Global Near Infrared Imaging Market is expected to grow at a CAGR of 15.3%% during the forecast period from 2018-2025
A new research report published by Fior Markets with the title Near Infrared Imaging Market by Product (Devices, Reagents), End User (Hospitals & Clinics, Pharmaceutical & Biotechnology Companies, Others), Application, Region Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2018 to 2025.
As per the report, the global near infrared imaging market is expected to grow from USD 342.4 Million in 2017 to USD 1,065.8 Million by 2025 at a CAGR of 15.3%% during the forecast period from 2018-2025. North America is dominating the market due to rising favourable changes in the policy of government infrastructure. Also, rise in the service sector is expected to drive the Near Infrared Imaging market
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Leading companies in the industry include are Bruker, Hamamatsu Photonics K.K., LI-COR, Inc., Miltenyi Biotec , MIZUHO Corporation, PerkinElmer Inc., NOVADAQ Technologies Inc., Thermo Fisher Scientific Inc., FLIR® Systems, Inc., Fluke, Sensors Unlimited, Leonardo DRS, Raptor Photonics, C-THERMAL, Opgal among others among others which are offering greater opportunities and are continuously focused on new product developments and venture capital investments to obtain market share. For instance, in October 2017, Novadaq Technologies Inc. launched a pinpoint invasive imaging system that designed to perform white light bronchoscopy, autofluorescence and narrow band Imaging. It is effective in detection and localization of central airways cancer through white light bronchoscopy.
The product segment is classified into devices and reagents. The devices segment is dominating the near-infrared imaging market and valued around USD 207.49 Million in 2017. An increasing the number of cancer cases and expanding research activities on cancer have derived the utility of the technique. End-user segment is divided into segments such as hospitals & clinics, pharmaceutical & biotechnology companies and research laboratories. The hospitals & clinics segment is dominating the market with the highest share of 47.80% in 2017. This technique is majorly used in hospitals to identify the concentration of haemoglobin in the brain. It helps to detect various brain injuries, breast cancer, alzheimer’s disease, depression, and schizophrenia so as to find out an appropriate alternative to treat them. Application segment includes preclinical imaging, cancer surgeries, gastrointestinal surgeries, cardiovascular surgeries, plastic/reconstructive surgeries, and other application. The cancer surgeries segment is expected to grow at the highest CAGR of 18.1% during the forecast period due to the rising number of cancer cases registered across the globe.
Higher adoption of the NIR imaging as it minimizes the radiation risk is one of the driving force. Also, NIR Imaging proves more beneficial over conventional visualization method and rise in R&D activities with the increasing IT solutions have also led to the growth of the market. But it involves a long process in approval which limits the obtainability of targeted fluorophores may hamper the growth of the market. However, it has a better scope of growth in emerging economies which should drive the industry growth in the coming years.
About the report:
The global near infrared imaging market is analysed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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