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Global Hyperspectral Imaging Systems Market to Grow at 17.74% During 2022-2027, Stimulated by Expanding Applications in Healthcare Sector

Published on Jan 14, 2020

As per the latest report by IMARC Group, titled “Hyperspectral Imaging System Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global hyperspectral imaging system market reached a value of US$ 13.7 Billion in 2021. Hyperspectral imaging systems (HIS) are tools that are utilized for diverse applications, such as target discrimination, terrain and vegetation characterization and non-invasive medical-imaging spectroscopy. They combine two-dimensional object visualization for capturing and processing radiation of a broadband source (like the sun) and analyzing hundreds of spectral bands from the ultraviolet through mid-wave infrared regions. They assist in classifying and identifying different elements of a scene that appear indistinguishable in a standard three-color image. Besides this, they also help in measuring the absorption of electromagnetic radiation, reflections and emissions from the object.

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Global Hyperspectral Imaging Systems Market Trends:

HIS is widely used for diagnosing diseases by analyzing the composition and physiology of the cells and tissues in the body. It is also used for detecting the presence of cancerous cells and analyzing the progression of other chronic diseases. These factors, in confluence with the burgeoning healthcare sector, are contributing to the market growth. Besides this, the escalating demand for these imaging systems in unmanned aerial vehicles (UAVs) is also propelling the market growth. Furthermore, industry players are introducing technological advancements in imaging sensors and improvements in spatial resolution to make surveillance, mapping and imaging more effective. Apart from this, other factors, such as extensive research and development (R&D) activities, as well as growing industrial and agricultural applications, are further anticipated to catalyze the market growth in the coming years. Owing to these factors, the market is expected to grow at a CAGR of 17.74% during the forecast period (2022-2027).

Market Summary:

  • Based on the product type, the market has been bifurcated into cameras and accessories. At present, cameras exhibit a clear dominance in the market.
  • On the basis of the application, military surveillance holds the largest market share. Other major segments include life sciences and medical diagnostics, machine vision and optical sorting, and remote sensing (agriculture, mining/mineral mapping, environmental monitoring and others).
  • The market has been analyzed on the basis of the technology into pushbroom, snapshot and others. The snapshot segment currently accounts for the majority of the total market share.
  • Region-wise, North America enjoys the leading position in the market, which is further segmented into the United States and Canada. Other major regions include Europe (Germany, France, the United Kingdom, Italy, Spain Russia and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others); Latin America (Brazil, Mexico, Argentina, Colombia, Chile, Peru and others); and Middle East and Africa (Turkey, Saudi Arabia, Iran, the United Arab Emirates and others).
  • The competitive landscape of the market has been examined, with some of the key players being Applied Spectral Imaging, BaySpec Inc., ChemImage Corporation, Corning Incorporated, Cubert GmbH, Headwall Photonics, Norsk Elektro Optikk AS (NEO), Resonon Inc., Specim, Spectral Imaging Ltd., Surface Optics Corporation and Telops Inc.

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