Near-Infrared Imaging Market is Prospering Owing to the Rising Burden of Infectious Diseases all over the world
The global Near Infrared Imaging Market is expected to exceed the market valuation of more than US$ xx million by 2027 expanding at a reasonable CAGR of xx% during the forecast period (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 World Bank, the world’s oldest populations, over the ages, 65 and above reside in Asia and Europe. Japan has 28% oldest people which is followed by Italy at 23%. Other countries like Finland, Portugal, and Greece are at 22%. For China, only 12% of the population is in the 65 or above age group. 16% of the United States population are 65 and above, 6% in India, and 3% in Nigeria.
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The rise of the COVID-19 has disrupted the demand for Near-Infrared Imaging due to the reduction of patient visits to hospitals. Due to fear of the virus, Patients are avoiding healthcare institutions for the prevention of direct contact with COVID-19 patients and healthcare professionals. The temporary postponement of various elective surgeries is expected to be impacted due to Closed manufacturing facilities, disrupted supply chains, and reduced recruitments for clinical trials.
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 WHO, an estimated 17.9 million people died from CVDs in 2019, representing 32% of all global deaths. Of these deaths, 85% were due to heart attack and stroke.
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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. 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 End-user, the market is fragmented into hospitals & 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. Furthermore, the rise in the number of Hospitals & Clinics also propels the segment growth. For instance, as per the American Hospital Association (2021), currently, there are 6,090 Hospitals in the U.S. region.
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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.
Global Near Infrared Imaging Market Segmentation
Market Insight, by Product
- Fluorescence Imaging
Market Insight, by Application
Market Insight, by Indication
- Cancer Surgeries
- Cardiovascular Surgeries
- Gastrointestinal Surgeries
- Plastic/Reconstructive Surgeries
Market Insight, by End-user
- Hospital & Clinics
- Researchers Laboratories
- Biotechnology and Pharmaceutical Companies
Market Insight, by Region
- North America
- United States
- Rest of North America
- United Kingdom
- Rest of Europe
- Rest of Asia-Pacific
- Rest of World
Top Company Profiles
- KARL STORZ SE & Co. KG
- Carl Zeiss Meditec AG
- Leica Microsystems
- Olympus Corporation
- PerkinElmer, Inc.
- LI-COR, Inc.
- Hamamatsu Photonics K.K.
- Shimadzu Corporation