Near infrared medical imaging allows visualization of physiological functions of the human body in real-time and non-invasively. It uses near-infrared light at wavelengths between 700nm to 1300nm for imaging. The technology has applications in cancer detection, preclinical research, blood sugar monitoring and other clinical areas. It offers advantages like portability, cost-effectiveness and safety over conventional imaging methods. The growing need for advanced non-invasive diagnostic methods for early disease diagnosis is raising the demand for near infrared medical imaging solutions across hospitals and research centers.
The global near infrared medical imaging market is estimated to be valued at US$ 1.76 Bn in 2023 and is expected to exhibit a CAGR of 3.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Rising prevalence of cancer globally has increased the need for early and accurate cancer detection methods. Near infrared medical imaging provides a safer and more effective means of cancer screening compared to technologies using radiation. It can detect cancer at an early stage by identifying physiological changes induced by cancerous tumors. The technique allows screening of entire breasts or other organs non-invasively to identify tumors as small as 1mm in size. This key advantage is expected to drive increasing adoption of near infrared medical imaging by hospitals and diagnostic centers for cancer screening applications. Growing investments in research and product development for wider applications of this technology in oncology will further support the high growth of this market over the forecast period.
Porter's Analysis
Threat of new entrants: The near infrared medical imaging market requires high R&D investment and regulatory compliances which creates entry barriers for new players.
Bargaining power of buyers: The presence of several players in the market increases competition which gives buyers more options and puts downward pressure on pricing.
Bargaining power of suppliers: Major players hold power over suppliers due to their scale and demand. Suppliers have to rely on key players for bulk of their revenues.
Threat of new substitutes: There is no direct substitute for near infrared medical imaging. However, other non-invasive medical imaging technologies can replace it in specific applications.
Competitive rivalry: The market is dominated by few global players intensifying competition. Players focus on portfolio expansion and technological advancements to gain advantages.
SWOT Analysis
Strength: Near infrared imaging provides non-invasive, real-time visualization of anatomical structures with no radiation exposure. This is a major advantage over other modalities.
Weakness: High device costs and requirement of skilled professionals limits widespread adoption. Interpretation of near infrared images also requires trained personnel.
Opportunity: Rising geriatric population susceptible to chronic diseases creates opportunities. Growing preference for minimally invasive surgeries also favor market growth.
Threats: Stringent regulations for new product approvals could increase costs and impact returns on R&D investments. Reimbursement issues in some regions challenge market prospects.
Key Takeaways
The Global Near Infrared Medical Imaging Market Share is expected to witness high growth over the forecast period of 2023 to 2030 on account of increasing demand from healthcare providers for non-invasive medical procedures.
The North American region currently dominates the near infrared medical imaging market owing to availability of state-of-the-art healthcare facilities, rising prevalence of chronic diseases and growing healthcare expenditures in the US and Canada. Asia Pacific is anticipated to be the fastest growing region on back of expanding medical tourism industry and improving healthcare infrastructure in major countries.
Key players operating in the near infrared medical imaging market are GIDS GmbH, Kimball Physics, Phosphor Technology Ltd, Dr. Gassler Electron Devices, Hamamatsu Photonics, K. K., Scintacor, Koninklijke Philips N.V., Stanford Computer Optics, Inc, Konica Minolta, Inc. and others. Major players focus on developing advanced near infrared imaging devices as well as diversifying their product portfolio through mergers and acquisitions to strengthen market presence.
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