Near infrared medical imaging (NIR) involves the use of light in the near-infrared spectrum (wavelengths from 700 to 950 nanometers) to image tissue structure or detect morphological changes in organs and tissues. NIR light can penetrate deep tissues and provides several advantages over traditional medical imaging modalities such as X-ray and CT. NIR technology has various medical applications including cancer detection, brain and muscle assessment and dental imaging. The technology helps surgeons perform less invasive procedures by enabling real time intraoperative tissue assessment and tumor margin visualization.
The global Near Infrared Medical Imaging Market is estimated to be valued at US$ 1.76 Bn in 2023 and is expected to exhibit a CAGR of 3.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The increasing demand for minimally invasive procedures is expected to drive the growth of global near infrared medical imaging market over the forecast period. Rising adoption of near infrared technology in surgical oncology to aid tumor resection is fuelling market growth. near infrared imaging offers various advantages over traditional open surgeries such as less risk of infection, reduced hospital stay and faster recovery time. This is increasing its adoption among healthcare facilities. Another driver propelling market growth is increasing prevalence of cancer worldwide. According to WHO, cancer burden is expected to grow to 27.5 million new cases and 16.3 million cancer deaths by 2040. Early tumor detection aided by near infrared imaging is expected to increase its importance in cancer care.
However, limitations of near infrared technology in terms of depth penetration and need for expensive image analysis software are some of the factors that may hamper market growth over the forecast period.
Segment Analysis
The near infrared medical imaging market can be segmented into devices, reagents, applications, end-users, and geography. Based on products, the device segment dominated the market in 2020 as devices such as near infrared cameras, thermal cameras and spectroscopy are widely used for medical imaging. By application, cancer detection is the leading segment as NIR imaging helps in detection of cancers at an early stage. Hospitals accounted for the largest share of the end-user segment in 2020 due to higher budget availability and presence of advanced diagnostic infrastructure.
PEST Analysis
Political: Governments across countries are supporting R&D in medical technologies to enhance healthcare facilities. Favourable regulations for new medical device approvals are supporting market growth.
Economic: Rising healthcare spending globally is driving demand for advanced medical imaging technologies. Cost-effective nature of NIR imaging compared to other modalities is augmenting its adoption.
Social: Increasing prevalence of chronic diseases and growing geriatric population needing medical care are key factors. Higher awareness about early disease detection is boosting diagnostic rates.
Technological: Continuous innovations are making NIR imaging devices more portable, affordable and easy to use. Integration of advanced imaging software is improving visualization capabilities.
Key Takeaways
The Global Near Infrared Medical Imaging Market Size is expected to witness high growth. The global Near Infrared Medical Imaging Market is estimated to be valued at US$ 1.76 Bn in 2023 and is expected to exhibit a CAGR of 3.7% over the forecast period 2023 to 2030.
The North American region currently dominates the market due to high adoption of advanced medical technologies and strong healthcare infrastructure. Europe is also a major market backed by high healthcare spending and support for research.
Key players operating in the near infrared medical imaging market are GIDS GmbH, Kimball Physics, Phosphor Technology Ltd, Dr. Gassler Electron Devices, Hamamatsu Photonics, K. K., Scintacor, Koninklijke Philips N.V., Stanford Computer Optics, Inc, Konica Minolta, Inc. GIDS GmbH and Hamamatsu Photonics are among the leading players in the market.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.