The near infrared imaging market size is estimated to be USD 1,901.5 million in 2022 and is expected to witness a CAGR of 4.57% during the forecast period 2023-2033. Increase in the number of surgical procedures, growing geriatric population, and surge in the prevalence of target diseases such as cancer, cardiovascular, gastrointestinal, and neurovascular diseases are factors contributing to the market growth. Furthermore, different initiatives taken by major players and the increasing demand for technologically advanced fluorescence imaging systems is expected to support the market growth. However, high cost of infrared detectors and availability of alternatives is expected to hinder the growth.

Increase in the number of surgical procedures is projected to fuel the market growth during the forecast period. According to a study released by the American Society of Plastic Surgeons (ASPS), around USD 16.7 billion was spent on cosmetic treatments in the U.S. in 2020. These factors are anticipated to have a favourable effect on the expansion of the industry. The population’s growing awareness of the advantages of surgery at the right time to address a medical problem is also driving demand for surgical treatments and accelerating the adoption of NIR imaging.

Growing geriatric population is expected to propel the market growth during the projected period. The financial load on the healthcare system is increasing due to the steady growth in geriatric population. The WHO’s Global Health and Aging report predicts that, especially in developing nations, the number of individuals 65 and older would increase from 524 million in 2010 to about 1.5 billion by 2050. The increasing use of NIR imaging as a result of this increase in the older population base will boost market expansion. Numerous physiological diagnostic procedures, including the study of pulse oximetry, blood sugar, sports medicine, urology, and neurology, utilise NIR imaging.

Segmentation

By Product

The market is categorized into reagents and devices. In 2022, the reagents segment accounted for the highest revenue share. The segment is further divided into Indocyanine Green (ICG) and other reagents, and it is anticipated that the segment will continue to grow at the quickest CAGR and maintain its market dominance throughout the forecast period. This is attributed to the advantages ICG provides. Additionally, reagents have a number of benefits over conventional visible light dyes, such as high sensitivity and precise biological system detection. Angiographic images in real time are provided by indocyanine green during brain tumour or vascular surgery. Additionally, spine surgery is using it more frequently. ICG’s increasing usage and benefits are the primary drivers of the market for ICG. The device segment is also anticipated to have profitable growth during the projection years due to the introduction and approval of NIR imaging systems for use in surgical operations.

By Application

The market is categorized into cancer surgeries, cardiovascular surgeries, preclinical imaging, gastrointestinal surgeries, plastic reconstructive surgeries, and others. In the global market, the preclinical imaging segment accounted for the largest revenue share in 2022 owing to rising emphasis on developing novel treatment for diseases including cancer, inflammation, and vascular diseases. On the other hand, the segment for cancer surgeries is projected to exhibit the fastest CAGR during the projected period as a result of the rising incidence of cancer worldwide. For instance, the International Agency for Research on Cancer estimates that there were 19,292,789 new cases of cancer globally in 2020, and that figure is projected to rise to 50,550,287 by 2025. In order to study diseases and disorders such as cancer, inflammation, infection, vascular, and others, NIR reagents are employed in preclinical imaging research.

By End User

The market is segmented into pharmaceutical & biotechnological companies, hospitals & clinics, and research laboratories. In 2022, the hospitals & clinics segment accounted for the largest revenue share owing to rise in the number of cancer patients being admitted to hospitals, clinics, and other recognized healthcare institutions in developed nations. In order to detect bedsores and avoid surgical errors, near infrared technology is frequently employed in hospitals and clinics. Near-infrared sensors built into laparoscopic instruments assist surgeons to prevent unintentional blood vessel severance. The use of these technologies helps in reducing surgical errors, reducing hospital stays, and lowering patient healthcare expenses.

Regional Markets

In 2022, North America region accounted for the highest revenue in the near infrared imaging market and is expected to maintain its dominance during the forecast period. This is attributed to the increasing level of consumer disposable income and the use of technologically improved medical devices and diagnostic methods. The U.S. market is anticipated to grow as a result of the high number of cancer cases that have been reported. According to the International Agency for Research on Cancer, the United States have seen an estimated 2,281,658 new cases of cancer in 2020. Additionally, a surge in reconstructive and cosmetic procedures in the country as a result of higher spending and growing awareness of early diagnosis is expected to provide significant growth potential. The Asia Pacific region is predicted to register the fastest CAGR over the forecast period. It is projected that the presence of developing countries such as China, India, and Japan will accelerate regional growth. Moreover, there is a high demand for accessible treatment choices due to the sizeable target population and low per capita income levels. In the subsequent years, it is expected that this will further boost the expansion of the regional market.

Competitor Insights

Some of the key players operating in the near infrared imaging market are Stryker, Fluoptics, KARL STORZ SE & Co. KG, Olympus, Medtronic (Visionsense), Mizuho Medical Co, Ltd., Shimadzu Corporation, Leica Microsystem (Danaher), Quest Medical Imaging B.V., Perkinelmer Inc., Hamamatsu Photonics K.K., and Carl Zeiss Meditec AG.

To achieve a competitive edge, these companies are implementing a variety of growth strategies. Strategic partnerships, alliances, and agreements with different businesses and research institutions are seen to be the main strategies used by companies in this sector.

• For instance, the most recent development in endoscopic imaging, the IMAGE1 S Rubina multimode vision system, was launched by KARL STORZ in January 2021. Indocyanine green dye and near-infrared light (NIR/ICG) are used in this technology to achieve improved fluorescence-guided imaging with state-of-the-art 4K resolution.

This comprehensive research report focuses on the global and regional market size and forecasts of diverse segments including product, application, and end user from 2023 to 2033.

Report Scope:

Segmentation: Near Infrared Imaging Market Report 2022 – 2033

Product (Revenue, USD Million), 2022 – 2033

• Reagents
  • Near-infrared Fluorescence & Bioluminescence Imaging Systems
  • Near-infrared Fluorescence Imaging Systems
• Devices
  • Indocyanine Green (ICG)
  • Others

Application (Revenue, USD Million), 2022 – 2033

• Cancer Surgeries
• Cardiovascular Surgeries
• Preclinical Imaging
• Gastrointestinal Surgeries
• Plastic Reconstructive Surgeries
• Others

End user (Revenue, USD Million), 2022 – 2033

• Pharmaceutical & Biotechnological Companies
• Hospitals & Clinics
• Research Laboratories

By Region (Revenue, USD Million), 2022 – 2033

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Rest of APAC
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of LATAM
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • Rest of MEA