The Europe near infrared (NIR) imaging market is expected to reach US$ 143.20 million by 2027 from US$ 106.42 million in 2019. The market is estimated to grow at a CAGR of 3.9% from 2020 to 2027.
The growth of the market is attributed to driving factors such as increasing number of chronic diseases, rapid advancements in technology, and rising expenditure on healthcare. However, the market growth is hindered due to the lack of trained staff to perform NIR imaging.
NIR imaging is noninvasive and low-cost optical technique that is being widely used for measuring O2 saturation of tissues and changes in hemoglobin volume, as well as O2 consumption in brain/muscle blood flow. 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. Due to its ability to provide faster resolution and is less harmful to patients, it is much more beneficial.
There is a rise in the adoption of technologically advanced imaging systems across Europe, and Germany is likely to hold largest share of the market in the region as estimated during the forecast period. According to a longtime voluntary registry, founded by the German Society for Thoracic and Cardiovascular Surgery (GSTCVS), in 2018, a total of 174,902 cardiac, thoracic, and vascular surgical procedures were reported, of which 98,707 were summarized as heart surgery procedures. In 2018, a total of 312 (23% increase from 2017) patients underwent isolated heart transplantation and isolated lung transplantion was performed in 340 (19% increase from 2017) patients. Therefore, the demand for advanced diagnosis system is much higher.
In Italy, the healthcare expenditure is rising significantly. According to Istat (Institution of National Statistics, Italy), the healthcare expenditure in 2016 was US$ 16,802.10 million, which increased GDP by 75% from the public sector. Moreover, the healthcare expenditure for curative and rehabilitative care was 82,032 million euros in 2016, that is a 54.9% of total healthcare expenditure. In addition, hospitals provided ~45% of healthcare services. Thus, it is expected that the rising healthcare expenditure in the country is likely to increase the adoption of advanced diagnostic tools such as NIR imaging. Italy also has a substantial population suffering from neurological disorders. According to the International Diabetes Federation, 3,669,400 cases of diabetes in adults were reported in February 2020, i.e., 8.3% of prevalence of diabetes in the region. The rapid technological advancements and increased expenditure on healthcare are boosting the market growth.
Countries across Europe are witnessing a resurgence in COVID-19 cases. Many countries are declaring an increase in cases each day compared to the first wave. As per the European Centre for Disease Prevention and Control (ECDC), the UK, Spain, Italy, and Ireland have reintroduced lockdowns. The diagnostic imaging systems are one of the vital medical systems that are used for critically ill patients, especially those undergoing surgeries. As there are limited manufacturers in Europe, the European countries are struggling to gain sufficient number of NIR imaging devices due to restrictions imposed on imports in the wake of pandemic. Market players are expected to increase production of such medical systems as there is an increase in the demand for NIR imaging with the rise in the number of surgeries. For instance, German manufacturers, such as Leica Microsystem, have been focusing on improving product availability by channelizing global information infrastructure in this pandemic situation. They are in close contact with logistics companies to ensure timely deliveries of products, supplies, and parts.
Based on product, the NIR imaging market is segmented into device and reagent. The device segment is further divided into NIR fluorescence imaging systems, and NIR fluorescence and bioluminescence imaging systems. The reagent segment is further categorized 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 the market in 2019 and is anticipated to register the highest CAGR in the market 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.
European Cardiovascular Disease Statistics, Globocan, German Society for Thoracic and Cardiovascular Surgery (GSTCVS) are among the major primary and secondary sources referred to while preparing the report on the Europe NIR imaging market.