The global near-infrared imaging market is anticipated to grow at a significant CAGR of 12.1% during the forecast period (2022-2028). The global near-infrared imaging market is expected to grow at a CAGR of 9.0% during the forecast period. The market growth is attributed to the increasing number of surgical procedures across the globe coupled with benefits offered by near-infrared imaging technologies over conventional methods. In addition, real-time display and portability benefits of the technology are driving the growth of the global near-infrared imaging industry. Further, the low cost of near-infrared fluorescence as compared with other modalities, such as nuclear imaging and MRI also gives a boost to the growth of the market. However, poor tissue penetration, presence of alternative imaging techniques and lack of skilled professionals are some of the factors that may hinder the growth of the near-infrared imaging market.

The increasing incidences of chronic diseases such as cancer, brain disorders, cardiovascular diseases, and brain injuries are increasing the demand for near-infrared imaging for the detection and monitoring of these diseases. A high prevalence of chronic diseases demands an effective diagnostic tool for starting early treatment. Various types of diagnostic tools are available in the market for the diagnosis of such diseases. For instance, near-infrared imaging is being used to non-invasively inspect the concentration and oxygenation of hemoglobin in the brain, muscle, and other tissues. In addition, improvements in instrumentation such as near-infrared intraoperative reflectance imaging, high-spatial-resolution endomicroscopy, and fluorescence tomography have further led to the improvement in the near-infrared imaging industry. In February 2019, Align Technology launched the iTero element 5D imaging system for comprehensive preventive and restorative oral care at id. This dental imaging system is equipped with 3D, intra-oral and near-infrared imaging (NIRI), which aids in the detection and monitoring of interproximal caries lesions above the gingival without any harmful radiation.  

Impact of COVID-19 Pandemic on Global Near-Infrared Imaging Market

The COVID-19 pandemic has had a considerable impact on the market for near-infrared imaging. The decline in imaging volumes during the pandemic may have an impact on the market's growth rate. The decline in the growth is majorly due to the temporary postponement of treatment of cancer, brain disorders, cardiovascular diseases, and brain injuries, as government and official authorities seek to ensure the availability of manpower resources and other treatment devices for COVID-10 patients. 

Segmental Outlook 

The global near-infrared imaging market is segmented on the basis of technology and application. Based on technology, the market is bifurcated into fluorescence imaging and bioluminescence imaging. Further, on the basis of application, the market is segmented into cancer surgeries, gastrointestinal surgeries, cardiovascular surgeries, plastic surgeries, and others.

Global Near-Infrared Imaging Market Share by Technology, 2021(%)

Fluorescence Imaging Segment is Predicted to Hold a Major Share in the Market

Fluorescence Imaging has the major share due to its application during various surgical processes such as plastic surgery, cardiovascular surgery, cancer surgery, and others. According to the Society of Thoracic Surgeons, the cardiac surgery performed from December 2018 to December 2019, was nearly 24,000 per month in the US. Meanwhile, there was an increase of 110% in the mortality ratio for all adult cardiac procedures and 167% for isolated coronary artery bypass grafting(CABG) surgery. Moreover, the increasing number of surgeries performed for cancer across the globe is another factor fueling the segmental growth of the market.   

Regional Outlooks

The global near-infrared imaging market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East & Africa, and Latin America).  North America is expected to hold a substantial share in the market and is expected to continue to do so due to the increasing number of surgical procedure performed in the region, and presence of key market players in the region. Moreover, emerging economies such as China and India will create future opportunities for the growth of the global near-infrared imaging industry in the near future.

Global Near-Infrared Imaging Market Growth, by Region 2021-2028

Asia-Pacific to Grow at a Remarkable Rate in Global Near-Infrared Imaging Market

Asia Pacific is expected to exhibit considerable growth during the forecast period. The growth is attributed to various factors such as the rising healthcare spending, improving infrastructure. China, India, Japan, South Korea, and Taiwan are the key regions growing at a significant rate due to the increasing demand for cardiology surgeries and diagnostic tools. New product development launches and funding by market players are further aid in market growth. For instance, in April 2022, Getinge acquired Fluoptics SAS, through this acquisition Getinge expand its customer offering in clinical decision support by providing surgical lighting, fluorescence imaging, and digital solutions for image processing and management.

Market Players Outlook

The prominent players contributing globally in the near-infrared imaging market Hamamatsu Group, Medtronic PLC, PerkinElmer Inc., Stryker Corp., Thermo Fisher Scientific Inc., Carl Zeiss Meditec AG, Fluoptics, Karl Storz, and others. These key manufacturers are adopting various strategies like new product launches, mergers and acquisitions, partnerships and collaborations, and many others to thrive in a competitive environment. For instance,  in December 2021, Thermofy secures an agreement to acquire Viral Sing Inc., to advance its position in AI-enabled infrared imaging for medicine. Through this infrared imaging, the company provides screening and diagnostic solutions aimed at the healthcare workers to identify the presence of a disease in the body, and enable clinicians to better identify, isolate, and optimize intervention across a broad cross-section of medical specialties.

The Report Covers

• Market value data analysis of 2021 and forecast to 2028.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global near-infrared imaging market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.