Rising Number of Target Diseases Spells Success for Near Infrared Imaging Market

Market Highlights

The near infrared imaging market was worth USD 316 million in 2017, estimates Market Research Future (MRFR). The market growth is set to elevate at a rate of 12.6% during the forecast period (2018–2023).

Near infrared imaging market is expanding at a striking pace largely due to rising cancer cases and the surge in technological advancements. Near infrared imaging helps the wildlife researchers in studying warm-blooded animals, in addition to aiding archaeologists in analyzing the artifacts as well as in surveying various archaeological sites.

World over, the development of cutting-edge and sophisticated technology, expeditious advancement of high-speed infrared cameras that come with latest features and the consistent advancement of micro bolometer has resulted in the radical transformation of the near infrared imaging market. Other than this, the growth in the adoption rate of near infrared imagining in the field of military and defense to detect small details over extended distances, and the rising demand from emerging nations like India and Chinawill bring in excellent business for the market in the subsequent years.

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Although the market growth is expected to be excellent in the future, the market could hit a roadblock in the form of high cost of research and development.But, the boost in the number of surgical procedures and the rising prevalence of chronic diseases and expanding geriatric population are projected to be propitious factors in the market growth in the foreseeable future.

Prominent Vendors:

Leica Microsystems (Germany), Mizuho Medical Co., Ltd. (Japan), Quest Medical Imaging B.V. (the Netherlands), PerkinElmerInc. (US), Stryker Corporation (US), Hamamatsu Photonics K.K., (Japan), Karl Storz Se &Co.Kg (Germany), Shimadzu Corporation (Japan), Olympus Corporation (Japan), Medtronic (Ireland), Li-CorInc. (US), Carl Zeiss Meditec AG (Germany)

Market Segmentation :

·         The worldwide near infrared imaging market has been segmented on the basis of product type, application, and end user.

·         The types of products mentioned in the report are devices, reagents, and others. The devices segment is sub-segmented into near-infrared fluorescence imaging systems and near-infrared bioluminescence imaging systems.

·         In terms of application, the market is considered for cancer surgeries, preclinical imaging, plastic/reconstructive surgeries, gastrointestinal surgeries, cardiovascular surgeries, and others.

·         The near infrared imaging market, depending on the end-user, caters to pharmaceutical & biotechnology companies, hospitals & clinics, research laboratories & academic institutions, and others.

Regional Analysis

The global near infrared imaging market is spread across the prominent regions of Europe, AsiaPacific, America, and the Middle East & Africa.

Americais expected to gain massive prominence in the global near infrared imaging market, says MRFR. The dominance of the region is the result of the high spending on healthcare, expanding geriatric population, rising prevalence of target diseases, a growing number of cosmetic surgeries, and the fast-track adoption of technologically sophisticated imaging systems within the region.

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Accumulating the second-largest share of the global nearinfrared imaging market, Europe’s growth trajectory is expected to be striking in the near future, owing to the existence of a strong academic & research base coupled with the massive funding for research in the region. Case in point is the European Research Council (ERC), which is known for providing grants for scientific research within the European Union (EU).The booming medical tourism in the region, high awareness level, and huge foreign investments for research and development are presumed to do wonders for the regional market in the ensuing years.

Recent Developments

June 2019

A team of researchers from Denmark has developed a method that helps translate information from the mid-infrared (MIR) area with most distinct chemical signatures to the near-infrared (NIR) region with most sensitive existing camera technology. This system has the ability to capture the MIR spectral images of dynamic processes happening in just a few milliseconds. This technology also helps in investigating the chemical signatures of cancer as well as various other diseases with high accuracy.