The Asia Pacific near infrared (NIR) imaging market is expected to reach US$ 128.64 million by 2027 from US$ 89.01 million in 2019. The market is estimated to grow at a CAGR of 4.8% from 2020 to 2027.
The growth of the market is attributed to growing number of chronic diseases and strategic initiatives by market players in NIR imaging products. However, the market growth is hindered owing to the issues encountered with NIR imaging.
The NIR imaging is noninvasive and low-cost optical technique. It is being widely used to measure O2 saturation in tissues and change 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.
The number of chronic diseases is increasing across Asia Pacific. According to a study published in April 2018 by the Tulane University, 8.6% of China’s total adult population, i.e., over 100 million people, suffer from chronic lung diseases. As per Globocan 2018 report, there were 774,323 cases of lung cancer in China, making it the most common cancer. Similarly, 521,490 (12.2%) cases of colorectum cancer, 456,124 (10.6%) cases of stomach cancer, 392,868 (9.2%) cases of liver cancer, 367,900 (8.6%) cases of breast cancer, and 1,772,328 (41.4%) other cancers were reported. This is likely to increase the demand for NIR imaging devices in China. According to the Australian Bureau of Statistics National Health Survey, 47.3% of Australians had one or more chronic conditions during 2017–2018. Similar results were observed by the Australian Institute of Health and Welfare from 2017 to 2018. Therefore, to deal with the increasing number of chronic diseases, various advanced diagnostic techniques are required. An increase in the rate of diagnosis would therefore drive the NIR imaging market.
APAC holds the maximum share of the global COVID-19 pandemic burden, as India, China, Australia, and other developing nations are among the worst-affected economies. For instance, India is among the countries with the highest number of COVID-19 cases. The number of infected patients is increasing everyday as there are significant number of older people susceptible to COVID-19 infections. The health conditions of senior COVID-19 patients are critical as they usually suffer from comorbidities such as diabetes and high blood pressure. NIR imaging devices play a vital role in treating such patients, thereby leading to its strong demand. Local manufacturers are also involved in developing low cost and highly efficient medical imaging devices. Market players in APAC have also recognized the global demand and have taken initiatives to improve the availability of these NIR imaging devices for healthcare.
Based on product, the NIR imaging market is segmented into device and reagent. The device segment is further bifurcated 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 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.
Australian Bureau of Statistics National Health Survey and Globocan are among the major primary and secondary sources referred to while preparing the report on the Asia Pacific NIR imaging market.