The hyperspectral imaging market was valued at USD 73.33?million in 2019?and is expected to reach a value of USD 126.62?million by 2025, at a CAGR of 9.84%, during the forecast period 2020-2025. Hyperspectral imaging is the combination of digital imaging and spectroscopy which enhances the sensitivity and ability to distinguish over the conventional imaging and detection methods.
- This market is driven by its increasing applications for research in life sciences and medical diagnostics. It is widely used for advanced medical imaging systems wherein, the analysis is conducted at the tissue, cellular, and molecular levels to gather detailed information used for screening, treatment, and diagnosis of various diseases.
- Further, the adoption of Unmanned Aerial Vehicle (UAVs) is rising owing to its capabilities and application in monitoring, surveillance, mapping, and hyperscale imaging, which in turn is expected to bode well for the market.
- However, the high cost associated with the use of hyperspectral imaging, a dearth of qualified professionals, coupled with inefficient in analyzing the high amount of imaging data generated is hindering the market during the forecasted period.
Scope of the Report
Hyperspectral imaging extensively improves the ability to segregate the objects based on spectral properties. It is extensively used in military surveillance as it gives differentiation between man-made materials and natural surrounding and is also used to avoid airborne surveillance by studying the surrounding conditions. Geographically, North America has been the largest market for hyperspectral imaging, owing to increased awareness and adoption of hyperspectral imaging technology.
Key Market Trends
Medical Diagnostics to be the Fastest Growing Segment
- Disease prevention and early disease detection are both paramount to maintain good health. Hyperspectral imaging is being applied to various areas of medical diagnosis like tissue morphology, composition, and physiology, diabetic foot ulcers, etc.
- Hyperspectral imaging is being extensively used in cancer treatment because it helps to differentiate healthy cells with that of cancerous cells. This factor is projected to create a major scope of application in the diagnosis of tissue pathology.
- Apart from cancer detection, hyperspectral imaging is widely used to detect other chronic diseases such as tumor tissues, intestinal ischemia, etc. Hyperspectral imaging can visualize the invisible wavelength and bring them to the human vision region. This allowed easy real-time determination and visualization of affected tissues.
- Further, with high clarity and accuracy of the technology due to constant innovation and technological advancements are anticipated to create growth opportunities in medical diagnostics over the forecast period.
- Owing to an increase in awareness about health, people spending on healthcare is also increasing. In developing nations like India, the value of diagnostic imaging is increasing thus anticipating that globally the diagnostic imaging will also increase. This is also supported by many cancer control activities by WHO.
Asia-Pacific to Witness the Fastest Growth
- According to India Against Cancer report, in 2018 total deaths from cancer were 7,84,821 and the risk of developing cancer before the age of 75 years is approx 10%. Thus, due to the presence of a large pool of patients, a growing number of research projects, increasing health care awareness, increasing health care expenditure, and rising government funding for research activities are expected to boost the market for the hyperspectral imaging market.
- Moreover, China has the largest standing army in the world followed by India and these countries spend a lot to upgrade their defense equipment. Thus, the hyperspectral imaging market is expected to grow in military surveillance sectors
- The above factors are expected to have a positive outlook on the hyperspectral market during the forecast period.
The hyperspectral imaging market is fragmented. A few of the prominent players in this market are Applied Spectral Imaging, Inc., Spectral Imaging Ltd, Corning Incorporated amongst others. Product launches, high expense on research and development, partnerships and acquisitions, etc. are the prime growth strategies adopted by these companies to sustain in this market.
- January 2018 - Imec introduced ’Snapscan’, the first camera having benefits of line scan (featured with high-speed image quality) and snapshot technologies based on the hyperspectral imaging.
- January 2018 - Specim introduced ’Specim IQ’, the new generation portable camera featuring an inbuilt scanner, touch-screen interface, and onboard processing. It is capable of performing various operations in different fields such as food analysis, art analysis, vegetation research, crime investigation, and the health sector.
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