The global Near Infrared Medical Imaging market is used for various medical applications such as surgery, oncology and cardiology. Near infrared imaging makes use of fluorescence and bioluminescence from probes injected or ingested into the body to noninvasively image molecular and cellular processes inside living subjects. Near infrared fluorescence imaging in particular has revolutionized preclinical research by enabling longitudinal studies and real-time non-invasive whole body molecular imaging with high sensitivity and resolution without exposing subjects to ionizing radiation. Technologies like Near infrared spectroscopy are employed to assess tissue oxygen saturation, detect cancerous tumors and perform angiography imaging of blood vessels.
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:
Growing adoption of minimally invasive surgeries: Minimally invasive surgical procedures involve small incisions and insertion of miniature endoscopes, microcams and surgical instruments through natural body openings. Near infrared medical imaging plays a key role in minimally invasive surgeries by providing real time visualization and enabling identification of anatomical structures. As minimally invasive surgeries are associated with lesser pain, lower risk of infection, shorter hospital stays and quicker recovery times, their adoption has been on the rise globally. This growing popularity of minimally invasive techniques will propel the near infrared medical imaging market growth over the forecast period.
Enhanced application in disease diagnosis: Near infrared medical imaging techniques like optical coherence tomography and spectroscopy have found numerous diagnostic applications in cardiology, oncology, neurology and gynaecology. These tools help clinicians noninvasively detect fatty plaque buildup in arteries, diagnose cancer by identifying molecular signatures of tumors, monitor head injuries and identify cervical lesions respectively. Advancing capabilities of these near infrared solutions are enabling better disease diagnosis and management, thus driving their increased usage amongst healthcare facilities. This expanding application base will foster the near infrared medical imaging industry expansion during the projected timeframe.
Segment Analysis
The near infrared medical imaging market can be segmented into device type, application, end-user and region. Based on device type, the market is categorized into near infrared fluorescence imaging systems and near infrared bioluminescence imaging systems. Near infrared fluorescence imaging systems dominate the market accounting for over 60% share as they provide high-resolution images and are extensively used for image guided surgeries and preclinical researches. By application, the market is divided into pre-clinical imaging, cancer surgeries, gastrointestinal surgeries, cardiac surgeries, plastic/reconstructive surgeries and others. Cancer surgeries dominate as near infrared fluorescence imaging help surgeons differentiate between cancerous and healthy tissues during surgeries.
PEST Analysis
Political: Governments across various countries are introducing favorable reimbursement policies and funding more research activities to tackle rising cancer burden globally which is positively impacting the market growth.
Economic: The global economy is recovering from COVID-19 pandemic which is fueling healthcare spending. Rising disposable incomes in developing nations are also boosting market expansion.
Social: Increasing prevalence of chronic and lifestyle diseases along with growing awareness about early disease detection and minimally invasive surgeries are augmenting demand for near infrared medical imaging systems.
Technological: Advancements in sensor technologies, computer components and imaging software are resulting in compact, high-resolution and easy to use near infrared imaging systems enabling their wider applications.
Key Takeaways
The Global Near Infrared Medical Imaging Market Share is expected to witness high growth.
Regional analysis: North America dominates the market currently due to high adoption of advanced medical imaging technologies for cancer and cardiac applications. Asia Pacific market is expected to exhibit fastest growth during the forecast period with countries like China, India and Japan emerging as high potential markets.
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. and others. Key players are focusing on new product launches, geographical expansions and acquisitions to strengthen their market presence. For instance, in 2022, GIDS GmbH launched its NIRO300 near infrared spectroscopy system in North American market to cater to pre-clinical neurological applications.