Near Infrared Imaging Market Size, Share & Trends Analysis Report By Product (Devices, Reagents), By Application (Preclinical Imaging, Cancer Surgeries, Gastrointestinal Surgeries, Cardiovascular Surgeries, Plastic/Reconstructive Surgeries, Other Applications), By End Use (Hospitals and Clinics, Pharmaceutical and Biotechnology Companies, Research Laboratories) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2023-2031

Market Overview

The global near-infrared imaging market size was valued at USD 0.214 billion in 2022. It is estimated to reach USD 0.460 billion by 2031, growing at a CAGR of 8.9% during the forecast period (2023–2031). The increasing awareness among the population owing to the benefits of treating medical conditions with surgery at the sound stage is boosting the demand for surgical procedures, thereby increasing the adoption rate of near-infrared imaging, and driving the market.

Near-infrared imaging, also known as NIR imaging or near-infrared spectroscopy (NIRS), is a non-invasive imaging technique that uses near-infrared light to visualize and analyze biological tissues. It involves detecting and measuring light in the near-infrared range of the electromagnetic spectrum, which lies between visible light and infrared radiation. Near-infrared imaging works based on the principle that near-infrared light can penetrate biological tissues to varying depths, depending on the tissue composition and optical properties. This technique utilizes specialized equipment, such as near-infrared cameras or sensors, to capture the reflected or transmitted near-infrared light from the tissues.

The near-infrared light interacts with the tissues, and different components, such as blood, water, and lipids, have distinct absorption and scattering properties at this wavelength range. By analyzing the patterns of light absorption and scattering, near-infrared imaging can provide valuable information about tissues' structure, function, and composition. Near-infrared imaging has applications in various fields, including medical imaging, biomedicine, and research. Medical imaging can be used for imaging internal organs, assessing blood flow and oxygenation, and detecting tissue abnormalities. For example, near-infrared imaging has been used in breast imaging to detect and characterize breast tumors. Neuroscience can be employed to study brain activity and monitor cerebral oxygenation.

Market Dynamics

Global Near Infrared Imaging Market Drivers

Increasing Number of Surgical Procedures Owing to Rising Prevalence of Target Diseases

The increase in the adoption of surgical interventions has augmented the usage of visualization equipment to perform the surgery. Several individuals have chosen microsurgery on a large scale due to the rising prevalence of chronic diseases caused by stress, work pressure, improper eating habits, a sedentary lifestyle, exposure to chemicals, and heredity. In addition, as per the World Bank Data, in 2016, around 10,156 surgical procedures were performed per 100,000 population in Australia.

Furthermore, increasing awareness among the population owing to the benefits of treating medical conditions with surgery at the sound stage is boosting the demand for surgical procedures, thereby increasing the adoption rate of near-infrared imaging. Hence, the rise in surgical procedures is expected to fuel the near-infrared imaging market over the forecast period.

Advantages of NIR Imaging Over Conventional Visualization Methods

Imaging has been a vital aspect of clinical oncology, and its role has been rising over the past ten years and includes imaging for cancer detection. Fluorescence imaging has a long history of clinical use, but not precisely in cancer. Fluorescence imaging has better tissue penetration and lower autofluorescence, making it a preferable option among the patient population. The advantages of the near-infrared imaging technique include minimal invasiveness and deep tissue imaging using the non-ionizing method, which is anticipated to support its applications in emergency departments and operating rooms. Also, NIR integrated with nanoparticle-based NIR contrast agents is more stable than the organic counterparts and resists rapid photo-bleaching. Such advantages are estimated to widen the applications of near-infrared imaging.

Light in the NIR range, having wavelength 650–900 nm, has numerous advantages over visible-range light, including deep tissue penetration owing to less autofluorescence from surrounding tissues and minimum absorption by water and hemoglobin. As deep-tissue penetration and better signal-to-background ratio are appropriate features for in vivo imaging, near-infrared fluorescence is commonly favored for in vivo fluorescence imaging.

