The Near Infrared Imaging Market was valued at US$ 395.14 million 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.
Factors such as rising number of surgical procedures worldwide, and advantages offered by near infrared imaging system such as such as deeper tissue penetration and high spatial resolution with detailed molecular profiling are expected to boost the growth of the global Near Infrared Imaging market. 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.
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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.
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List of Companies
- KARL STORZ SE & Co. KG
- Olympus Corporation
- Carl Zeiss Meditec AG
- Leica Microsystems Nussloch GmbH (Danaher)
- Perkin Elmer, Inc.
- LI-COR, Inc.
- Hamamatsu Photonics K.K.
- Quest Diagnostics Incorporated
- Mizuho Medical Co, Ltd.
- SHIMADZU CORPORATION
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