Near Infrared Imaging Market to be Worth USD 822 Million by 2023

The near-infrared imaging market is projected to reach USD 822 million by 2023 from an estimated USD 416 million in 2018, at a CAGR of 14.6 percent during 2018 to 2023. The growth of this market is primarily driven by the increasing number of surgical procedures globally and the advantages of NIR imaging over conventional visualization methods.

Devices segment to account for the largest share of the market in 2018

Based on product, the market is segmented into devices and reagents. In 2018, the devices segment is expected to account for a larger share of the near-infrared imaging market. The rising number of surgical procedures performed due to the increasing prevalence of cancer, cardiovascular diseases, neurovascular diseases, and gastrointestinal diseases is the major factor driving the demand for near-infrared imaging devices.

Cancer surgeries segment to grow at the highest CAGR

Based on application, the near-infrared imaging market is segmented into cancer surgeries, plastic/reconstructive surgeries, gastrointestinal surgeries, cardiovascular surgeries, preclinical imaging, and other applications. The cancer surgeries segment is expected to grow at the highest CAGR owing to the significant growth in the prevalence of cancer across the globe.

North America to dominate the near-infrared imaging market in 2018

In 2018, North America is expected to be the largest regional market for near-infrared imaging. This can primarily be attributed to the high healthcare spending, rising geriatric population, increasing prevalence of target diseases, rising number of cosmetic surgeries, and the rapid adoption of technologically advanced imaging systems in the region.

The key players operating in the near-infrared imaging market are Stryker (US), KARL STORZ SE & Co. KG (Germany), Carl Zeiss Meditec AG (Germany), Leica Microsystems (Germany), Olympus (Japan), Fluoptics (France), Hamamatsu Photonics K.K (Japan), Quest Medical Imaging B.V. (Netherlands), Mizuho Medical Co, Ltd. (Japan), Shimadzu Corporation (Japan), Visionsense (Israel), PerkinElmer, Inc. (US), LI-COR, Inc. (US), and SurgVision (Netherlands). – MarketsandMarkets