• Blog
  • Medical Hyperspectral Imaging Market Growth Analysis

    Medical Hyperspectral Imaging Market Growth Analysis

    Medical Hyperspectral Imaging Market Growth Analysis
    Report code - SR2282 Delivery - 2 Weeks
    Medical Hyperspectral Imaging Market Size, Share, Trend, Forecast, Competitive Analysis, a See more...

    Market Highlights

    The Medical Hyperspectral Imaging Market was estimated at US$ 304.06 billion in 2021 and is expected to grow at a CAGR of 3.71% during 2022-2028 to reach US$ 372.20 billion in 2028.

    Wish to get a free sample? Register Here

    Because of enhanced data handling techniques and component manufacturing, hyperspectral imaging could now be used for a variety of applications, from product safety to disease detection to airport security. Because of developments in computer and data processing techniques, volume production procedures have reduced the cost and size of sensors and detectors, and consequently, the cost of medical HSI systems that use them. As a result, there has been an increase in market demand for medical HSI.

    Factors such as an ageing population, an increase in chronic diseases, the introduction of portable/handheld medical HSI systems with superior operability and safety features, and an increase in diagnostic procedures are expected to drive demand for medical hyperspectral imaging equipment, resulting in a high the need for advanced medical hyperspectral imaging devices.

    An increase in the number of funds and investments in recent years has resulted in an increase in demand for hyperspectral imaging technology in the medical business. Because of technology advancements and growing market demand for research on a variety of applications, hyperspectral imaging is in great demand.

    The increased need for hyperspectral imaging is owing to an increase in medical care needs. A thematic analysis of the spatial distribution of potentially reusable materials in dumpsites using terrestrial hyperspectral imagery is a novel application that has a timely impact in terms of society's need to better manage resources. Several groups from around the world have partnered in recent months to achieve substantial progress in inventing and implementing miniaturised hyperspectral imaging and sensing systems.

    Confusion in picture screening and poor screening output can also be caused by a high risk of technical failure and a lack of medical infrastructure to support medical hyperspectral imaging. This could have a negative impact on the clinical output and cost-effectiveness of screening programmes. This may limit market expansion to some extent. Additionally, the high cost of medical hyperspectral imaging devices is projected to hamper global market growth. Because of the increased availability of smartphones with integrated hyperspectral photography, the new HawkSpex software developed by Fraunhofer IFF in Germany may also be used to detect pesticide residues in apples.

    Several investments/guidelines in the industry have been directed in recent years, which would boost the overall market. Some of them are:

    • In recent years, the environmental and resource monitoring satellites Shenzhou-3, SPARK, Gaofen-5, and Zhuhai-1, as well as the meteorological observation satellites Feng Yun and Chang'E, have all been successfully launched.
    • Among the innovative features of Chinese HRS systems are wide sweep widths, excellent geographic resolution, a wide spectral range, hyperspectral satellite networks, and microsatellites.
    • For example, in September 2021, China launched the Gaofen 5 (02) hyperspectral Earth observation satellite, which will carry out 40 missions in 2021. Using hyperspectral imaging, the satellite can catch hundreds of very narrow channels of light spanning from ultraviolet to long-wave infrared, allowing it to generate images that indicate the material composition of things inspected. As new technologies are developed, it is projected that the market for medical hyperspectral imaging will expand. Additionally, factors including the development of more powerful technology, less radiation exposure, and high-quality images provided by that technology are propelling the market's expansion. However, the risk of excessive radiation exposure and high installation costs for fixed digital radiography equipment is limiting market expansion. Additionally, drivers for supporting the market's growth include small devices, an increase in R&D activity in this area, awareness through conferences and programmes, and a rise in acceptance of portable medical hyperspectral imaging systems.

    Segments Analysis

    By Product Type

    The market is bifurcated into cameras and accessories.

    By Application Type

    The medical hyperspectral imaging market has been divided into cancer diagnostics, image-guided surgery, and others.