Global Near Infrared Imaging Market Restraints

Lack of Skilled Professionals

Rapid technological changes in healthcare have increased the demand for skilled professionals. Implementing and understanding innovative technologies in near-infrared imaging is crucial during surgeries. Hence, skilled professionals are required. However, there has been a shortage of skilled professionals in several underdeveloped and developing economies, which is forecasted to restrain market growth over the analysis period. The scarcity of skilled labor may be responsible for slow growth in such countries.

However, several government initiatives to develop healthcare infrastructure and the arrangement of training programs to handle and operate near-infrared imaging properly minimize the effect of these restraining factors to a certain extent, thereby boosting market growth.

Global Near Infrared Imaging Market Opportunities

Increasing Usage of Near-Infrared Imaging to Provide Deep Tissue Penetration

The global near-infrared imaging market presents significant opportunities due to the increasing usage of near-infrared imaging to provide deep tissue penetration. Near-infrared imaging can penetrate deeper into biological tissues compared to other imaging modalities. This is because near-infrared light has longer wavelengths, allowing it to pass through biological tissues with reduced scattering and absorption. The deep tissue penetration capability of near-infrared imaging makes it valuable in various applications. In the field of medical imaging, it can be used to visualize internal organs and structures that are located deeper within the body. For example, near-infrared imaging is utilized in imaging the brain, breast, and other organs to assess blood flow and oxygenation and detect abnormalities.

In addition to medical imaging, near-infrared imaging finds applications in preclinical research, pharmaceutical development, and industrial imaging. Preclinical research enables the non-invasive monitoring of biological processes and drug delivery in animal models. In pharmaceutical development, near-infrared imaging can be used for drug distribution studies and for evaluating drug delivery systems' efficacy. Industrial applications include quality control in manufacturing processes and monitoring chemical reactions.

Regional Analysis

Based on region, the global near-infrared imaging market is bifurcated into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.

North America Dominates the Global Market

North America is the most significant global near-infrared imaging market shareholder and is estimated to grow at a CAGR of 9.1% over the forecast period. North America dominated the global near-infrared imaging market in 2020. The increasing incidence of chronic diseases, including cardiovascular disorders, cancer, and neurological diseases, creates demand for image analysis. The region is forecasted to maintain its dominance throughout the forecast period. Technological advancements and the rise of chronic illnesses are anticipated to drive the near-infrared imaging market over the forecast period.

North America's leadership in the near-infrared imaging market can be attributed to ongoing technological advancements. Continuous research and development efforts have led to the introduction of innovative imaging systems, improved image quality, and enhanced data analysis techniques. These advancements improve diagnostic accuracy, enabling clinicians to make informed decisions and improve patient outcomes.

Europe is anticipated to exhibit a CAGR of 8.9% over the forecast period. Most European countries, such as France, the UK, and Germany, have high per capita income and well-defined healthcare policies that facilitate improved diagnostic systems. The increasing elderly population base in these countries is expected to propel the demand for advanced healthcare facilities and near-infrared imaging. In addition, constant technological advancements owing to large investments in healthcare research are anticipated to fuel the country's progression.

The Asia-Pacific's near-infrared imaging market is anticipated to witness the fastest expansion over the anticipated period. Developing countries like China, India, and Japan are forecasted to boost market expansion in the Asia-Pacific region. The presence of a large population base and low per capita income in the Asia Pacific region has led to a high demand for affordable treatment options. Multinational companies are keen to invest in developing countries like Japan, India, South Korea, and more. Thus, many market players are entering into strategic alliances with local players. This is anticipated to augment the near-infrared imaging market growth.

Latin America is forecasted to grow significantly over the forecast period. The presence of developing economies, like Brazil and Mexico, is expected to drive the overall Latin American market primarily. The availability of low-cost advanced treatment options in Latin America makes the region more preferred for medical tourism. Moreover, governments of Latin American countries are consistently involved in improving healthcare infrastructure. Thus, such factors are expected to promote the growth of the near-infrared imaging market over the forecast period.

