The Near Infrared Imaging Market was valued at US$ million 395.14 in 2019 and is projected to reach US$ 543.24 million by 2027; it is expected to grow at a CAGR of 4.2% from 2020 to 2027.

The growth of the Near Infrared Imaging market is mainly attributed to factors such as rising number of surgical procedures worldwide, and advantages offered by near infrared imaging system. However, the market is likely to get impacted by the shortage of skilled professionals during the forecast period.

Near infrared imaging uses light from 650 to 950 nm to detect any caused changes, accidents, or illnesses. It is an effective diagnostic tool for tissue imaging that is minimally invasive and non-ionizing. Blood or water, which are the main components of tissues, do not absorb NIR well thereby increasing the changes in illumination for internal structures. Since it offers faster resolution and is less harmless to patients, it is beneficial over other strategies.

A rise in surgical procedures has increased the use of visualization equipment to perform the surgery. Microsurgery has been opted by population on a large scale owing to increasing chronic diseases caused by work pressure, stress, improper eating habits, heredity, and exposure to chemicals. Additionally, according to American Society of Plastic Surgeons, an increase in number of several cosmetic surgeries has become one of the major factors for the market growth. Thus growing surgical procedures and rise in the awareness are expected to boost the near infrared imaging market in the coming years.

According to a report published by the Lancet Commission on Global Surgery (2015), ~28-32% of the burden of disease can be attributed to the surgically treatable conditions globally and 143 million additional surgical procedures are required to reduce the mortality every year. Moreover, according to a report of Healthcare Cost and Utilization Project (HCUP), in 2017, 17.2 million patients visited the hospital for various surgeries including invasive and therapeutic surgeries. The increasing awareness among patient population with respect to benefits of treating a medical condition with surgery at appropriate stage is driving the demand of surgical procedures to treat sudden unmet medical conditions.Thus, the increasing number of surgical procedures is likely to enhance the growth of the near infrared imaging market during the forecast years.

COVID-19 pandemic has become the most significant challenge across the world. This challenge will be frightening especially in developing countries across the globe as it will lead to reducing imports due to disruptions in global trade. The COVID-19 pandemic affected the pharmaceutical, medical device, R & D, and other businesses across the globe. Near infrared imaging devices are critical care medical devices in several surgical procedures. As the rise of the pandemic crisis was uncertain, there is shortage in supply of various diagnostic imaging devices and consumables. It has been difficult for the hospital to manage the medical devices used for inhouse patients and COVID19 patients. To deal with the situation, the market players focus their business operations towards increasing the production capacities. For instance, US based company Li-Cor, Inc. has accelerated its production lines for Near-infrared (NIR) Western blotting systems and the In-Cell Western Assay consumables which are valuable tools offered by Li COR Inc. and will expedite the research on COVID 19 vaccine development.

Global near infrared imaging market, based on near infrared imaging products, the near infrared imaging market is segmented into device and reagents. In 2019, the devices segment accounted for the highest share of the market. Growth of this segment is attributed to increasing adoption of near infrared imaging systems in surgical procedures. The same segment is likely to register highest CAGR in the global Near Infrared Imaging market during the forecast period.

Global near infrared imaging market, based on application, the near infrared imaging market is segmented into pre-clinical imaging, cancer surgeries, gastrointestinal surgeries, cardiovascular surgeries, plastic/reconstructive surgeries, and other applications. The cancer surgeries segment held the largest share of the market in 2019, and same segment is anticipated to register the highest CAGR of 4.7% in the market during the forecast period.

Global near infrared imaging market, based on end user, the near infrared imaging market is segmented into hospitals and clinics, pharmaceutical and biotechnology companies and research laboratories. The hospitals and clinics segment held the largest share of the market in 2019, and same segment is anticipated to register the highest CAGR of 4.7% in the market during the forecast period.

The Centers for Disease Control and Prevention, European Union, National Health Service, The Food and Drug Administration, Lancet Commission on Global Surgery, American Society of Plastic Surgeons are some of the major primary and secondary sources referred for preparing this report.