Near Infrared Imaging Market To Reach $2.82 Billion By 2030

Near Infrared Imaging Market Growth & Trends

The global near infrared imaging market size is expected to reach USD 2.82 billion by 2030, registering a CAGR of 3.9% from 2023 to 2030, according to a new report by Grand View Research, Inc. Growing usage of near infrared (NIR) fluorescence imaging due to the advantages, such as minimally invasiveness and high efficiency in diagnosing various conditions, is anticipated to drive the industry growth significantly during the forecast period. Moreover, growing incidences of chronic disorders, especially among the geriatric population, are fueling industry growth. Alzheimer’s disease, dementia, arthritis, chronic kidney disease, cancer, Cardiovascular Diseases (CVDs), and diabetes are some of the commonly prevalent diseases that require NIR imaging for better diagnosis and further decision-making for effective treatment.

For instance, according to the International Agency for Research on Cancer in 2020, there were about 19,292,789 new cancer cases globally. The same source states that the number is expected to reach 50,550,287 by 2025. Expanding applications of the NIR technique in the early diagnosis of various neurological conditions are expected to play a significant role in the overall industry development. As per the National Research University’s Higher School of Economics, neurological disorders are one of the leading causes of disability and death today. They were reported as the leading cause group of Disability Adjusted Life Years, which comprised 16.8% of global deaths.

Strategic initiatives, such as the introduction of technologically advanced fluorescence imaging systems, acquisitions, collaborations, and government approvals, by major companies, are expected to have a significant impact on the industry growth. For instance, in January 2021, Olympus Corp. entered into an agreement to acquire Quest Photonic Devices B.V. for EUR 50 million, to improve its surgical endoscopy capabilities. NIR is preferred as a process monitoring tool, especially in the pharmaceutical industry. Growing applications of NIR in commercial operations & research activities in biopharmaceutical companies as well as academic institutes are expected to drive the demand for advanced NIR systems in the coming years.

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Near Infrared Imaging Market Report Highlights

• The reagents product segment dominated the industry in 2022 owing to the development of novel reagents to identify various types of cancer

• The reagents segment is projected to expand further at the fastest CAGR retaining its leading position over the forecast years due to benefits offered by Indocyanine Green (ICG), such as real-time angiographic images during brain tumor or vascular surgery

• The cancer surgeries application segment is expected to grow at the fastest CAGR during the forecast period owing to the high prevalence of the disorder, especially in the emerging economies

• The hospitals & clinics end-use segment dominated the industry in 2022 owing to a rise in the number of admissions of cancer patients in clinics and hospitals

Near Infrared Imaging Market Segmentation

Grand View Research has segmented the global near infrared imaging market based on product, application, end-use, and region:

Near Infrared Imaging Product Outlook (Revenue, USD Million, 2018 - 2030)

• Devices

  • Near-infrared Fluorescence Imaging Systems

  • Near-infrared Fluorescence & Bioluminescence Imaging Systems

• Reagents

  • Indocyanine Green (ICG)

  • Other Reagents

Near Infrared Imaging Application Outlook (Revenue, USD Million, 2018 - 2030)

• Preclinical Imaging

• Cancer Surgeries

• Gastrointestinal Surgeries

• Cardiovascular Surgeries

• Plastic/Reconstructive Surgeries

• Other Applications

Near Infrared Imaging End-user Outlook (Revenue, USD Million, 2018 - 2030)

• Hospitals & Clinics

• Pharmaceutical & Biotechnology Companies

• Research Laboratories

Near Infrared Imaging Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

• U.S.

• Canada

• Europe

• U.K.

• Germany

• France

• Italy

• Spain

• Asia Pacific

• Japan

• China

• India

• Thailand

• South Korea

• Latin America

• Brazil

• Mexico

• Argentina

• Columbia

• Middle East & Africa

• South Africa

• Saudi Arabia

• UAE

List of Key Players of Near Infrared Imaging Market

• Quest Medical Imaging B.V.

• Stryker

• KARL STORZ SE & Co. KG

• Olympus

• Hamamatsu Photonics K.K

• Mizuho Medical Co, Ltd.

• Shimadzu Corp.

• Leica Microsystems

• Medtronic (Visionsense)

• PerkinElmer, Inc.

• Carl Zeiss Meditec

• Fluoptics