Near Infrared Imaging (NIR) Market: Current Analysis and Forecast (2021-2027)

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Emphasis on Product (Fluorescence Imaging, Reagents); Application (Preclinical, Clinical, Medical); Indication (Cancer Surgeries, Cardiovascular Surgeries, Gastrointestinal Surgeries, Plastic/Reconstructive Surgeries); End-User (Hospital & Clinics, Researchers Laboratories, Biotechnology & Pharmaceutical Companies); Region and Country

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178

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Report ID:

UMHE21341

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Report Description
Table of content
Research Methodology

Report Description

Near Infrared Imaging (NIR) Market
Near Infrared Imaging (NIR) Market

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 International Agency for Research on Cancer (IARC), 1 in 5 people will develop cancer during their lifetime and 1 in 11 women will die from cancer, globally.

 

Number of cardiovascular surgeries in North America in 2007, 2014, and 2021

Near Infrared Imaging (NIR) Market
Near Infrared Imaging (NIR) Market

Insights Presented in the Report

“Amongst Product, Fluorescence Imaging segment holds the major share.”

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 Centers for Disease Control and Prevention, there were 14.8 million adults were diagnosed with ulcers in 2018.

“Amongst Application, Preclinical is anticipated to grow at the highest CAGR during the analyzed period.”

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. As per IBISWorld, it’s evident that biotech is a multi-million-dollar industry. Even before 2020 came to a close, the industry market size was over $100 million. 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.

“Amongst Indication, Cancer Surgeries is anticipated to grow at the highest CAGR during the analyzed period.”

Based on Indication, the market is fragmented into Cancer Surgeries, Cardiovascular Surgeries, Gastrointestinal Surgeries, and Plastic/Reconstructive Surgeries. The Cancer Surgeries segment holds the largest share in 2020 and is expected to register the highest CAGR in the upcoming period owing to the rising prevalence of cancer cases all over the world. Cancer cases are continuously increasing on account of the lifestyle changes, rise in the geriatric population, and socioeconomic risk factors. Breast cancer accounts for the highest prevalence in the case of women owing to the genetic mutations in the BRCA1 and BRCA2 gene, radiation exposure, obesity, and postmenopausal hormonal therapy. As per the Centers for Disease Control and Prevention, Breast Cancer is the second most occurring cancer among women in the United States.

“Amongst End-user, Hospital & Clinics segment are anticipated to grow at the highest CAGR during the analyzed period.”

Based on End-user, the market is fragmented into Hospital & 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.

“North America signifies one of the largest markets and Europe is expected to be the fastest-growing markets of Near Infrared Imaging market.”

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. As per the World Bank, the North American health expenditure (% of GDP) was 16.42 in 2018. 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.

Reasons to buy this report:

  • The study includes market sizing and forecasting analysis validated by authenticated key industry experts
  • The report presents a quick review of overall industry performance at one glance
  • The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
  • Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
  • The study comprehensively covers the market across different segments
  • Deep dive regional level analysis of the industry

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 1.1.Market Definitions
 1.2.Objective of the Study
 1.3.Limitation
 1.4.Stake Holders
 1.5.Currency Used in Report
 1.6.Scope of the Global Near Infrared Imaging Market Study
 2.1.Research Methodology for the Global Near Infrared Imaging Market
  2.1.1.Main Objective of the Global Near Infrared Imaging Market
 6.1.Fluorescence Imaging
 6.2.Reagents

 

 7.1.Preclinical
 7.2.Clinical
 7.3.Medical
 8.1.Cancer Surgeries
 8.2.Cardiovascular Surgeries
 8.3.Gastrointestinal Surgeries
 8.4.Plastic/Reconstructive Surgeries
 8.5.Others

 

