In 2021, the market for Near Infrared Imaging worldwide was worth $1.2 billion US dollars. AMR Group projects that the market will reach US$ 1.9 billion by 2031, growing at a CAGR of 15 percent between 2022 and 2031.

Industry Overview

Near-infrared imaging (NIR imaging) is a non-invasive imaging technique that uses near-infrared light to create images of the internal structures of a biological or material sample. The near-infrared wavelength range is typically between 700 and 2500 nanometers, which is beyond the range of visible light. NIR imaging works by shining a source of near-infrared light onto the sample, which is then absorbed and scattered by the tissue or material. The scattered light is detected by a camera, and the resulting image provides information about the structure and composition of the sample.

NIR imaging has a variety of applications in medicine, biology, and materials science. In medicine, it can be used to image the brain, tumors, and other internal organs. In biology, it can be used to study plant photosynthesis and the function of proteins. In materials science, it can be used to study the properties of polymers, ceramics, and other materials.

Market Dynamics

The market dynamics for NIR imaging are shaped by a combination of factors related to technology, applications, and industry trends.

Technology:

Advancements in imaging technologies, such as improved detectors and camera systems, are driving the growth of the NIR imaging market. The development of high-performance NIR imaging systems with enhanced sensitivity and resolution is attracting research institutions, pharmaceutical companies, and medical device manufacturers to adopt this technology.

Applications:

NIR imaging has a wide range of applications, including medical diagnostics, drug discovery, and quality control in manufacturing. The increasing demand for non-invasive diagnostic techniques, such as imaging-based methods, is driving the growth of the NIR imaging market. In addition, the use of NIR imaging in drug discovery is increasing due to its ability to provide fast and accurate results in screening large compound libraries.

Industry Trends:

The healthcare industry is the major contributor to the growth of the NIR imaging market due to the increasing demand for diagnostic imaging techniques in disease detection and management. The use of NIR imaging is also expanding in the food and beverage industry for quality control and product development. Moreover, the adoption of NIR imaging in agriculture for crop monitoring and yield prediction is expected to fuel the growth of the market.

The COVID-19 pandemic has had a significant impact on the NIR imaging market, both positively and negatively.

Positive Impact:

The demand for non-invasive imaging techniques has increased during the pandemic due to the need for remote patient monitoring and minimizing the exposure of healthcare workers to infected patients. NIR imaging has been utilized in COVID-19 diagnosis and monitoring, as it can detect changes in tissue oxygenation levels, which is one of the key symptoms of COVID-19. In addition, NIR imaging has been used to monitor the respiratory function of critically ill COVID-19 patients.

Negative Impact:

The COVID-19 pandemic has disrupted the supply chain of the NIR imaging market. The lockdowns and travel restrictions have led to delays in the delivery of imaging systems and components, causing disruptions in research activities and clinical trials. In addition, the closure of healthcare facilities has reduced the demand for imaging systems, which has resulted in a decline in the revenue of the NIR imaging market.

Overall, the impact of COVID-19 on the NIR imaging market has been mixed, with increased demand for certain applications, but also disruptions in the supply chain and a decrease in demand for imaging systems. However, as the world recovers from the pandemic, the demand for non-invasive imaging techniques is expected to continue to grow, providing opportunities for the NIR imaging market to recover and grow in the coming years.

Regional Trend

The NIR imaging market is segmented into several regions, including North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. Each region has its own market dynamics and growth opportunities.

North America:

North America is the largest market for NIR imaging, driven by the strong presence of key players and a well-established healthcare industry. The region has a high demand for non-invasive imaging techniques in medical diagnostics and drug discovery, which is driving the growth of the market. The increasing incidence of chronic diseases and the aging population are also contributing to the growth of the NIR imaging market in North America.

Europe:

Europe is the second-largest market for NIR imaging, with a growing demand for imaging-based diagnostic techniques in healthcare. The region has a strong pharmaceutical industry, which is driving the adoption of NIR imaging in drug discovery and development. The presence of well-established research institutions and a supportive regulatory environment are also contributing to the growth of the market.

Asia-Pacific:

Asia-Pacific is the fastest-growing market for NIR imaging, driven by the increasing demand for non-invasive diagnostic techniques in healthcare and the expansion of the pharmaceutical industry. The region has a large patient population and a growing middle class, which is driving the demand for high-quality healthcare services. The increasing investment in research and development activities and the growing focus on precision medicine are also contributing to the growth of the NIR imaging market in the region.

Latin America and the Middle East and Africa:

The NIR imaging market in Latin America and the Middle East and Africa is growing at a slower pace compared to other regions, primarily due to the lack of healthcare infrastructure and limited access to advanced medical technologies. However, the increasing investment in healthcare infrastructure and the growing demand for non-invasive diagnostic techniques are expected to provide growth opportunities for the NIR imaging market in these regions.

Overall, the NIR imaging market is growing globally, driven by the increasing demand for non-invasive imaging techniques in healthcare and the expansion of the pharmaceutical industry. The growth opportunities vary by region, with North America and Asia-Pacific leading the market and Latin America and the Middle East and Africa providing growth opportunities in the future

Competitive Landscape

The competitive landscape of the NIR imaging market is characterized by the presence of several global players, as well as regional players. The market is highly competitive, with players focusing on product development, strategic partnerships, and mergers and acquisitions to expand their market share and increase their revenue.

Some of the key players in the NIR imaging market include:

Bruker Corporation

PerkinElmer Inc.

Hamamatsu Photonics K.K.

Carl Zeiss AG

Headwall Photonics Inc.

FLIR Systems Inc.

Raytheon Company

Teledyne Technologies Inc.

Princeton Instruments

Xenics NV

These companies offer a range of NIR imaging products and services, including imaging systems, software, and accessories. They are investing in research and development activities to improve the sensitivity and resolution of their products and expand their applications in various industries

In addition, these companies are expanding their market presence through strategic partnerships and acquisitions. For example, in 2020, PerkinElmer acquired Horizon Discovery Group, a UK-based gene editing and gene modulation technology company, to expand its offerings in the life science industry. Similarly, in 2021, Bruker Corporation acquired Canopy Biosciences, a US-based provider of multi-omics and single-cell analysis solutions, to strengthen its position in the life science market.

Market Segmentation

The NIR imaging market can be segmented based on several factors, including technology, application, end-user, and region.

Technology:

Based on technology, the NIR imaging market can be segmented into:

Multispectral imaging

Hyperspectral imaging

Fluorescence imaging

Time-resolved imaging

Spatially modulated imaging

Others

Application:

Based on application, the NIR imaging market can be segmented into:

Medical diagnostics

Pharmaceutical and biotechnology

Food and agriculture

Environmental monitoring

Industrial inspection

Security and surveillance

Others

Based on end-user, the NIR imaging market can be segmented into:

Hospitals and clinics

Pharmaceutical and biotechnology companies

Research institutions

Food and agriculture companies

Environmental monitoring agencies

Others

Segmentation based on technology and application helps in identifying the key growth opportunities in the market, while segmentation based on end-user provides insights into the demand for NIR imaging systems in different industries. Regional segmentation helps in understanding the market dynamics and growth potential in different regions.