    By End-User Type

    The hospital sector led the global market in terms of end users. The market has been divided into several sub-segments, including hospitals, diagnostic clinics, and others. The hospital sector is expected to hold the biggest market share in 2022. Hospital demand will continue to rise at a high pace during the predicted period.  Rising healthcare demand can be ascribed to a greater emphasis on the adoption of new and cutting-edge medical care procedures. While hospitals in affluent countries will continue to dominate demand, the healthcare business in developing countries is gaining traction.  The incentives provided by the respective governments to provide better cost-effectiveness for facilitating conditions and diagnostic administrations have led to an increase in the number of persons seeking diagnosis and therapy from hospitals. As a result, hospital demand will continue to climb.

    Regional Analysis

    The medical hyperspectral imaging market is broken down geographically into areas like North America, Europe, Asia-Pacific, and the Rest of the World (RoW). North America dominates the medical hyperspectral imaging market. This could be due to the fact that hyperspectral imaging was originally extensively used in the United States. Furthermore, investment in the healthcare industry is moving the North American market ahead. After North America, Europe is the world's second-largest market for medical hyperspectral imaging. At the moment, Europe controls a sizable portion of the worldwide market. This region's size can be attributed to the presence of well-developed research infrastructure, the availability of technologically advanced imaging products, and the rising adoption of hyperspectral imaging in battlefield surveillance, environmental control, mining, and machine vision, as well as life sciences and diagnostics.

    Want to know which region offers the best growth opportunities? Register Here

    Key Players

    The following are the major players in the medical hyperspectral imaging market:

    • IMEC
    • Norsk Elektro Optikk
    • Galileo
    • Gilden Photonics
    • Resonon
    • XIMEA
    • Gooch & Housego
    • Chemlmage
    • Applied Spectral Imaging
    • Cubert
    • EVK DI Kerschhaggl
    • Headwall Photonics
    • FluxData

    Strategic alliances enable market participants to increase output and match customer demand, enhancing profitability and market share. Manufacturers create numerous technologies for a variety of reasons while increasing their income and market share. There is stiff competition in the medical hyperspectral imaging market. The market's leading players can concentrate on creating sophisticated products that provide efficient outcomes. For example:

    Rio Tinto partnered with a satellite start-up in January 2022. Its satellites can take hyperspectral photographs of mine sites from 5 metres away, allowing the corporation to monitor active and closed mine sites, track ESG indicators, and advance exploration.

    • In October 2021, Cubert GmBH announced the HIS-ULTRIS 5 small Hyperspectral Video Imager based on Light Field Technology.
    • Hologic purchased Faxitron Bioptics in July 2018. The leader in digital specimen radiography is Faxitron Bioptics. Due to this acquisition, Hologic was able to grow its interventional breast business.
    • Hologic and Philips announced their partnership in March 2018. Through this partnership, both businesses were able to increase the scope of their product lines by providing integrated suites of diagnostic imaging modalities, cutting-edge informatics, and services for thorough breast screening and diagnosis.

    Research Methodology

    This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

    Report Features

    This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

    What Deliverables Will You Get in this Report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth Analysis of the Medical Hyperspectral Imaging Market 

    How lucrative is the future?

    Market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country level historical data and forecasts

    Which are the most attractive market segments?

    Market segment analysis and forecast

    Which are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirement?

    10% free customization

    Customization Options

    With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to three players)
    • SWOT analysis of key players (up to three players)

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

    Custom Research: Stratview research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com

    Frequently Asked Questions (FAQs)

    The market is expected to grow at a CAGR of 3.71% during 2022-2028.

    The market size is estimated to grow from US$ 304.06 Bn in 2021 to US$ 372.20 Bn in 2028.

    The major players in the medical hyperspectral imaging market are IMEC, Norsk Elektro Optikk, Galileo, Gilden Photonics, Resonon, XIMEA, Gooch & Housego, Chemlmage, Applied Spectral Imaging, Cubert, EVK DI Kerschhaggl, Headwall Photonics, FluxData.

    North America dominates the medical hyperspectral imaging market. This could be due to the fact that hyperspectral imaging was originally extensively used in the United States. Furthermore, investment in the healthcare industry is moving the North American market ahead.

    Factors such as an ageing population, an increase in chronic diseases, the introduction of portable/handheld medical HSI systems with superior operability and safety features, and an increase in diagnostic procedures are expected to drive demand for medical hyperspectral imaging equipment, resulting in a high the need for advanced medical hyperspectral imaging devices.

    The study period of the market is 2016-2028.