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Near Infrared Imaging/NIR Market Highlighting Enhanced Revenue in the Coming Years 2021-2031 | Stryker, KARL STORZ SE & Co. KG , Carl Zeiss Meditec AG, Leica Microsystems
The global near infrared imaging/NIR market was valued at USD 216.7 million in 2021 and it is anticipated to grow up to USD 614.5 million by 2031, at a CAGR of 11.0% during the forecast period.New York, According to a new market research report published by Global Insight Services Near Infrared Imaging/NIR Market is expected to reach US$ XX bn by 2031. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.
Near infrared imaging uses light between 650 to 950 nm to detect any changes induced, injury, or disease. It is a powerful diagnostic tool for minimally invasive and nonionizing method for tissue imaging. NIR are not absorbed well by the blood or water, which are the main components of tissues, thus increases the changes of illumination for internal structures. It is advantageous over other techniques since it provides better resolution and is less harmless to patients.
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Market Trends and Drivers
Growing number of surgical procedures globally will positively impact the market growth. Globally, the number of surgical procedures is on the rise owing to the rising prevalence and incidence of various diseases such as cancer, cardiovascular diseases, neurovascular diseases, and gastrointestinal diseases. Surgical cosmetic procedures and trauma cases are also contributing to the increasing number of surgical procedures. NIR imaging is used for intraoperative imaging during various surgical procedures, such as plastic and reconstructive surgeries, oncology surgeries, gastrointestinal surgeries, cardiovascular surgeries, cardiothoracic surgeries, and neurovascular surgeries. NIR imaging enables surgeons to assess blood flow, tissue viability, and perfusion during these surgeries. In cancer surgeries, NIR imaging is used to establish positive margins that help in the demarcation of cancerous tissues versus normal tissues. Therefore, the increasing number of surgical procedures is expected to drive the NIR imaging market.
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Market Restraints and Challenges
Prolonged approval process may hinder the industry growth to some extent. There are only two FDA-approved NIR fluorophores-indocyanine green (ICG) (approved for clinical use in 1959) and methylene blue (MB). However, both ICG and MB are blood pool agents that have no specificity for tumors or normal tissues and are, thus, not ideal fluorophores for fluorescence image-guided surgery. The visualization of the target tissues mainly depends on the efficacy of fluorescent agents, resulting from the difference in the amount of molecular uptake into the target and neighboring normal tissues. Targeted fluorophores enable the visualization of the desired target tissues, thus enhancing the clinical outcomes. However, the introduction of targeted fluorophores is mainly restricted due to the absence of US Food and Drug Administration (FDA) approvals. Additionally, imaging agents have to undergo the same FDA approval process as other pharmaceutical drugs, which may take approximately a decade and around USD 150 million for a fluorescent probe to become available in the market. Post-approval, imaging agents are required to be paired with a specific model of an imaging device. For instance, the approval of Cysview (Photocure) with KARL STORZ's blue light cystoscope PDD System. This practice limits the entry and adoption of molecularly targeted NIRF imaging agents in clinical practices, thus hindering the market growth.
Global Near Infrared Imaging/NIR Market Segmental Overview
The report analyses the global near infrared imaging/NIR market based on product, application, end-use, and region.
Global Near Infrared Imaging/NIR Market by Product
Based on product, it is segmented into devices and reagents. Devices segment further sub-segmented into near-infrared fluorescene imaging systems, and near-infrared fluorescene and bioluminescene imaging systems. Among these, in 2021, the reagent segment accounted for the larger share. The large share of this segment can be attributed to the as reagents offer several advantages over traditional visible light dyes including high sensitivity and specific detection in biological systems. Reagents are sub-categorized as Indocyanine Green (ICG) and other reagents. The reagents segment is expected to grow considerably during the forecast period owing to the benefits offered by ICG. Indocyanine green offers real-time angiographic images during brain tumor or vascular surgery. Moreover, it is increasingly being used for spine surgery. Hence, growing applications of ICG along with its advantages are the major drivers of the segment.
Major Players in the Global Near Infrared Imaging/NIR Market
The key players in the market are Stryker (US), KARL STORZ SE & Co. KG (Germany), Carl Zeiss Meditec AG (Germany), Leica Microsystems (US), Olympus Corporation (Japan), PerkinElmer, Inc. (US), LI-COR, Inc. (US), Medtronic (US), Hamamatsu Photonics K.K. (Japan), and Shimadzu Corporation (Japan), among others.
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Reasons to buy Near Infrared Imaging/NIR Market Report:
• Develop comprehensive understanding of market landscape - industry structure, value-chain, key players, trends, drivers, and challenges
• Drive revenue and market-entry strategy by gaining insights into which segments and geographies are largest and likely to grow fastest
• Formulate sales and marketing strategies by gaining understanding of competitors, their positioning, and strengths & weaknesses
• Develop business and M&A strategies through understanding of latest trends and emerging players in the market
• Refine your business plans by understanding impact of disruptions such as Covid-19 and Russia-Ukraine conflict on the market
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About Global Insight Services:
Global Insight Services (GIS) is a leading multi-industry market research firm headquartered in Delaware, US. We are committed to providing our clients with highest quality data, analysis, and tools to meet all their market research needs. With GIS, you can be assured of the quality of the deliverables, robust & transparent research methodology, and superior service.
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