The global near infrared imaging market size was valued at USD 2.06 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 3.9% from 2023 to 2030. Increasing incidence of target diseases, such as cardiovascular diseases (CVDs), gastrointestinal, neurovascular, and cancer, is likely to boost the demand for near infrared imaging in the coming years. According to the WHO, CVDs account for about 17.9 million deaths each year globally. Moreover, growing demand for technologically advanced fluorescence imaging systems and various initiatives undertaken by key market players is anticipated to boost the overall market growth. For instance, in September 2022, Sony, Olympus, and Sony Olympus Medical Solutions collaborated to develop a surgical endoscopy system that supports 4K, 3D, and infrared imaging features.

The COVID-19 pandemic affected the market for near infrared imaging as these are critical care medical devices and are mainly used during surgical procedures. The restrictions led to a decrease in demand for near infrared imaging devices as the medical settings redirected their sources on essential and life-saving devices. However, now since the pandemic restrictions have been lifted, the market is expected to grow at a significant rate over the forecast period. According to the annual report published by Olympus, recovery from COVID-19's effects led to positive growth from the previous fiscal year in the surgical endoscopes market. Sales of surgical endoscopic system VISERA ELITE II were especially robust in North America and Europe.

Gather more insights about the market drivers, restrains and growth of the Global Near Infrared Imaging Market

Product Insights

The reagents segment dominated the market for near infrared imaging and accounted for the largest revenue share of 56.6% in 2022. The segment is expected to witness a significant growth over the forecast period as reagents offer several advantages over traditional visible light dyes including high sensitivity and specific detection in biological systems. Reagents are sub-categorized as Indocyanine Green (ICG) and other reagents. The reagents segment is expected to grow considerably during the forecast period owing to the benefits offered by ICG. Indocyanine green offers real-time angiographic images during brain tumor or vascular surgery. Moreover, it is increasingly being used for spine surgery. Hence, growing applications of ICG along with its advantages are the major drivers of the segment.

Application Insights

The preclinical imaging segment dominated the market for near infrared imaging and held the largest revenue share of 34.90% in 2022. The cancer surgeries segment is expected to witness a CAGR of 4.9% during the forecast period owing to the increasing prevalence of cancer on a global scale. For instance, according to 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.

End-use Insights

The hospitals and clinics segment captured the largest revenue share of over 45.3% in 2022 and is expected to grow at a fastest rate during the forecast period. This growth is owing to an increase in the number of admissions of cancer patients in clinics and hospitals and well-established healthcare facilities in developed countries. Near infrared technologies are widely used in hospitals and clinics for detection of bedsores to 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 stay 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.

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Regional Insights

North America dominated the market for near infrared imaging and accounted for the largest revenue share of 40.49% in 2022 and is expected to witness a growth rate of over 4.0% over the forecast period. This growth is owing to the high disposable income of consumers, speedy adoption of technologically advanced medical devices, and diagnostic techniques. A large number of cancer cases reported in the country are expected to boost the market in the U.S. According to International Agency for Research on Cancer, around 2,281,658 new cancer cases were identified in 2020 in the U.S. In addition, rise in the number of reconstructive and cosmetic surgeries in the country owing to increased spending and rising awareness regarding early diagnosis is expected to create robust growth opportunities.

Key Companies & Market Share Insights

The key players are focusing on growth strategies, such as new product launches, expansion, collaborations, partnerships, and acquisitions. For instance, in January 2021, KARL STORZ announced the launch of the system named IMAGE1 S Rubina multimode visualization, the latest advancement in endoscopic imaging. This technology combines state-of-the-art 4K resolution with superior fluorescence-guided imaging using indocyanine green dye and near-infrared light and (NIR/ICG). Some of the prominent players in the near infrared imaging market include:

• Quest Medical Imaging B.V.
• Stryker
• KARL STORZ SE & Co. KG
• Olympus
• Hamamatsu Photonics K.K
• Mizuho Medical Co, Ltd.
• Shimadzu Corporation
• Leica Microsystems
• Medtronic (Visionsense)
• PerkinElmer, Inc.
• Carl Zeiss Meditec
• Fluoptics

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