scanners
• NIR Imaging Agents/Probes
  • Indocyanine Green
  • Other Reagents
• NIR Dyes
  • Organic Dyes
  • Nanoparticle Dyes

By Application

• Preclinical
• Clinical
• Medical

By Procedure

• Cancer Surgeries
  • Brain Cancer/Tumor Surgeries
  • Other Cancer Surgeries
• GIT Surgeries
  • Colorectal Surgeries
  • Other GIT Surgeries
• Cardiovascular Surgeries
• Plastic/Reconstructive Surgeries
• OB/GYN Surgeries
• Other Applications

By End User

• Hospitals and Surgical Clinics
• Pharmaceutical and Biotechnology Companies
• Research Labs and Academic Institutes
• Other End Users

By Region

• North America
  • US
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • South Korea
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East and Africa

Recent Developments of Near Infrared Imaging Market

• 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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