Near infrared imaging Market by Product, Application, Indication and End User: Global Opportunity Analysis and Industry Forecast, 2018-2026
According to a new report published by Allied Market Research, titled, "Near infrared imaging Market by Product, Application, Indication and End User: Global Opportunity Analysis and Industry Forecast, 2018-2026," The global market accounted for $271 million in 2018, and is expected to reach $375 million by 2026, registering a CAGR of 4.1% from 2019 to 2026.
Near infrared imaging is an imaging technology which employs the administration of non-toxic dye such as indocyanine green to the tissues. The tissues are illuminated with near infrared light which produce fluorescence which is received by a camera and converted to 2-D images. The NIR systems are used to study various diseases and are also applied in cancer surgeries and diagnosis.
Factors such as rise in number of surgical procedures worldwide coupled with surge in prevalence of target diseases and increase in prevalence of chronic diseases and neurological disorders, are responsible for driving the growth of market. In addition, surge in adoption of NIR imaging across the globe is the prime growth factor for the global near infrared imaging market. However, availability of other alternative imaging techniques and high price of infrared detectors restrict the growth of the global market.
The near infrared imaging market is segmented based on product, application, indication, end user, and region to provide a detailed assessment of the market. Based on product, the market is divided into near infrared fluorescence imaging systems and near infrared fluorescence & bioluminescence imaging systems. Near- Infrared Fluorescence Imaging Systems acquired the major share of near infrared imaging system market owing to their application during surgeries such as cancer surgery, plastic surgery and other surgeries. Furthermore, the surge in number of surgeries performed for cancer is another factor that boosts the growth of market. These systems are also employed in diagnosis of cancers such as breast cancer.
Based on indication, the market is divided into cancer surgeries, cardiovascular surgeries, gastrointestinal surgeries, plastic/reconstructive surgeries, and others. Cancer surgeries acquired the major share of the near infrared imaging market owing to surge in cancer prevalence worldwide.
Based on end user, the market is segmented into hospitals and clinics, research laboratories, and others. Hospitals acquired the major share of the near infrared imaging market as NIR imaging systems are used in surgeries performed in hospitals. Moreover, wide spread presence of hospitals is another factor that boosts the growth of this segment. The hospital segment is estimated to exhibit a CAGR of 4.3%.
In 2018, North America accounted for the major share of near infrared imaging market size and is expected to continue this trend owing to rise in number of surgical procedures performed in the region. Moreover, other factors such as easy availability of NIR imaging systems, presence of key players and surge in adoption of NIR imaging systems boost the market growth in this region. Asia-Pacific is expected to exhibit fastest growth rate owing to surge in awareness related to early screening of cancer. The other factors that boost the growth of market include huge patient base and rise in healthcare expenditure in the region. The developing economies offer lucrative opportunities for near infrared imaging providers to expand their business. The constantly evolving life science industry drives the growth of the market in the developing economies such as India, China, Malaysia, and others.
Key Findings of the Near infrared imaging Market :
Near infrared fluorescence imaging systems occupied 92.79% share of the global near infrared imaging market in 2018 The medical imaging segment is anticipated to grow with the highest CAGR throughout the forecast period The cardiovascular surgeries segment accounted for 10.23% share of the market in 2018 Asia-Pacific is anticipated to grow at the highest rate during the analysis period, followed by LAMEA