Global Hyperspectral Imaging System Market is valued approximately at USD 9.56 billion in 2018 and is anticipated to grow with a healthy growth rate of more than 17.5% over the forecast period of 2019-2026. The hyperspectral imaging system is the combination of spectroscopy and digital imaging that improves the sensitivity and capability to differentiate over the conventional imaging and detection methods. Hyperspectral imaging is significantly enhancing the ability to separate the objects based on spectral properties. It is extensively used for advanced medical imaging systems in which the analysis is performed at the tissue, molecular and cellular levels to collect the detailed information used for treatment, diagnosis and screening of various diseases. Growing industrial applications of hyperspectral imaging, increasing funding and investments on R&D on healthcare and technological innovations in sensor design are the few factors responsible for high CAGR of the market over the forecast period. For instance, according to the statistics by research America, in 2016, nearly USD 171.8 billion were spent on R&D on medical and healthcare in the United States. Thus, rising spending on R&D on medical and healthcare is expected to surge the demand for hyperspectral imaging systems around the world. Moreover, the adoption of Unmanned Aerial Vehicle (UAVs) is escalating mainly due to its capabilities and application in hyperscale imaging, monitoring, mapping and surveillance which is expected to boost the growth for the market across the world. However, high costs of hyperspectral imaging and limited availability of skilled professionals areprofessionals are few factor anticipated to hampering the growth of global Hyperspectral Imaging System market during the forecast period of 2019-2026.
The regional analysis of global Hyperspectral Imaging System Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to decent healthcare infrastructure, high healthcare spending, growing awareness on the benefits of hyperspectral imaging in commercial industries and increasing adoption of novel technologies in the region. However, Asia-Pacific is anticipated to exhibit highest growth rate / CAGR over the forecast period 2019-2026. Factors such as high presence of pool of patients, rising healthcare awareness and growing government funding for R&D activities on healthcare, that would offer lucrative growth opportunities for the Hyperspectral Imaging System market across Asia-Pacific region.
Major market player included in this report are:
- Headwall Photonics, Inc.
- Corning Incorporated
- Specim, Spectral Imaging Ltd.
- Telops Inc.
- Norsk Elektro Optikk as (NEO)
- Applied Spectral Imaging
- Surface Optics Corporation
- Cubert GmbH
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
- Military Surveillance
- Remote Sensing
- Life Sciences & Medical Diagnostics
- Machine Vision & Optical Sorting
- North America
- Asia Pacific
- Latin America
- Rest of the World
Furthermore, years considered for the study are as follows:
- Historical year – 2016, 2017
- Base year – 2018
- Forecast period – 2019 to 2026
Target Audience of the Global Hyperspectral Imaging System Market in Market Study:
- Key Consulting Companies & Advisors
- Large, medium-sized, and small enterprises
- Venture capitalists
- Value-Added Resellers (VARs)
- Third-party knowledge providers
- Investment bankers