The global Hyperspectral Imaging market size is expected to reach USD 892.4 million by 2030, registering a CAGR of 15.2% from 2023 to 2030, according to a new report by Coherent Market Insights Inc. Hyperspectral Imaging is a new analytical technique based on spectroscopy, which captures hundreds of images of a sample (such as cancer tissue) at various wavelengths for the same area. It provides precise wavelength resolution and measures the light’s continuous spectrum for each pixel in the scene, covering both visible and near-infrared ranges. Hyperspectral Imaging is utilized in various fields, including agriculture, biomedical imaging, molecular biology, food processing, and remote sensing. In addition, it has significant applications in the healthcare industry due to its advantages, including:
Hyperspectral imaging (HSI) techniques capture both spatial and spectral features of the tissue without the need of chemicals like fluorescent dyes to mark the tissue, offering rich information for more precise disease diagnosis and therapy.
Recent advancements in HSI systems have demonstrated its potential for clinical applications, especially in the diagnosis of illnesses and image-guided surgery
Forensics, the detection of ulcers, and the diagnosis of colorectal and stomach cancer also use hyperspectral imaging.
Hyperspectral imaging (HSI) has the potential to overcome the limitations of the spectral information gained from digital retinal images in the diagnosis of eye illnesses. Only monochromatic or trichromatic (red, green, and blue) light reflected by retinal structures is visible in digital retinal imaging.
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The given section on the global Hyperspectral Imaging Market will include an extensive examination of the various players in this industry, their respective company overviews, an analysis of existing product portfolios, financials, etc. We even include a supply-chain analysis, a PEST analysis, market probability scenarios, Porter’s Five Forces analysis, and other related frameworks that are meant to aid in the expansion of your reputed organization. The specific application of these given findings allows all our clients to apply essential yet accurate data when formulating the most-suitable business strategies with the aim of improving their business’ footprint in this global industry.
Top Key Players:
★ Corning Incorporated
★ Diaspective Vision GmbH
★ Headwall Photonics Inc.
★ Inno-Spec GmbH
★ Norsk Elektro Optikk A/S
★ Orbital Sidekick
★ Photon etc.
★ Resonon Inc.
★ Specim Spectral Imaging Ltd.
★ Surface Optics Corp
Detailed Segmentation :
- Hyperspectral Imaging Cameras
- Disease Diagnosis
- Image-Guided Surgery
- Cancer Detection
- Others (Eye Problem Detection, Assessing Tissue Perfusion, Evaluation Teeth Structure)
The global hyperspectral imaging market is expected to witness growth due to the COVID-19 pandemic, as hyperspectral imaging is being used for virus detection. An article published in the National Center for Biotechnology Information in 2021 reported on a diagnostic platform created by combining hyperspectral imaging with nanomaterial for highly sensitive identification of the COVID-19 virus. An ultrasensitive hyperspectral sensor (HyperSENSE) based on hafnium nanoparticles was used for the assay, which had a turnaround time of a few seconds and a limit of detection that was 1,000,000,000 times greater than the COVID-19 tests currently on the market.
The hyperspectral imaging market is predicted to grow due to the increasing research aimed at developing novel techniques for detecting the COVID-19 virus. One such example is a research proposal presented in the Dimension publication in 2020, which aims to utilize hyperspectral analysis of sweat metabolite biometrics for real-time COVID-19 detection. The proposed study seeks to develop a new hyperspectral imaging technique for capturing sweat metabolites affected by the COVID-19 virus, which will be processed through pattern recognition strategies.
The estimated value of the worldwide hyperspectral imaging market is US$ 287.9 million in 2022 and is projected to have a compound annual growth rate (CAGR) of 15.2% from 2022 to 2030.
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Industry participants are introducing new products to diversify their product offerings. Over the projected period, this is anticipated to fuel the expansion of the worldwide hyperspectral imaging market.
The introduction of new products by market players is projected to propel the growth of the global hyperspectral imaging market during the forecast period. A recent example is the launch of the Swift Ray 1, an all-in-one hyperspectral imaging device by Swift Medical, a digital wound care management company. This hardware device can wirelessly connect to a smartphone’s camera and capture extensive clinical data, facilitating the evaluation, treatment, and monitoring of skin and wound conditions. The device was launched on March 2, 2022.
The global market for hyperspectral imaging is predicted to increase over the forecast period as a result of industry participants’ involvement in the development of novel imaging technologies.
Market players are investing in the development of new imaging cameras that offer the ability to visualize objects and details that were previously invisible, which is expected to fuel the growth of the global hyperspectral imaging market during the forecast period. For example, on April 1, 2022, Valtion teknillinen tutkimuskeskus (VTT), a technical research center, announced its development of new technologies such as hyperspectral cameras and radar technology that frequently employ machine learning and big data to provide new insights on skin and body issues. Through this technology, dermatologists can identify skin cancers and detect them in the early stages.
Global Hyperspectral Imaging Market – Restraints
The high cost of hyperspectral imaging materials is a major obstacle to the growth of the global hyperspectral imaging market. For example, the Imec Snapscan VNIR range hyperspectral imaging camera costs US$20,000. Additionally, the installation and maintenance expenses of hyperspectral cameras are also high, which can hinder the growth of the hyperspectral imaging product market. The substantial expenses associated with utilizing hyperspectral imaging are expected to impede market growth throughout the forecast period.
Global Hyperspectral Imaging Market – Regional Analysis
The global hyperspectral imaging market is categorized into various regions such as Africa, Middle East, Asia Pacific, Europe,Latin America,and North America.
During the forecast period, the hyperspectral imaging market in North America is projected to maintain a dominant position, primarily due to the rising number of product approvals by healthcare technology firms. For example, on April 1, 2022, Revenio, a healthcare technology company, granted a license to VTT for the development of hyperspectral imaging technology that can be used by dermatologists to identify skin cancers and their early stages. VTT has developed hyperspectral technology components that can be integrated into mobile devices.
The hyperspectral imaging market in the Asia Pacific region, particularly China, is expected to grow due to the increasing application of hyperspectral imaging in the medical field. For example, a review article published by Springer on January 4, 2022, discussed current advances, imaging methods, basic principles, and comparisons of hyperspectral imaging in medical applications. The article highlighted the need for reliable medical hyperspectral imaging tools and presented published research data related to the application and trends of hyperspectral imaging in the medical field, which could help spread knowledge of hyperspectral imaging technology among the population and increase the hyperspectral imaging market in China.
Table of Contents with Major Points:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Emerging Trends
- Key Developments Mergers and Acquisition
- New Product Launches and Collaboration
- Partnership and Joint Venture
- Latest Technological Advancements
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
Qualitative Insights Impact of COVID-19
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
Purchasing the Hyperspectral Imaging Market:
➣ Outlook for the worldwide Hyperspectral Imaging market in both developed and emerging markets, both now and in the future.
➣ Both the market segment with the largest projected share and the market segment with the highest CAGR throughout the projection period.
➣ Countries and regions anticipated to experience the fastest development throughout the projected period.
➣ The most recent innovations, market shares, and business tactics used by the key market participants.
➣ Study examines emerging market trends as well as the likelihood that various trends will impact expansion.
➣ Analysis also discusses the factors, challenges, and opportunities that will have a significant impact on the global Hyperspectral Imaging industry.
➣ Research includes a detailed analysis of market statistics as well as historical and current growth conditions in order to provide futuristic growth estimates.
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