The South and Central America near infrared (NIR) imaging market is expected to reach US$ 44.87 million by 2027 from US$ 34.58 million in 2019. The market is estimated to grow at a CAGR of 3.4% from 2020 to 2027.
The growth of the market is attributed to driving factors such as high rise in cases of chronic diseases and significant growth in biotechnology and research sector. However, the market growth is hindered due to concerns regarding NIR imaging and high cost of healthcare.
The NIR imaging is a noninvasive and low-cost optical technique that is being widely used for measuring O2 saturation in tissues and changes in hemoglobin volume, as well as O2 consumption in brain/muscle blood flow. The NIR light (700–1,000 nm) penetrates the superficial layers of skin, subcutaneous fat, and skull; it is either absorbed by chromophores (oxy- and deoxyhemoglobin, and myoglobin) or scattered within the tissue. It offers faster resolution and is less harmful to patients. With the rising aging population, South and Central America is seeing an increase in chronic illnesses and comorbidities. According to the World Bank, the occurrence of chronic diseases has steadily increased throughout the region due to unhealthy lifestyles (i.e., inadequate diet, physical inactivity, tobacco use, and high alcohol consumption). Another reason for increase in chronic diseases is the lack of information regarding the relationship between unhealthy lifestyle and conditions such as obesity, diabetes, and heart disease. As per the IDF (International Diabetes Foundation) South and Central America, in 2017, there were over 12,465,800 cases of diabetes in Brazil. The primary causes for death and disability in Brazil and Argentina are cardiovascular diseases (CVD). They are also responsible for ~35% of all deaths in 2004 and 68% of the total disease burden. The Cardiovascular Risk Factor Multiple Evaluation (CARMELA) study, a population-based survey in seven major Latin American urban areas, anticipated the prevalence of obesity at 23% and that of smoking at 30% of the population over 25 years of age. Thus, the high rise of chronic diseases will increase the rate of diagnostics and drive the NIR imaging market.
The COVID-19 pandemic has caused economic uncertainties, and the ongoing conflicts are deteriorating the condition in the region. Countries such as Brazil and Argentina are suffering from violent conflicts and are not able to implement efficient public health measures. Additionally, tightened financial conditions are decreasing the economic activities in the region. These countries are focusing on the development of low-cost medical devices, as the imported ones can getting expensive.
Based on product, the NIR imaging market is segmented into device and reagent. The device segment is further divided into NIR fluorescence imaging systems, and NIR fluorescence and bioluminescence imaging systems. The reagent segment is subdivided into indocyanine green (ICG) and others. The device segment held a larger share of the market in 2019 and is anticipated to register a higher CAGR during the forecast period.
Based on application, the NIR imaging market is segmented into cancer surgeries, cardiovascular surgeries, gastrointestinal surgeries, plastic/reconstructive surgeries, preclinical imaging, and others. The cancer surgeries segment held the largest share of the market in 2019 and is anticipated to register the highest CAGR during the forecast period.
Based on end user, the NIR 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 is anticipated to register the highest CAGR during the forecast period.
Cardiovascular Risk Factor Multiple Evaluation (CARMELA) and International Diabetes Federation (IDF) are among the major primary and secondary sources referred to while preparing this report on South and Central America NIR imaging market.