The Near Infrared Medical Imaging Market Is Estimated To Witness High Growth Owing To Rising Demand For Minimally Invasive Surgeries
Near infrared medical imaging is a non-invasive medical technology used for molecular imaging of biological tissues. It utilizes near-infrared light in the spectral range of 700–1100 nm with tissue penetration up to 5 cm. Key products in this market include near infrared spectroscopy (NIRS) devices and near infrared fluorescence imaging systems (NIFI). NIRS devices are used for cerebral and tissue oxygen monitoring in critical care, while NIFI systems find applications in image-guided tumor resection in cancer surgeries and lymph node mapping.
The 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 Dynamics:
The growth of the near infrared medical imaging market is majorly driven by the rising demand for minimally invasive surgeries. Minimally invasive techniques help reduce postoperative recovery time, hospital stay, risk of complications, and cost of surgery compared to open surgeries. Near infrared medical imaging technologies such as NIR fluorescence imaging systems are increasingly being adopted in minimally invasive surgeries to visualize blood vessels, tumors, and lymph nodes for precise targeting with minimal invasion. Additionally, growing prevalence of cancer, increasing geriatric population, and technological advancements in detectors and laser sources used in near infrared medical imaging modalities are further fueling the market growth over the forecast period.
SWOT Analysis
Strength: Near Infrared Medical Imaging has three strengths - it is non-invasive, non-ionizing, and highly sensitive nature allowing visualization of anatomical and physiological details. It provides real time images and requires no surgery.
Weakness: Near Infrared Medical Imaging has high equipment and procedure costs limiting its use. Interpretation of images requires trained professionals which are limited in number.
Opportunity: Growing geriatric population and increasing prevalence of chronic and lifestyle diseases provide significant growth opportunities. Technological advancements allowing miniaturization of equipment and portability expands applications.
Threats: Stringent regulatory standards and reimbursement policies pose challenges. Alternative low cost imaging modalities also threaten the market.
Key Takeaways
The global Near Infrared Medical Imaging market forecast is expected to witness high growth, exhibiting a CAGR of 10% over the forecast period, due to increasing prevalence of chronic diseases and growing geriatric population.
Regional analysis: North America dominates currently due to availability of funds and supporting policies. Asia Pacific is growing fastest due to large patient pool and focus on healthcare reforms.
Key players operating in the Near Infrared Medical Imaging market are Stryker, KARL STORZ, Carl Zeiss Meditec, Leica Microsystems, Olympus Corporation, and PerkinElmer. The market size for 2023 is estimated to be US$ 1.76 Bn. Miniaturization of devices and multicenter clinical trials are recent strategies adopted by players
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