by Near infrared (NIR) medical imaging is a technique used for medical imaging of internal body tissues using NIR wavelengths of 700–2500 nanometers. NIR light can penetrate deep into biological tissues, enabling it to detect signal from internal tissues and anatomical structures within the body. NIR imaging helps provide important physiological and functional parameters such as cortical blood volume and oxygenation. It has applications in brain imaging, breast cancer detection, dental imaging and intraoperative surgical imaging. As NIR light can penetrate tissues up to several centimeters, NIR imaging helps perform real-time image-guided surgery and intervention with greater precision, improving surgical outcomes.
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 3.7% 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 near infrared medical imaging market is the increasing adoption of indocyanine green near infrared fluorescence imaging in real-time image guided surgeries. Indocyanine green (ICG) is a near-infrared fluorescent dye approved for medical use. When injected or applied topically, ICG emits fluorescence which can be detected using NIR cameras intraoperatively, helping surgeons differentiate between healthy and pathologic tissues in real time. ICG fluorescence imaging helps perform targeted or image-guided surgeries like enhanced excision of tumors with clear margins, sentinel lymph node biopsy in cancer staging and cardiovascular revascularization surgeries with precision. Its adoption is increasing rapidly owing to advantages like real-time subsurface tissue visualization, low cost and enabling minimally invasive surgeries with reduced risk of recurrence.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the near infrared medical imaging market is low. High capital requirements and established clinical practice guidelines pose as entry barriers for new players.
Bargaining power of buyers: The bargaining power of buyers in the near infrared medical imaging market is high. Buyers have the bargaining power due to availability of substitutes and focus on lowering equipment and maintenance costs.
Bargaining power of suppliers: The bargaining power of suppliers in the near infrared medical imaging market is moderate. Suppliers have moderate control over pricing due to differentiated products however growing competition among suppliers reduces their influence over pricing.
Threat of new substitutes: The threat of new substitutes in the near infrared medical imaging market is moderate. Advent of new technologies like hyperspectral imaging offer substitutes options however near infrared medical imaging has well established usage in specific clinical areas.
Competitive rivalry: Competition in the near infrared medical imaging market is high among the top players. Players compete based on product features, innovation and geographic expansion.
Key Takeaways
The Global Near Infrared Medical Imaging Market Share is expected to witness high growth over the forecast period of 2023 to 2030.
Regional analysis: North America accounts for the largest share of the near infrared medical imaging due to developed healthcare infrastructure and awareness. Asia Pacific is expected to witness fastest growth in the market attributed to growing healthcare expenditure, rising medical tourism and increasing focus of key players in the region.
Key players: Key players operating in the near infrared medical imaging are GIDS GmbH, Kimball Physics, Phosphor Technology Ltd, Dr. Gassler Electron Devices, Hamamatsu Photonics, K. K., Scintacor, Koninklijke Philips N.V., Stanford Computer Optics, Inc, Konica Minolta, Inc. and others. Koninklijke Philips N.V. and Hamamatsu Photonics, K. K. hold majority of the market share currently owing to their strong product portfolio and geographic presence.
