Near Infra-Red Imaging Market Size is poised to grow notably over the forecast period of 2022 to 2028 with the rising significance of early disease diagnosis driven by a considerable rising prevalence of chronic disorders across the globe. This growing necessity for efficient diagnostic solutions has instigated the installation of near-infrared imaging techniques that find important usage in clinical and preclinical applications. They are increasingly used in clinical management of cancer patients on account of their high spatial resolution, real-time display, portability, and detailed molecular profiling.
Technological advancements in NIR devices driven by the growing proclivity of healthcare settings as well as diagnostic centers towards the adoption of technologically advanced tools are anticipated to enhance the industry statistics considerably in the future.
In terms of application, the market is projected to record significant gains from preclinical imaging segment by the end of the analysis period. This can be largely credited to the growing prominence of preclinical imaging in drug discovery, phenotyping, and providing a basic understanding of the disease mechanisms. For instance, Near-infrared spectroscopy (NIRS) combined with intravascular ultrasound (NIRS-IVUS), a catheter-based intravascular imaging modality is widely used in the diagnosis of acute coronary syndrome which occurs from plaque rupture.
With regards to end-user, hospitals & clinics segment is estimated to observe lucrative growth in the coming years owing to the increasing investments by these healthcare settings in advanced technologies. The increasing support for these investment initiatives will further proliferate the segmental growth. Citing an instance, in 2021, The UK government announced to allocate USD 3.43 million towards diagnostic technologies. This initiative will benefit the United Lincolnshire Hospitals NHS Trust with a sum of USD 5.02 million which the trust will invest in new imaging technology to help patients with cancer and trauma diagnostics in Lincolnshire.
Regionally, North America is anticipated to emerge as a significant growth avenue for near infra-red imaging market over the forecasted timeline owing to the increasing healthcare expenditure stimulating product adoption in the region. According to the National Health Expenditure data, healthcare spending in the U.S. is estimated to reach USD 6.2 trillion by 2028 while growing at an average annual rate of 5.4% over 2019-28. Besides, rising incidences of cancer in the region are also expected to instigate the product installation as it plays a key role in disease diagnosis.
The key industry players active in near infra-red imaging market include KARL STORZ SE & Co. KG., Stryker Corp., Carl Zeiss Meditec AG, Olympus Corp., Leica Microsystems (Danaher Corp.), Hamamatsu Photonics K.K, Fluoptics, Quest Medical Imaging B.V., Mizuho Medical Co, Ltd., Shimadzu Corporation, PerkinElmer, Inc., etc.
These market players are largely engaged in the development of innovative products to effectively meet the increasing consumer demand and gain a competitive edge in the industry.
For instance, in 2020, Olympus expanded its VISERA ELITE II surgical imaging platform with the addition of 3D ENDOEYE video laparoscope and a dedicated IR Xenon light source equipped with 3D and Infra-red (IR) capabilities respectively.
Near infra-red imaging market landscape has been affected to a certain extent due to the emergence of COVID-19 pandemic as nonessential imaging procedures and exams were temporarily halted across the hospitals and imaging centers to avoid virus contamination. However, with the gradual relaxation of restrictions and growing necessity for imaging procedures, the industry is expected to grow steadily over the forthcoming years.
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