The Middle East and Africa near infrared (NIR) imaging market is expected to reach US$ 32.70 million by 2027 from US$ 27.40 million in 2019. The market is estimated to grow at a CAGR of 2.3% from 2020 to 2027.
The growth of the market is attributed to driving factors such as rising prevalence of chronic diseases and increasing government initiatives in healthcare sector. However, the market growth is hindered owing to the problems experienced with NIR imaging.
NIR imaging is noninvasive and low-cost optical technique that is being widely used for measuring O2 saturation in tissues and changes 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 is scattered within the tissue. It offers faster resolution and is less harmful to patients. The increase in government initiatives to develop the healthcare sector is fuelling the NIR imaging market. Governments and other organizations conduct conferences, symposiums, and meetings to educate people and spread awareness about the technologically advanced and high standard medical devices. For instance, in February 2018, the Fifth International Conference of Endocrinology and Diabetes (ICED) was held in Riyadh. The capital of Saudi Arabia also held the 1st Saudi Allergy, Asthma and Immunology Society (SAAIS) International Symposium in January 2019. Such conferences help companies showcase their new technology, products, and educate people about the latest trends. It is also predicted that the increased focus on research studies for the treatment of various diseases would fuel the development of advanced diagnostic technologies such as NIR imaging systems. Recently, Saudi Arabia partnered with the UK’s academic and research institutions for a US$1.6 billion initiative to enhance the UK’s domestic R&D capabilities. In Saudi Arabia, there is an increasing demand for healthcare, and the government is taking initiatives favoring participation from the private sector. Further, healthcare is developing at a faster pace in the UAE, thereby helping people receive several benefits. In June 2015, the UAE government initiated a health insurance policy in Dubai to help individuals who are not covered by any government-financed health insurance schemes. The country aims to achieve a world-class healthcare system with their UAE Vision 2021 National Agenda to become a leading healthcare destination in the region. As per the Arab health, a leading digital and events platform in the healthcare sector, the UAE's healthcare sector is witnessing a structural shift with a strong growth forecast for the next five years, reaching AED 103 billion (US$ 28 billion) by 2021. Thus, the increasing government initiatives in the healthcare sector are likely to boost the NIR imaging market.
The COVID-19 pandemic has led to economic uncertainties and conflicts that are worsening the condition in the region. Countries such as Syria, Libya, and Yemen are suffering from violent conflicts and are not able to implement efficient public health measures. As the major source of economic stability in the Middle East is oil production and its export, the pandemic has caused turbulence in its production and supply chain. Additionally, tightened financial condition is decreasing the economic activities in the region. These countries mainly focus on the development of low-cost medical devices as the imported products prove to be expensive.
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 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 the 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.