Near Infrared Medical Imaging is Estimated to Witness High Growth Owing to Rising Usage in Cancer Detection

Near Infrared Medical Imaging Market

Near-infrared medical imaging aids in peering the biological tissues without injuring them. It helps diagnosis of cancer, gastrointestinal disorders, cardiovascular diseases and other conditions by detecting the oxygen levels in blood flow. The technology offers significant advantages such as precise detection of abnormalities at molecular level, reduced pain, high resolution and portable devices for point-of-care diagnosis. 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 Dynamics:

 

Rising demand for non-invasive diagnosis and growing incidence of chronic diseases are majorly driving the growth of near infrared medical imaging market. Near infrared medical imaging helps to diagnose various conditions without causing harm to body unlike other techniques. With increasing cases of cancer, cardiovascular diseases and gastrointestinal disorders, demand for early and accurate detection technologies is surging. According to World Health Organization (WHO), cancer burden is projected to grow to 27 million new cases and 17.5 million cancer deaths by 2040. Near infrared medical imaging aids in detecting tumors and abnormalities at cellular level in a non-invasive manner.

 

Furthermore, growing geriatric population susceptible to various chronic diseases and technological advancements in imaging systems are also augmenting the market growth. However, high costs involved in procedures and devices and dearth of skilled professionals may hamper the market growth.

 

SWOT Analysis

Strength: Near infrared medical imaging has strong applications in preclinical and clinical research. It enables non-invasive imaging of tissues present deep inside the body. It minimally interacts with tissues and produces high resolution images. Near infrared light can penetrate through several centimeters of tissues hence extending its application in cancer diagnosis, cardiovascular surgeries etc.

 

Weakness: Near infrared imaging systems are quite expensive due to involvement of sophisticated technology and components. There is also a dearth of skilled professionals who can efficiently operate these advanced imaging systems. Image quality can get affected in presence of dense biological tissues.

 

Opportunity: Growing incidences of chronic and lifestyle diseases globally is driving demand for advanced diagnostic techniques. Near infrared imaging is gaining popularity for its use in identifying tumors, detecting blood flow changes etc. Favorable government funding for development of advanced healthcare infrastructure presents an opportunity.

 

Threats: Stiff competition from alternative medical imaging modalities acts as a challenge. Strong reliance on import of key components increases price factor. Slow adoption rate in developing nations poses initial threat. Stringent regulations for new product approvals can delay market entry.

 

Key Takeaways

The Global Near Infrared Medical Imaging Market Share is expected to witness high growth.

Regional analysis: North America currently dominates the market and is expected to continue its dominance over the forecast period. Growing prevalence of chronic diseases and availability of advanced healthcare facilities are fueling the market in the region. Asia Pacific market is projected to grow at the fastest pace during the forecast period due to increasing healthcare expenditure, rising medical tourism and growing awareness.

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.

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