Segmental Analysis

The global near-infrared imaging market is bifurcated into products, applications, and end-use.

Based on products, the global market is bifurcated into devices and reagents.

The devices segment dominates the global market and is projected to exhibit a CAGR of 8.5% over the forecast period. The novel point-of-care near-infrared imaging modalities provide the sensitivity of nuclear medicine techniques and offer radiation-free and noninvasive imaging. The segment is forecasted to witness lucrative growth owing to the launch and approval of near-infrared imaging systems for surgical procedures. The segment is further classified into Near-Infrared Fluorescence Imaging Systems and Near-Infrared Fluorescence and Bioluminescence Imaging Systems. Near-infrared fluorescence imaging systems offer convenient, fast, and noninvasive imaging techniques for visualizing deep-tissue structures. The system requires the administration of fluorescence reagents that can be excited at near-infrared wavelengths. The device performance is determined by the core components, which require different dosages of Indocyanine Green (ICG) for visualizations. as well as Near-Infrared Fluorescence and Bioluminescence Imaging Systems; these systems are commonly used in biological research for noninvasive molecular imaging in small animals.

In addition, fluorescence and bioluminescence-based probes are extremely practical and biocompatible for biomedical applications. Various near-infrared imaging fluorescent proteins have recently been produced and developed for their noninvasive in vivo imaging applications. Also, a wide range of NIR optical probes based on engineered proteins are stated for bioluminescence and fluorescence in vivo imaging.

Based on application, the global market is bifurcated into preclinical imaging, cancer surgeries, gastrointestinal surgeries, cardiovascular surgeries, plastic/reconstructive surgeries, and other applications.

The preclinical imaging segment dominates the global market and is projected to exhibit a CAGR of 8.1% over the forecast period. Near-infrared (NIR) regents are used in preclinical imaging research to study diseases and conditions such as cancer, inflammation, infection, vascular, and others. Developing advanced NIR reagents with improved fluorescence, tissue penetration, and targeted fluorescence capabilities promotes its adoption into preclinical research. For instance, the COX 2 probe- a targeted NIR dye developed by PerkinElmer Inc. detects cyclooxygenase-2, produced in early-stage cancer. Such dyes are used in the faster clinical development of oncology drugs and diagnostic devices.

On the other hand, near-infrared imaging is also used for raw material confirmation and identification purposes in clinical studies. They are used to access the API quality in each manufacturing process step.

Based on end use, the global market is bifurcated into hospitals and clinics, pharmaceutical and biotechnology companies, and research laboratories.

The hospitals and clinics segment dominates the global market and is projected to exhibit a CAGR of 9.2% over the forecast period. Near Infrared technologies are widely used in hospitals and clinics to detect bedsores and prevent surgical errors. Laparoscopic devices integrated with near-infrared sensors help surgeons to avoid accidental cutting of blood vessels. The adoption of these devices helps in reducing surgical errors and minimizing the duration of hospital stays and healthcare costs for patients. The increasing patient demand for minimally invasive and efficient surgical methods is expected to boost the demand for near-infrared products. A larger proportion of total surgical volume is performed in hospitals owing to patient accessibility, availability of skilled surgeons, and imaging infrastructure.

Therefore, the demand for infrared technology is anticipated to increase for the hospital segment. The hospital also has the financial capabilities to procure advanced, expensive, near-infrared technology, propelling its segment growth.

Recent Developments

• June 2023- Quest Medical Imaging BV announced the launch of its new NIRQuest 700 imaging system.The NIRQuest 700 is a high-performance NIR imaging system designed for use in various clinical applications, including cancer detection and treatment monitoring.
• May 2023- Fluoptics announced the launch of its new NIRSport imaging system. The NIRSport is a portable NIR imaging system for sports medicine applications, such as assessing muscle injuries and fatigue.