The global near infrared imaging market held a market value of USD 316 million in 2017 and is projected to grow at a CAGR of 12.6% over the forecast period.
Near infrared imaging uses near infrared light between 650 and 950 nm to non-invasively examine the concentration and oxygenation of hemoglobin which is used to detect changes induced by brain activity, injury, or disease. Moreover, near infrared imaging is portable and inexpensive device which may boost the market during forecast period.
Additionally, the growing research and development expenditure by the government as well as private sector is likely to contribute to the market growth. As per the data by the Office for National Statistics, in 2016, the gross domestic expenditure on research and development (R&D) was Euro 33.1 billion (USD 35.2 billion) in the UK. Moreover, companies are using a trend of strategic alliance and acquisition to gain the market and minimize the competition in the market.
Regional Analysis
On regional basis, the Americas is anticipated to dominate the global near infrared imaging market owing to the growing R&D budgets by both government as well as commercial pharmaceutical and biotechnological companies and increasing adoption of advanced technologies in the region.
Europe is expected to hold the second largest position in the global near infrared imaging market owing to the presence of strong academic & research base and availability of funding for research in the European countries.
Asia Pacific has served an opportunity for developing near infrared imaging market in this region due to increasing demand for the better treatment and devices and increasing prevalence of disease like cardiovascular diseases and cancer.
The Middle East & Africa has the least share of the global near infrared imaging market. Moreover, the major market share of the region is expected to be held by the Middle East region owing to the increasing government initiatives for the healthcare sector.
Segmentation
The global near infrared imaging market has been segmented into product type, application, and end user.
By product type, the market has been segmented into devices, reagents, and others. Devices segment is further segmented into near-infrared fluorescence imaging systems and near-infrared bioluminescence imaging systems.
Based on application, the market has been segmented into cancer surgeries, preclinical imaging, plastic/reconstructive surgeries, gastrointestinal surgeries, cardiovascular surgeries, and others.
The near infrared imaging market, by end user, has been segmented into pharmaceutical & biotechnology companies, hospitals & clinics, research laboratories & academic institutions, and others.
Key Players
Some of the prominent players in the global near infrared imaging market are PerkinElmer, Inc. (US), Li-Cor, Inc. (US), Stryker Corporation (US), Karl Storz Se & Co.Kg (Germany), Carl Zeiss Meditec AG (Germany), Leica Microsystems (Germany), Medtronic (Ireland), Hamamatsu Photonics K.K., (Japan), Olympus Corporation (Japan), Shimadzu Corporation (Japan), Quest Medical Imaging B.V. (the Netherlands), Mizuho Medical Co., Ltd. (Japan), and others.
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