 9.1.Hospital & Clinics 
 9.2.Researchers Laboratories 
 9.3.Biotechnology and Pharmaceutical Companies
 10.1.North America Near Infrared Imaging Market 
  10.1.1.United States
  10.1.2.Canada
  10.1.3.Rest of North America
 10.2.Europe Near Infrared Imaging Market 
  10.2.1.Germany
  10.2.2.France
  10.2.3.United Kingdom
  10.2.4.Italy
  10.2.5.Spain
  10.2.6.Rest of Europe
 10.3.Asia Pacific Near Infrared Imaging Market
  10.3.1.China
  10.3.2.Japan
  10.3.3.India
  10.3.4.Australia
  10.3.5.Rest of Asia Pacific
 10.4.Rest of the World Near Infrared Imaging Market
 11.1.Demand Side Analysis
 11.2.Supply Side Analysis
  11.2.1.Top Product Launches
  11.2.2.Top Business Partnerships
  11.2.3.Top Business Expansions, Investments and Divestitures
  11.2.4.Top Merger and Acquisitions

 

 14.1.Market Drivers
 14.2.Market Challenges
 14.3.Impact Analysis

 

 16.1.Porter’s Five Forces Analysis
  16.1.1.Bargaining power of Supplier
  16.1.2.Bargaining power of Buyer
  16.1.3.Industry Rivalry
  16.1.4.Availability of Substitute
  16.1.5.Threat of new Entrants
 16.2Competitive Landscape
  16.2.1Company Shares, By Revenue

 

 17.1.Stryker 
 17.2.KARL STORZ SE & Co. KG
 17.3.Carl Zeiss Meditec AG
 17.4.Leica Microsystems
 17.5.Olympus Corporation
 17.6.PerkinElmer, Inc.
 17.7.LI-COR, Inc.
 17.8.Medtronic
 17.9.Hamamatsu Photonics K.K.
 17.10.Shimadzu Corporation

Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future market of the Global Near Infrared Imaging market were the three major steps undertaken to create and analyze the adoption of Near-Infrared Imaging for the different applications across major End-users such as Hospital & Clinics, Researchers Laboratories, and Biotechnology and Pharmaceutical Companies. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the Near-Infrared Imaging sector. Post assumption and validation of market numbers through primary interviews, we employed a top-down approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to.

Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detailed secondary study was conducted to obtain the historical market size of the Near-Infrared Imaging through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Near Infrared Imaging market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments for major regions. Major segments included in the report are Product, Applications, Indication, End-user, and Region. Further country-level analyses were conducted to evaluate the overall adoption of Near Infrared Imaging in every region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of Near-Infrared Imaging. Further, we conducted factor analysis using dependent and independent variables such as the increasing R&D expenditure in the pharmaceutical industry, the growing number of surgical procedures performed globally, and the advantages of NIR imaging over conventional visualization methods.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Near-Infrared Imaging  Market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

  • The industry’s market size, in terms of value (USD) and the adoption rate of Near Infrared Imaging across the major markets domestically
  • All percentage shares, splits, and breakdowns of market segments and sub-segments
  • Key players in the Near-Infrared Imaging market in terms of services offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Near Infrared Imaging (NIR) Market
Near Infrared Imaging (NIR) Market

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Near Infrared Imaging market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of Product, Applications, Indication, End-user, and Region of the Near Infrared Imaging market.

Main Objective of the Near Infrared Imaging market Study

The current & future market trends of Near Infrared Imaging were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

  • Analyze the current and forecast market size of Near Infrared Imaging in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
  • Segments in the study include areas of Product, Applications, Indication, End-user, and Region
  • Define and analysis of the regulatory framework for the Near Infrared Imaging industry
  • Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
  • Analyze the current and forecast market size of the Near Infrared Imaging market for the major region
  • Major regions studied in the report include North America (the United States and Canada), Europe (Germany, France, Italy, Spain, and United Kingdom), Asia-Pacific (China, Japan, India, and Australia), and Rest of the World
  • Company profiles of the Near Infrared Imaging market and the growth strategies adopted by the market players to sustain in the fast-growing market
  • Deep dive regional level analysis of the industry