Wilmington, Delaware, United States, Dec. 19, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - According to a recent report published by Transparency Market Research, the market value of global near infrared imaging market stood at US$ 213.6 Mn in 2021 and is projected to expand at a CAGR of 12.7% during the forecast period. Rise in neurological illnesses and increase in incidence of cancer that requires imaging techniques for diagnosis are anticipated to drive market growth of the global near infrared imaging industry. For instance, breast cancer, which affected more than 2.3 million people globally in 2020, is the most common type of cancer diagnosed, according to the World Health Organization (WHO).
According to the WHO, neurological illnesses affect hundreds of millions of people globally. There are more than 50 million epileptics globally, compared to the 47.5 million dementia patients, with 7.7 million new cases diagnosed each year. Hence, high prevalence of neurological illnesses is anticipated to augment the global near infrared imaging market in the next few years. However, according to estimates, significant market penetration of alternative medical imaging technologies is likely to hamper industry growth in the near future.
The global industry is expected to grow rapidly due to increase in gastrointestinal, cancer, cardiovascular, and reconstructive surgeries. Additionally, surge in target illnesses, including prostrate and breast cancer, is expected to accelerate market expansion. According to data from the American Society of Plastic Surgeons released in 2020, the industry is driven by the rise of cosmetic surgery.
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Key Findings of Market Report
- Hospitals and clinics use near infrared technology to detect bedsores as well as prevent surgical failures. Utilization of near-infrared sensors on laparoscopic devices enables surgeons to avert accidental severing of blood arteries. Usage of these technologies could reduce hospital stay, surgical failure rate, and patient care costs. Demand for near infrared products is likely to increase, as more patients are opting for less invasive, more efficient surgical treatments.
- Preclinical imaging is expected to generate the highest revenue between 2022 and 2032. The segment is projected to expand at a CAGR of 14.2% during the forecast period. Near-infrared regents are used in preclinical imaging to study a range of diseases such as inflammation, cancer, vascular, and infection. Development of novel near-infrared imaging reagents with improved fluorescence, tissue penetration, and customized fluorescence abilities is likely to promote the use of near-infrared imaging in preclinical research.
Global Near Infrared Imaging Market: Growth Drivers
- Advent of next-gen near-infrared imaging system to detect difficult-to-find cancers is likely to drive the demand for these devices. Rise in usage of these technologies is expected to augment the global near infrared imaging market.
- Preference for fluorescent imaging over other modalities, as it allows improved tissue penetration and mimics autofluorescence, is propelling demand. Advantages of near-infrared imaging and non-ionizing deep tissue imaging has increased utilization in emergency rooms and operating rooms.
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Global Near Infrared Imaging Market: Regional Landscape
- The near infrared imaging market in Asia Pacific presents significant opportunities to leading players. The market in the region is expected to reach US$ 256 Mn by 2032. Non-communicable diseases, including diabetes, cancer, cardiovascular diseases, and chronic respiratory conditions, have considerable impact on the health and development sector across Asia Pacific. Increase in burden of chronic non-communicable diseases is anticipated to drive the market in the region in the next few years.
Global Near Infrared Imaging Market: Key Players
- Quest Medical Imaging B.V.
- Karl Storz SE & Co. KG
- Hamamatsu Photonics K.K.
- Shimadzu Corporation
- Carl Zeiss Meditec AGLI-COR
- Mizuho Medical Co, Ltd.
Global Near Infrared Imaging Market: Segmentation
Application
- Preclinical Imaging
- Cancer Surgeries
- Gastrointestinal Surgeries
- Cardiovascular Surgeries
- Plastic/Reconstructive Surgeries
- Other applications
End-user
- Hospitals & Clinics
- Pharmaceutical & Biotechnology Companies
- Research Laboratories
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