The Global Hyperspectral Imaging Market was accounted for USD 51.4 million in 2017. The market is projected to reach USD 90 million by 2022, growing at a CAGR of 9.80% during the forecast period. The aim of hyperspectral imaging is to identify and collect the spectrum for each pixel in the image of the scene. This imaging is performed to detect various objects and materials. Hyperspectral imaging is a combination of different spectral methods such as near infrared, fluorescence imaging, etc. This kind of imaging is dependent on the principle of spectral based contrast. The reflected light creates the spectral based contrast, which is then analysed.
The rapid technological advancement and success in deciphering applications across varied areas, from healthcare to military surveillance, are the primary factors propelling the growth of the market. Hyperspectral imaging has been adopted in different medical procedures related to the gastrointestinal tract, mucosal membrane, ophthalmology, vascular systems, surface tissue and other medical processes. However, lack of skilled technicians and lack of awareness are primary factors turning out to be constraints for the growth of the market.
The market has been segmented by application and geography. The applications segment has been subdivided into:
Colorimetry & Chemical Imaging
Life Sciences and Medical Diagnostics
Mining & Mineralogy
Physics & Astronomy
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The usage in military surveillance has been the highest and has contributed to the largest market share of nearly 21% in 2017. Application in the mining, mineralogy, and meteorological segments have also contributed majorly to the market. Application in healthcare, especially in diagnostics, is also increasing rapidly. The life sciences also find varied applications for hyperspectral imaging. The hyperspectral imaging market for life sciences is expected to grow at the highest CAGR, during the forecast period.
Geographically, the market has been segmented into North America, Europe, Asia-Pacific, and the Rest of the world. The segment on North America has been further divided into the USA, Canada, and Mexico. The European region has been subdivided into Germany, the UK, France, Spain, Italy and the Rest of Europe. The Asia-Pacific region has been further segmented into China, Japan, India, South Korea, Australia, New Zealand and the Rest of Asia-Pacific. The North American region accounted for the largest market share of 49.8% in 2017. The Asia-Pacific & Europe markets are expected to grow at a high CAGR while compared to North America, during the forecast period.
The global Hyperspectral imaging regional market share has been depicted in the following graph.
The untapped market in emerging economies, elucidation of more areas for application of hyperspectral imaging and increasing adoption in healthcare can be good opportunities for the market. However, the regulatory guidelines turn out to be among the primary challenges towards the growth of hyperspectral imaging in the healthcare market.
Some of the key players in the market include:
Applied Spectral Imaging
Headwall Photonics Inc.
Specim Spectral Imaging Ltd.
Norsk Elektro Optikk A/S
Surface Optics Corp
Brandywine Photonics LLC
Gilden Photonics Ltd.
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Key Deliverables in the Study
Market analysis for the global hyperspectral imaging market, with region specific assessments and competition analysis.
Market definition along with the identification of key drivers, restraints opportunities and challenges.
Identification of factors instrumental in changing the market scenario, rising prospective opportunities, and identification of key companies that can influence this market on a global and regional scale.
Extensively researched competitive landscape section with company profiles of key players with the analysis of their current strategic interests and key financial information.
Identification and analysis of the macro and micro factors that affect the global hyperspectral imaging market.
Insights of the market in the regions that have the highest potential for growth and also to identify the markets that are still untapped.