Near-Infrared Fluorescence Imaging System Market to Witness Strong 11% CAGR Growth by 2031 | Transparency Market Research

Wilmington, Delaware, United States, May 23, 2023 (GLOBE NEWSWIRE) — The global near-infrared fluorescence imaging system market was worth US$ 500 million by 2021. It is estimated that the market for near-infrared fluorescence imaging systems will reach US$ 1.3 billion by 2031.

Various types of NIR fluorescence imaging systems have been developed owing to the potential of the NIR fluorescence imaging system. In addition to these relatively simple products, there are also relatively complex products that can only produce fluorescence images on a handheld device.

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On most systems, fluorescent NIR images are provided in one channel, as well as color images, or either both in the same channel. There have also been developments in laparoscopy and endoscopy for minimally invasive surgery in addition to open surgery imaging systems.

Technology advances related to molecular imaging are driving the market’s revenue growth. The growing aging population and age-related health issues are driving demand. WHO’s Global Health and Aging report projects that by 2050, there will be approximately 1.5 billion people aged 65 and older, particularly in developing nations.

As awareness about cancer among millennials and various treatment methods continues to grow, there has been an increase in demand for the treatment. A study by the Breast Cancer Research Foundation (BCRF), United States, found that 2.3 million breast cancer deaths were caused by clinical and translational research. Revenue growth of the segment is being driven by increasing global funding for cancer research.

Key Findings of Market Report

• Cart-based segments accounted for almost 27% of the market in 2021. As the forecast period progresses, the segment is expected to grow consistently at a CAGR of over 12%.
• Near-infrared fluorescence imaging systems dominated the global market with a share of more than 45% in 2021.
• Cancer surgeries accounted for over 51% of the market for near-infrared fluorescence imaging systems in 2021.
• In 2021, hospitals & clinics dominated the global market, with a 47% market share. Furthermore, the segment is also forecast to increase at a CAGR of 9.3% over the forecast period.
• A growing number of chronic cancers in various regions will increase the market demand for near-infrared fluorescence imaging systems in cancer surgeries.

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Global Near-Infrared Fluorescence Imaging System: Market Growth Drivers

• Near-infrared (NIR) imaging demand is expected to rise as target diseases such as cardiovascular, gastrointestinal, neurological, and cancer become more prevalent. Due to the higher surgical rates and features associated with near-infrared imaging (NIR) utilizing multiplexed fluorescent probes combined with higher spatial resolution, the demand for near-infrared imaging has increased.
• The growth of the market is attributed to increased funding from the federal government to promote their adoption. In addition, healthcare expenditures are on the rise, healthcare infrastructure is improving, and healthcare services are growing, all of which have a positive impact on the market for near-infrared fluorescence imaging systems.
• As surgical robotics practice increases, the demand for NIRF imaging systems is expected to increase. The increasing incidence of cancer and the rapid increase in cosmetic and reconstructive procedures drive market growth.

Global Near-infrared Fluorescence Imaging System: Regional Landscape

• Near-infrared imaging market share in the North American region is widely known as the largest in the world.
• An influx of leading market players, advances in near-infrared imaging systems, and increases in surgical procedures in recent years have all contributed to the growth of near-infrared imaging in the United States.
• Cosmetic surgery, lifestyle diseases requiring surgery, and the growth of the near-infrared imaging market in Europe are expected to contribute to the market’s growth.
• High numbers of gastrointestinal diseases have also been linked to poor sanitation and hygiene in Asian countries.
• Healthcare infrastructure development in countries such as India will also contribute to the rapid growth of the market.

Global Near-infrared Fluorescence Imaging System Market: Key Players

There are a number of vendors representing a majority of the global market, which is fragmented. Many companies spend a considerable amount of time and money on product development. Among the key strategies adopted by leading companies are mergers and acquisitions and product portfolio expansion.

A wide range of factors has been considered in this digital dentistry materials and systems market analysis, including company overviews, financial analysis, product portfolios, and industry segments.

• In December 2022, a fluorescent imaging agent is approved by the FDA for use when the patient is undergoing lung cancer surgery. an agent previously approved for use during lung surgery might now also be used during surgery for ovarian cancer. Target Laboratories, based in West Lafayette, Indiana, received approval for pafolacianine in November 2021 for the treatment of ovarian cancer and expanded indications in February 2019.
• In April 2023, a new technique is developed to improve the accuracy of near-infrared fluorescence imaging. Hybrid NIRF-IVUS measurements will be created using NIRF imaging and IVUS.

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Global Near-infrared Fluorescence Imaging System Market: Segmentation

Type

• Cart-based Near Infrared Fluorescence Imaging System
• Handheld Near Infrared Fluorescence Imaging System
• Others

Light Source

• Laser Diodes
• Light Emitting Diodes
• Filtered Lamp Sources

Application

• Cancer Surgeries
• Cardiovascular Surgeries
• Preclinical Imaging
• Plastic/Reconstructive Surgeries
• Thyroid Surgeries
• Others

End-User

• Hospitals & Clinics
• Academics & Research
• Pharmaceutical & Biotechnology Companies

Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

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