March 1, 2024
Near Infrared Medical Imaging Market

Near-Infrared Fluorescence Imaging Set To Drive Advances In The Near Infrared Medical Imaging Market

Near infrared (NIR) medical imaging uses light in the wavelength range of 700–900 nm to visualize tissues, organs, and contrast agents in the body. NIR light has deeper tissue penetration capabilities as compared to other imaging modes like visible light. NIR imaging helps surgeons perform precise imaging-guided surgeries by providing real-time visualization of tissues. It helps detect cancerous tissues more accurately. With advancing fluorescence imaging capabilities, NIR imaging is transforming disease diagnosis and surgical interventions.

The global Near Infrared Medical Imaging Market is estimated to be valued at US$ 1.76 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One of the major trends in the market is the increasing adoption of near-infrared fluorescence imaging. This technology uses fluorescent dyes or probes that emit light in the NIR range when excited by specific wavelengths of light. This allows for high contrast imaging of lesions and tumors. Several fluorescence probes are being developed for tumor detection and lymph node mapping. For instance, fluorescently labeled antibodies are being studied for targeted cancer imaging. Growing clinical research in this field is expected to drive the demand for near-infrared fluorescence imaging systems.
Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as setting up costs involved in near infrared imaging equipment is significantly high. Regulations also act as a barrier.

Bargaining power of buyers: The bargaining power of buyers is moderate as NIR imaging systems find applications in both hospitals and research institutions. However, buyers have a choice of substitutes as well.

Bargaining power of suppliers: Original equipment manufacturers of NIR imaging equipment have moderate bargaining power over buyers as customization of products and maintenance services is important.

Threat of new substitutes: Alternatives like ultrasound, X-ray, CT scans pose a threat. However, near infrared imaging provides non-invasive diagnostics without ionizing radiation.

Competitive rivalry: Intense as key players compete on technological advancements, product differentiation and expansion to newer geographies and application segments.

Key Takeaways

The global Near Infrared Medical Imaging Market growth is expected to witness high  exhibiting a CAGR of 10% over the forecast period, due to increasing applications in image-guided surgeries and cancer diagnostics.

Regional analysis: North America dominates the market currently due to higher adoption of advanced medical imaging modalities. Asia Pacific is expected to register fastest growth owing to rising healthcare spending and increasing incidence of chronic diseases.

Key players: Key players operating in the Near Infrared Medical Imaging market are Stryker, KARL STORZ, Carl Zeiss Meditec, Leica Microsystems, Olympus Corporation, PerkinElmer, and LI-COR. Players compete based on technology, product differentiation and geographic expansion.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it